LONDON — The Bank of England kept its benchmark interest rate at 3.75% on the 17th, holding borrowing costs steady for a sixth straight policy meeting this year.
The central bank last moved in December of last year, when it cut the rate by 0.25 percentage point.
Six of the nine members of the Monetary Policy Committee voted to keep the rate at 3.75%, while three called for a 0.25 percentage point increase to 4.00%.
Governor Andrew Bailey said the impact of rising global energy costs on British prices and wage decisions had so far been limited, but warned that the longer the volatility persists, the greater the effect on inflation and the greater the chance the bank will need to raise the rate to return inflation to its 2% target.
A day earlier, the U.S. Federal Reserve raised its benchmark rate by 0.25 percentage point to a range of 3.75% to 4.00%. The European Central Bank also lifted its three main policy rates by 0.25 percentage point each on the 10th of this month.
