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Split vote comes as Iran war is rekindled and oil price climbs back above $90 a barrel Only Middle East crisis is preventing drop in UK interest rates The Bank of England has kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to cost of living pressures on households. Against a volatile backdrop in the Middle East conflict, the Bank’s monetary policy committee (MPC) voted by six to three to keep its key base rate at 3.75%. As Donald Trump’s renewed attacks on Iran drive up global energy prices, the Bank said an “adverse scenario” involving a drawn-out war and oil prices remaining above $100 a barrel could drive UK inflation to a peak of 4.5% by the middle of 2027.
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Official figures showed inflation in the UK fell by more than expected in June to 2.6% , down from a peak of 3.8% last year.
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Split vote comes as Iran war is rekindled and oil price climbs back above $90 a barrel The Bank of England has kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to cost of living pressures on households. Against a volatile backdrop in the Middle East conflict, the Bank’s monetary policy committee (MPC) voted by six to three to keep its key base rate at the current level of 3.75%. As Donald Trump’s renewed attacks on Iran drive up global energy prices, the Bank warned that an “adverse scenario” involving a drawn-out war and oil prices remaining above $100 a barrel could drive UK inflation to a peak of 4.5% by the middle of 2027.
Split vote comes as Iran war is rekindled and oil price climbs back above $90 a barrel Only Middle East crisis is preventing drop in UK interest rates The Bank of England has kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to cost of living pressures on households. Against a volatile backdrop in the Middle East conflict, the Bank’s monetary policy committee (MPC) voted by six to three to keep its key base rate at 3.75%. As Donald Trump’s renewed attacks on Iran drive up global energy prices, the Bank said an “adverse scenario” involving a drawn-out war and oil prices remaining above $100 a barrel could drive UK inflation to a peak of 4.5% by the middle of 2027.
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