Suren Thiru, chief economist at the Institute of Chartered Accountants in
England and Wales, said the Bank of England’s decision to hold rates was a
pragmatic response after inflation undershot forecasts and renewed US‑Iran
tensions threatened fresh price upside. He noted a 6-3 MPC split was narrower
than expected and that inflation concerns currently outweigh growth worries,
keeping a September rate hike live. Thiru said the rate path remains undecided;
policy could stay on hold for the rest of the year with policymakers relying on
hawkish rhetoric rather than additional hikes. He warned the longer the Iran
conflict continues, the greater the risk the committee will lose patience.
