The committee of five women and four men will announce their latest interest rate decision at 12:00 BST, with a hold the widespread expectation.

The Bank rate is the MPC's primary tool for maintaining the rate of rising prices - inflation - at a target of 2%.

The latest official figures show inflation in the UK was 2.6% in the year to June, down slightly on the previous month but still above its 2.3% target.

The inflation rate is likely to go up in July, as millions of households in Scotland, England and Wales feel the impact of a 13% rise in domestic energy prices.

The increase was the result of the impact of the Iran war on wholesale energy prices.

Conflict in the Gulf, and uncertainty over the chances of a lasting truce, hang over the MPC's meeting and decision this month and in the months ahead.

Many analysts expect interest rates to be unchanged in the foreseeable future, with the possibility of the next change being a rise.

"A new government finding its feet, and the situation in the Middle East becoming increasingly uncertain, mean that a hold on [the] base rate decision would be a welcome dose of stability," said Katie Horne, from savings platform Flagstone.

"People have had more than enough uncertainty over the past year, and even a temporary pause eases the pressure a little."