Bank of England warns of future rate uncertainty after vote to hold at 3.75%

Amid downside risks to growth and upside risks to inflation, eight MPC members opted to hold rates while just one member – Huw Pill – voted to hike rates by 25bps to 4%. Last month, Pill said the central back should make monetary policy more "robust" in the context of high geopolitical and economic uncertainty. MPC members flagged the conflict in the Middle East has meant that prospects for global energy prices are "highly uncertain", and the policy stance required to achieve its 2% inflation target would depend on the "scale and duration of the shock, and how it propagates through th...