The Bank of England warned interest rates will have to rise unless the Middle East crisis eases today – but held off an immediate hike.
The Monetary Policy Committee (MPC) kept the base rate on hold at 3.75 per cent in its latest decision at noon.
Governor Andrew Bailey said so far rising global energy costs were having a ‘limited effect on price and wage setting in the UK’.
But he added: ‘The longer this volatility persists, the bigger the impact it will have on inflation, and the more likely it is we will need to raise Bank Rate to ensure that inflation
To provide well-rounded coverage and a breadth of insight across various events, we rely on contributions from several staff writers, each bringing their own area of expertise to our publication.
