The Bank of England's Monetary Policy Committee (MPC) is widely expected to keep interest rates unchanged at 3.75% when it announces its decision at 12pm today. Financial analysts in the City anticipate this move.
However, the Bank could indicate potential interest rate increases later in the year. This follows price shocks that have affected the global economy, reportedly triggered by the conflict in Iran.
Separately, the FTSE 100 is forecast to decline this morning, despite reaching its highest-ever level of 10,951 in early trading on Wednesday. The index closed above its opening level yesterday.
International oil prices saw a rise, with Brent crude increasing by over six per cent to $89 per barrel on Wednesday. This occurred after US President Trump reportedly stated the US would give Tehran "a beating" following alleged "surprise" attacks against US forces in the Middle East.