The Bank of England kept interest rates on hold on Thursday and set out scenarios for the economic impact of the Iran war, one of which could require a "forceful" increase in borrowing costs, Reuters reported. The Monetary Policy Committee's nine members voted 8-1 to keep the BoE's benchmark Bank Rate at 3.75% with only Chief Economist Huw Pill seeking a hike to 4.0% now. A day after U.S. Federal Reserve kept rates on hold and shortly before the European Central Bank was expected to stay on hold too, the MPC said it would continue to monitor closely the situation in the Middle East.
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