Bank of England signals steady interest rates

The Bank of England is poised to keep interest rates at 3.75% at its upcoming meeting, emphasizing that monetary policy still needs to assess the impact of rising energy costs resulting from the Iranian conflict on inflation. This approach contrasts with the European Central Bank's decision to hike interest rates last week and reflects the views of Bank of England Governor Andrew Bailey, who believes that previous tightening measures are beginning to affect the British economy, which showed signs of slowdown with a 0.1% contraction in April and expectations of unemployment rising to 5.5%. The bank is monitoring the possibility of inflation exceeding 3.5%, amid mixed signals regarding inflation and wage forecasts, with divisions within the monetary policy committee on whether to raise interest rates further or not.

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