Bank of England policymakers kept interest rates on hold, saying the impact of the war in Iran was still a major source of uncertainty for the economy.

© Joseph Horton for The New York Times

Two MPC members vote for a quarter-point rise but Bank argues rapid reaction risks creating volatility

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The Bank of England has left interest rates on hold, arguing that reacting too quickly to inflation threats risked creating “undesirable volatility”, as the Iran war weighs on the UK economy.

Seven of the nine-person monetary policy committee voted to keep rates at 3.75% as the MPC weighed the threat of higher inflation against the prospect of an economic slowdown.

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© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA

Reform UK leader used private meeting at Bank of England to urge governor to drop plans for state-run cryptocurrency

Nigel Farage has been trying to block a Bank of England cryptocurrency plan that could be costly for the billionaire bankrolling his party.

The Reform UK leader has said Christopher Harborne wants nothing in exchange for the millions he has donated to the party and the undeclared £5m personal gift to Farage that the Guardian revealed in April.

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© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA