The Bank of England "stands ready to act" to keep interest rates at a level to control inflation, its governor Andrew Bailey has said. His comments came as the Bank announced it was leaving its key rate unchanged at 3.75%. Until the conflict in the Middle East began a rate cut had been expected. The Bank said prices would rise more quickly due to the "new shock to the economy" and now expects inflation to be close to 3.5% in March. All members of the rate-setting committee voted to hold rates

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