Bank of England Keeps Interest Rates Unchanged, One-Third of Policymakers Back a Hike

The Bank of England (BoE) kept its interest rates on hold at 3.75% on Thursday, as widely anticipated. Despite the decision to maintain rates, a significant minority of the Monetary Policy Committee, specifically one-third of its nine ratesetters, voted in favor of a rate hike. This dissent highlights ongoing concerns about inflationary pressures, which have been exacerbated by the conflict in the Strait of Hormuz. Governor Andrew Bailey is expected to deliver a speech alongside the publication of the Quarterly Inflation Report.