Related topic: Bank of England

One member voted to increase Bank Rate to 4%.

The rise reflects higher energy prices alongside wider economic uncertainty, although many industry experts expect the Bank of England to pause rather than hike rates.

Could better-than-expected GDP figures prompt the Bank of England to hold rather than hike rates?

The UK is projected to suffer the sharpest cut to economic growth forecasts.

The FPC warned that sustained increases in mortgage rates and energy prices would put increased pressure on household finances. 

Sebastian Murphy, group director at JLM Mortgage Services, says the assumption higher inflation automatically leads to higher interest rates is not one that necessarily holds in the...

Mortgage rates had already begun to increase in February, before the full effects of the conflict in West Asia pushed up swap rates.

Holding policy steady is preferable until the impact becomes clearer, Taylor says.

Markets are now pricing in the possibility of multiple interest rate increases this year.

This comes amid continued disruption in the Strait of Hormuz and significant damage to energy infrastructure across the Gulf.