The Bank of England kept its benchmark rate unchanged at 3.75%, with two members dissenting in favor of a 25-basis-point hike.
The Bank of England left its benchmark interest rate at 3.75% following its June meeting, aligning with market expectations. The decision was backed by a 7-2 vote, with two committee members advocating for a 25-basis-point increase.
Markets had widely anticipated the hold, following a series of prior hikes aimed at curbing inflation. The last rate adjustment occurred in March, when the BoE raised rates by 25 basis points to 4.25%, before pausing in May at 3.75%.
The split vote underscores ongoing divisions within the committee over the path of monetary policy amid persistent inflationary pressures.