The Bank of England has kept interest rates on hold and signalled it could be forced to increase borrowing costs within the coming months as the US-Israel war on Iran threatens to drive inflation in the UK above 3%. As households brace for a surge in living costs, the Bank’s rate-setting monetary policy committee (MPC) voted unanimously to keep its base rate at the current level of 3.75% amid growing concern over the surge in energy prices triggered by the conflict. It warned that the “new shock” to the economy would lead to higher than previously expected inflation in the
UK business growth slowed to a crawl due to war in Middle East, survey shows
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