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The Independent UK
The Independent UK
National
Anna Wise

What we know about today’s Bank of England interest rate decision

Bank of England
  • The Bank of England is widely expected to maintain interest rates at 3.75% for the sixth consecutive time at Thursday's Monetary Policy Committee meeting.
  • UK Consumer Prices Index inflation rose to a five-month high of 3.1% in August, moving further away from the central bank's 2% target.
  • Economists warn that upcoming energy price cap rises and surging oil prices could drive inflation towards 4%, increasing pressure for a rate hike later this year.
  • Three of the nine committee members previously voted to increase rates to 4%, reflecting growing divisions over the current wait-and-see approach.
  • The potential rate freeze comes as both the European Central Bank and the US Federal Reserve move towards tighter monetary policy amid global price pressures.

IN FULL

Bank of England set to hold interest rates as inflation fuels cost of living fears

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