The Bank of England is holding its main interest rate at 3.75% in the wake of the oil and gas price hikes following the start of the Iran war.

The Bank of England is keeping its main interest rate unchanged at 3.75% with U.K. inflation remaining above target and economic growth is showing signs of picking up.

The weekly session in which the British prime minister is questioned by lawmakers in Parliament can be an ordeal for the government leader.

The Bank of England halved its growth projection for the British economy this year as it cut its main interest rate for the third time in six months.

The U.K.’s central bank is keeping interest rates on hold as inflation moves further above its target rate, even though the British economy is flatlining at best.