Interest rates are expected to remain at 3.75% for the rest of this year as policymakers continue their ‘wait and see’ approach to monetary policy as the Iran war continues to disrupt the world economy.
In the latest Monetary Policy Committee (MPC) meeting on 30 July, interest rates were held for the fifth consecutive meeting, with the motion passing by six votes to three.
This action was widely predicted by economists as there is still significant uncertainty on global economic conditions with the Iran war continuing to disrupt oil and gas markets as well as wider trade through the Middle East.
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