Why have interest rates stayed the same and what could happen next?

Here the Press Association looks at what drove the Bank’s decision and what it means:– What happened to interest rates on Thursday? However, savings rates are also linked to the interest rate and are also likely to increase. Raising interest rates is the central bank’s main way of reducing inflation – the measure of how fast prices increase over time. Many economists are now expecting interest rates to stay as they are for the rest of the year. This indicates that interest rates could be raised in response to further re-escalation of the US-Israel’s conflict with Iran.