BOE Set to Hold Off Immediate Action on Rates

The Bank of England is likely to keep interest rates on hold on Thursday as policymakers play for time amid the febrile standoff between the US and Iran.

Markets and economists widely expect the Monetary Policy Committee to leave the benchmark rate unchanged at 3.75%, with traders pricing in just a 10% chance of a hike. The decision will be announced at 12 p.m. in London, followed by a press conference half an hour later led by Governor Andrew Bailey.