The Bank of England held interest rates at 3.75 per cent today, despite fears that the recent spike in energy prices could prompt another inflation shock.
The Monetary Policy Committee voted by a majority of 6-3 in favour of keeping interest rates at their current level for the fifth meeting in the row.
Bank Governor Andrew Bailey said the decision was ‘appropriate as global conditions look to be more uncertain and inflationary’.
Three MPC members voted to increase bank rate by 0.25 percentage points, to 4 per cent.
In a surprise move, rate-setter Catherine Mann changed her mind and voted for an immediate rate hike
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