The 'Old Lady of Threadneedle Street' has chosen to wait, though not unanimously. The Monetary Policy Committee voted by a majority of six to three on Thursday to leave borrowing costs unchanged, with the dissenting trio pushing for a quarter-point increase to 4%. The decision puts the Bank of England at odds with the Federal Reserve and the European Central Bank, both of which have tightened within the past week. Despite holding, the central bank expects the situation to worsen before it improves. Inflation "is likely to rise further over coming quarters," the committee said, pointing to crude and refined energy prices that have climbed again since its last meeting and remain "more volatile and higher than pre-conflict.
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