Bank of England holds rates at 3.75% as war pushes inflation to 3.1%

The Monetary Policy Committee voted 6-3 to leave the base rate unchanged, with the three dissenters pushing for a rise to 4%. UK inflation hit a five-month high of 3.1% in the year to August as the Iran war disrupts global fuel supplies; the Bank said price pressure is likely to keep rising over the coming quarters.

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