Bank of England to Hold Rates Amid Oil Price Surge

The Bank of England is expected to keep interest rates at 3.75% despite recent increases in oil prices.

While some economists think rates might go up later this year, others believe inflation is under control.

The Bank is watching closely to see how higher oil prices affect the economy.

Prime Minister Andy Burnham wants to focus on reducing living costs, but higher borrowing costs could make that harder.

The Bank is also looking at how selling bonds affects the financial markets.