BoE: leaves base rate at 3.75%, as expected

As expected, the Bank of England has kept its base rate unchanged for the fourth consecutive meeting, at 3.75 per cent, despite inflation remaining high in the UK. This decision was prompted by the easing of tensions in the Middle East and follows on from yesterday’s move by the Fed to maintain the status quo on interest rates. “Oil prices have fallen in recent days, and that is encouraging. However, they are still higher than before the war,” admitted BoE Governor Andrew Bailey. “Whatever happens in the future, the higher energy prices seen over the last four months indicate that inflationary pressures are already present.”

red-Cog