The Bank of England keeps interest rates unchanged, officials wary of "highly uncertain" global situation.

The Bank of England announced today that it will maintain interest rates unchanged as scheduled. The bank stated that in the context of ongoing rises in energy prices, it will closely monitor a "highly unpredictable" world. There was a split in the decision-making vote, with six members opting to keep interest rates unchanged and three members leaning towards a rate cut. The Monetary Policy Committee stated that reducing borrowing costs in a "gradual and cautious manner" remains the right course of action. Bank of England Governor Bailey said, "Although we are maintaining interest rates unchanged today, rates are still on a gradual downward path."