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Bank of England Holds Key Rate Steady at 3.75% in July Meeting

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The Bank of England on Thursday maintained its key rate at 3.75% as it noted continued economic uncertainty amid volatile crude and refined energy prices, which are higher than before the Middle East war began.

The decision is in line with consensus expectations.

The Monetary Policy Committee voted 6-3 in favor of a hold, with the dissenters voting to raise the bank rate by 25 basis points to 4%. The MPC said it will continue to monitor economic risks related to the energy price shock and higher global trade tariffs and their implications on the inflation outlook.

Based on the latest government data, the UK's annual inflation rate eased to 2.6% in June from the previous month's 2.8%, with the core rate stable at 2.6%. The BoE's medium-term inflation target stands at 2%.

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