Related topic: Bank Rate

This comes amid continued disruption in the Strait of Hormuz and significant damage to energy infrastructure across the Gulf.

The conflict in West Asia has raised concerns about global energy prices, inflation, and market volatility.

There is growing market speculation that the Bank of England could increase rates as a direct consequence of the ongoing Iran-related conflict.

Some mortgage lenders cancelled planned rate cuts earlier in the week while others have increased rates.

GDP is expected to grow more slowly this year but faster in 2027 and 2028, the latest OBR forecasts show.

Lower inflation and interest rate cuts will help unlock money so it can be spent in the economy, Martins said.

Economists are now predicting further Bank Rate reductions 'sooner rather than later'.

Four members voted to reduce Bank Rate to 3.5%.

Wider market uncertainty is starting to impact mortgage rate setting.

How will the Monetary Policy Committee (MPC) respond if US policy becomes significantly looser than UK policy?