Bank of England 'presses pause, not stop' as it holds rates at 3.75%

The vote was split with three members, Megan Greene, Catherine Mann and Huw Pill, opting for a rate hike of 25bps to 4%. The other six all voted to maintain the rate unchanged. The MPC said that while inflation is expected to rise due to higher energy prices and there is a risk of material second-round effects, there is "little evidence" to suggest such effects yet and "there have continued to be clear signs of underlying disinflation in recent data". "Loose labour market conditions, and higher interest rates faced by households and businesses than prior to the conflict, will also act...