Bank of England holds rates steady as inflation pressures persist

The BoE's Monetary Policy Committee (MPC) voted 6-3 in favor of maintaining the Bank Rate. The BoE’s Monetary Policy Committee (MPC) voted 6-3 in favor of maintaining the Bank Rate. The central bank said all MPC members agreed that risks to energy prices remain tilted to the upside, despite recent progress in reducing inflation. The decision followed a decline in the U.K.’s annual inflation rate to 2.6% in June, its lowest level in 15 months. Analysts said the increase in dissenting votes suggests growing concern within the committee over inflation risks.