The Bank of England has interest rates at 3.75 per cent, amid fears over the war in Iran and its impact on UK inflation.
Prior to the US strikes Iran, it was widely expected that the BoE would continue its path of cutting rates, with inflation coming down and the economy in need of stimulation – but the Monetary Policy Committee has warned that inflation will rise “as a result of the new shock to the economy”, which has forced up global gas and oil prices.
