The Bank of England's Monetary Policy Committee (MPC) voted 7–2 on June 18 to keep its benchmark interest rate at 3.75%, with a minority of two members pushing for a rise to 4%. UK inflation has eased to 2.8% but is expected to climb again later in the year as higher global energy costs — driven in part by ongoing Middle East conflict — continue to filter through the economy. The MPC stressed that while it cannot directly control energy prices, it is calibrating policy to ensure inflation returns sustainably to its 2% target, and will closely monitor how the energy shock develops.