The Bank of England held interest rates at 3.75 per cent today despite the inflation shock caused by the Iran war.
In an eagerly anticipated announcement, the central bank left rates unchanged as it grapples with the fallout from the conflict in the Middle East.
But it is feared the Bank will be forced to raise rates later this year to keep a lid on inflation as the closure of the Strait of Hormuz drives up oil and gas prices.
That would spell misery for millions of households and businesses by pushing up the cost of mortgages and other loans.
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