Bank of England bucks trend of global interest rate hikes to hold at 3.75%

Six MPC members opted to hold rates, with three members (Megan Greene, Catherine Mann and Huw Pill) voting to hike rates by 25bps to 4%. The MPC members said: "There has been little evidence so far of material second-round effects in price and wage-setting. However, the risk of such effects, against which policy needs to lean, is greater the longer higher energy prices persist or are more volatile. "Overall, the Committee judges that the risks to the inflation outlook are tilted to the upside, and more so than at the time of the July Monetary Policy Report, although there remains scop...