Bank of England Governor Andrew Bailey said cutting interest rates is “off the table at the moment,” signaling borrowing costs will stay on hold later this month. Speaking at a European Central Bank forum, Bailey noted that while markets had expected rate cuts this year, the war in Iran forced policymakers to pause, and he has not voted for an increase due to a softening UK economy and labour market. Financial markets expect the Bank to hold rates at 3.75% for the rest of the year, with mortgage rates already up 1 percentage point. Bailey added that the Monetary Policy Committee will review all evidence at its July 30 meeting, focusing on how higher energy prices feed into inflation, which stood at 2.8% in May but is expected to rise to around 4% later this year.