Bank of England to keep rate steady despite oil and gas price rebound
Complete. Here is the key summaryThe Bank of England is expected to maintain interest rates at 3.75% on Thursday, resisting pressure to hike borrowing costs despite oil prices exceeding $100 per barrel amid the U.S.-Iran conflict. This decision follows British inflation dropping to a 15-month low of 2.6% in June, which remains below the central bank's forecasts.
By David Milliken LONDON, July 27 (Reuters) - The Bank of England looks set to keep interest rates unchanged at 3.75% on Thursday, despite a recent spike in oil prices above $100 a barrel which may test whether it can avoid raising borrowing costs in response to the U.S.-Iran conflict. So far, British inflation has come in below the BoE's forecasts, dropping to a 15-month low of 2.6% in June. A