The Bank of England has left interest rates at 3.75% in the wake of inflation worries over the war in the Middle East
No-one on committee voted for a cut this time
In its minutes the Bank said that “CPI inflation will be higher in the near term as a result of the new shock to the economy.”
“The best way to tackle this is at source by reopening energy supply lines… our job is to make sure inflation gets back to its 2% target” said the Bank’s Governor
Analysts suggest that there was some discussion that if the energy shock persists, rate rises might be required
