Bank of England holds interest rates at 3.75% as inflation fears mount

The Bank of England has held interest rates for the fifth successive time despite cautioning that energy prices and an AI-driven memory chip shortage will drive inflation higher.

Split vote comes as Iran war is rekindled and oil price climbs back above $90 a barrel Business live – latest updates The Bank of England has kept UK interest rates on hold as it warned that a further escalation in the Iran war could drive inflation above 4% next year, adding to…