Bank of England holds interest rate at 3.75% as oil price spirals

The Bank of England has opted to hold the base rate at 3.75%.

Eight of the nine members of the Monetary Policy Committee voted for a hold, with just one wanting to increase it.

Before conflict erupted in the Middle East on 28 February, the Bank was expected to make the first rate cut of the year today, taking it to 3.5% - but war and the impact on oil supplies has seen the cost of crude soar, increasing the rate of inflation.

Read more: https://news.sky.com/story/money-live-consumer-personal-finance-tips-sky-news-latest-13040934

#skynews #bankofengland #ukeconomy #middleeast #iranwar

SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews
Follow us on Twitter: https://twitter.com/skynews
Like us on Facebook: https://www.facebook.com/skynews
Follow us on Instagram: https://www.instagram.com/skynews
Follow us on TikTok: https://www.tiktok.com/@skynews
Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/
For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android
https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB
To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales