Bank of England Holds Rate at 3.75%, Citing Oil Risk Despite Near-Target Inflation

The Bank of England voted 6–3 on 30 July 2026 to hold Bank Rate at 3.75%, citing Middle East conflict-driven oil prices above $100 per barrel as the barrier to cutting. UK CPI — the headline inflation measure — had fallen to 2.6%, near the 2% target. Three members voted to raise; none backed a cut.