Bank of England Holds Rates Amid Iran Conflict

The Bank of England has decided to keep interest rates unchanged at 3.75%, citing concerns over the economic impact of the Iran conflict. The closure of the Strait of Hormuz is expected to lead to higher energy costs, potentially boosting inflation and slowing down UK economic growth. This decision reflects a cautious approach to monetary policy in light of geopolitical uncertainties and their potential effects on the domestic economy.