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The Bank of England has held interest rates at 4.25 per cent, in a widely expected decision after new data this week showed UK inflation remained stubbornly above its target.
The Monetary Policy Committee’s six-to-three decision followed a quarter-point cut by the BoE in May amid concerns over the impact of US President Donald Trump’s aggressive tariff policy.
Thursday’s announcement came as policymakers face the additional uncertainty posed by the escalating conflict between Israel and Iran, and its potential impact on oil prices.
Earlier this week, data from the Office for National Statistics showed UK inflation for May at 3.4 per cent, well above the BoE’s 2 per cent target.
This is a developing story
