Interest rates held at 3.75% by Bank of England

UK interest rates have been held at 3.75% for a fifth time by the Bank of England as it continues to assess how volatile energy prices are affecting the economy.

The rate - which influences how much borrowers are charged for loans and mortgages as well as returns for savers – remains at its lowest level since February 2023.

The Bank had been widely expected to keep the rate unchanged despite a fall in the rate of inflation last month.

However, more recently, uncertainty over the US-Iran conflict has seen oil prices swing wildly, briefly touching $100 a barrel.