Key facts
- The Bank of England maintained its benchmark interest rate at 3.75%.
- The decision was made with a 7-2 vote.
- Governor Andrew Bailey described the rate hold as a 'sensible decision.'
- Energy prices are noted to be above pre-war levels.
The Bank of England has decided to maintain its key interest rate at 3.75%, a move that Governor Andrew Bailey deemed a 'sensible decision.' This stance was taken despite the fact that energy prices continue to be higher than they were before the conflict in Ukraine. The decision to hold rates steady was supported by a majority of the Monetary Policy Committee, with a vote count of 7-2.