Interest rates hold expected but Bank of England facing tough choices
The Bank of England is expected to hold its benchmark interest rate at 3.75% for a sixth consecutive meeting despite rising inflation driven by the Middle East conflict. UK inflation has accelerated to 3.1% in August, exceeding the central bank's 2% target due to higher energy and fuel costs. While global central banks have recently raised rates, the MPC faces a difficult choice between controlling inflation and avoiding further pressure on the labor market.
- ▪The Bank of England's Monetary Policy Committee is expected to keep the Bank rate at 3.75% for the sixth time in a row.
- ▪UK Consumer Prices Index inflation rose to 3.1% in August, up from 2.9% in July, driven by increases in petrol, diesel, and airfares.
- ▪Oil prices have remained above $100 per barrel since September 9, contributing to the acceleration in global energy costs.
- ▪The European Central Bank and the US Federal Reserve recently raised their interest rates to 2.5% and 3.5%-3.75% respectively, citing similar inflationary pressures.
- ▪Major UK lenders have already increased the cost of new fixed-rate mortgages, with the average two-year rate reaching its highest level since May.
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| Original publisher | BBC News — Business |
| Canonical URL | https://www.bbc.co.uk/news/articles/cm4gjrxez1q0o?at_medium=RSS&at_campaign=rss |
| Publication time | Wed, 16 Sep 2026 23:15:01 GMT |
| Retrieval time | 2026-09-16T23:18:41.731Z |
| Last seen | 2026-09-16T23:18:41.731Z |
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Interest rates hold expected but Bank of England facing tough choicesImage source, Getty ImagesByKevin PeacheyCost of living correspondentPublished3 minutes agoPolicymakers at the Bank of England are expected to keep interest rates unchanged despite price rises accelerating due to the prolonged conflict in the Middle East.The nine-member Monetary Policy Committee (MPC) has been meeting amid a backdrop of increasing global energy prices and interest rate rises around the world.Economists expect the MPC to hold the benchmark Bank rate at 3.75% for a sixth consecutive meeting but analysts are more divided on whether the rate will need to go up before the end of the year.The Bank rate is crucial in setting the benchmark for banks and other lenders in setting interest for individuals and…
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