The Bank of England has just voted six-three to hold interest rates at 3.75 per cent, a decision that makes Britain’s central bank an outlier following rate hikes from both the European Central Bank and America’s Federal Reserve. It’s the sixth time in a row the Bank has voted to hold rates.

The decision also comes in spite of yesterday’s news that inflation climbed further away from the Bank’s 2 per cent target, hitting 3.1 per cent in August, and the Monetary Policy Committee’s own forecast that rising energy prices will drive inflation above 4 per cent in the first few months of next year. In a letter to the chancellor, Andrew Bailey, the Bank’s governor, also warned energy bills are likely to rise 24 per cent in the winter.

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