Bank of England keeps interest rates at 3.75% as Iran conflict weighs on economy (opens in new tab)

Higher energy costs due to the closure of strait of Hormuz are expected to boost inflation and slow UK growthBank 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 in May.