London, 30 July 2026 – The Bank of England held its benchmark rate at 3.75% in a six-to-three vote, choosing patience as higher energy prices complicated an otherwise improving inflation picture. Three policymakers preferred a quarter-point increase, revealing a committee more concerned about upside risks than the unchanged headline decision suggests.
UK consumer inflation has eased to 2.6%, supported by slowing wages, softer demand and a looser labour market. Policymakers nevertheless expect inflation to rise later in the year as higher oil, gas and refined-product costs pass through to households and businesses. The duration of that shock is now central to the policy outlook.
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