Bank of England Holds Rates at 3.75 Percent

The bank warned the energy shock could push inflation higher and delay a return to its 2 percent inflation target.

Andrew Bailey, governor of the Bank of England, during the monetary policy report press conference in London on Feb. 6, 2025. Kin Cheung/PA

The Bank of England (BoE) on April 30 held its key interest rate steady at 3.75 percent, after weighing rising inflation against signs of a weakening economy and warning of the global energy market volatility.

The bank said it assessed how rising energy prices in the aftermath of the conflict in the Middle East may affect UK inflation and economic activity.