Inflation Ignored: The Bank of England's Paradoxical Pause The Bank of England is set to defy its counterparts in other major central banks by leaving interest rates unchanged despite inflation rising above its 2% target.
This decision will likely be met with a mix of confusion and disappointment from those expecting the BOE to follow the lead of the Federal Reserve, which hiked rates just yesterday.
The UK's inflation rate has surged to 3. 1%, driven largely by rising motor fuel costs.