It would be the fifth hold in a row, with the Bank rate standing at 3.75% - the lowest since February 2023.

UK interest rates are expected to be held at 3.75% for a fifth time by Bank of England policymakers. Uncertainty over the the global political and economic outlook, and the impact on prices, means the Bank is likely to continue its cautious approach to rates. Its Monetary Policy Committee (MPC) meets eight times a year, with its decisions heavily influencing how much borrowers are charged for loans and mortgages, as well as the returns available to savers. The benchmark Bank rate is at its lowest level since February 2023, but few analysts predict any short-term changes. The committee of five women and four men will announce their latest interest rate decision at 12:00 BST, with a hold the widespread expectation. The Bank rate is the MPC's primary tool for maintaining the rate of rising prices - inflation - at a target of 2%. The latest official figures show inflation in the UK was 2.6% in the year to June, down slightly on the previous month but still above its 2.3% target. The inflation rate is likely to go up in July, as millions of households in Scotland, England and Wales feel the impact of a 13% rise in domestic energy prices.