Bank of England holds rates at 3.75% but says ‘ready to act’

the bank of england held rates at 3.75% on thursday, keeping borrowing costs steady for now. but the monetary policy committee warned it's "ready to act" if the energy shock keeps hitting the global economy. the statement said rates may need to rise further if price pressures persist. the decision was widely expected, but the hawkish tone caught some off guard. the mpc noted that energy prices are still feeding through to consumer costs, and the labor market remains tight. governor bailey and the committee are watching for second-round effects in wages and pricing.