Higher energy costs due to the closure of strait of Hormuz are expected to boost inflation and slow UK growth
Bank of England policymakers have left interest rates on hold at 3.75%, as they continue to weigh the impact of the Iran conflict on the economy.
The decision had been widely expected, even before Wednesday’s inflation figure undershot forecasts to remain at 2.8% in May.
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This article was originally published by The Guardian and written by Heather Stewart.
Read original article on The Guardian