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The shadow chancellor has blamed the government's "choices" for interest rates "staying higher for longer".

Mel Stride, posting on social media site X, said Labour has "driven up inflation".

"Labour's Jobs Tax and reckless borrowing are killing growth and fuelling inflation - making it harder to bring interest rates down," he added.

The chancellor, Rachel Reeves, is currently speaking at a business summit - and we'll bring you her reaction to the rates when she gives it.

You can also watch her speaking live in the video below...

Investors are still expecting two more cuts by the end of the year, despite the uncertainty caused by the conflict in the Middle East, which the Bank said had weighed on its decision.

Investors anticipate the rate will be 3.75% by December. 

Our data and economics editor Ed Conway says the fact that three of the nine-member rate-setting committee voted for a cut today is a sign the Bank is keener to cut rates than analysts first thought.

While the interest rate remains unchanged today - as expected - there was still a small surprise for economists.

That came in the way the Bank's nine-strong Monetary Policy Committee voted - with six voting to hold and three backing a cut.

"That is more than economists had expected," explained our data and economics editor Ed Conway.

"The fact that three members are deciding to vote for a cut is a little more 'dovish'. 

"In other words, it points towards the Bank being keener on cutting interest rates than many economists might have expected."

This is one of those "smoke signals", Conway said, observers will be looking for when trying to gauge the Bank's mood.

The next big decision is in August, and Conway said today's vote share suggests a cut feels more likely than it did at the start of today.

But a word of caution - a lot that could happen between now and August.

"Who knows what's going to happen in the Middle East and what that implication is going to be," Conway said.

"And, indeed, not just what's happening in the Middle East - and the implications for oil prices - but also the trade agreement that the UK has struck with America."

Decision-makers at Bank of England were more split than you might have expected, given that a hold was almost nailed on.

Six members of the nine-person Monetary Policy Committee voted to hold the rate, while three thought differently.

Swati Dhingra, Dave Ramsden and Alan Taylor all voted to reduce the rate by 0.25 percentage points to 4%. 

While economists had expected the rate to stay the same, they didn't expect to have as many committee members voting for a cut. 

At the Bank's last meeting in May, the interest was cut by 0.25 percentage points, with the committee voting by a majority of five to four to do so. 

Two members wanted to reduce it by 0.5 percentage points, to 4%. Two members preferred to maintain Bank Rate at 4.5%.

The Bank of England is opting for a "gradual and careful" approach to further interest rate cuts, according to the minutes of today's meeting. 

It says that the Monetary Policy Committee, which sets the base rate, is "sensitive to heightened unpredictability" in the global economy. 

"Furthermore, global uncertainty remains elevated. Energy prices have risen owing to an escalation of the conflict in the Middle East," it says. 

"There remain two-sided risks to inflation. Given the outlook, and continued disinflation, a gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriate." 

The Bank of England has opted to keep the base rate at 4.25% as most economists had expected. 

Six rate setters voted to keep the rate the same, while three wanted to cut it by 0.25 percentage points to 4%. 

Rising food prices and the risk of an oil price surge due to tensions in the Middle East have put pressure on the Bank not to make cuts too quickly.

The interest rate used as a tool to put a lid on unruly inflation, and both of those factors, along with global economic uncertainty, risk pushing inflation even higher. 

Rising food prices have been putting pressure on overall inflation recently, with the latest data released yesterday showing food and non-alcoholic drink prices rose by 4.4% in the year to May.

This was the highest level in more than a year, with items such as ice cream, coffee, cheese and meat spiking last month.

Overall inflation is at 3.4% - way above the Bank's 2% target. 

Over the past few weeks, we have also seen oil and natural gas costs rising in the double digits. 

Follow along as we tell you what it means for mortgages and savings... 

Hundreds of thousands of households may have been spared serious disruption to their heating or hot water after the government delayed the switch-off of an old energy meter system. 

The Radio Teleswitch Service was due to be instantly turned off on 30 June, but concerns were raised that more than 300,000 households could be left without a functioning meter.  

Industry regulator Ofgem said this could cause heating and hot water left continually on or off, electric storage heaters charging at the wrong time of day, possibly leading to higher bills. 

The service will now be turned off gradually, with a "managed and more controlled start" at the end of the month. 

What is RTS and why does it need to be turned off? 

The RTS system uses a long wave radio frequency to switch between peak and off-peak rates.

It can also be used to turn hot water and heating on and off. 

The technology has been used since the 1980s, and is becoming obsolete - meaning the equipment that produces the radio signal can't be maintained. 

Energy companies had a deadline to change their customers' meters by 30 June, but many have admitted that they have not been able to upgrade the technology quick enough. 

In most cases, the system has been replaced with a smart meter. 

How to check if you have an RTS meter

Trade association Energy UK has a list of things to look out for if you are unsure whether or not you have an RTS meter. 

• There may be a separate switch box near your meter with a Radio Teleswitch label on it.
• Your property is heated using electricity or storage heaters.
• There is no gas supply to your area. This includes households in rural areas and high-rise flats.
• You get cheaper energy at different times of day. Your tariff might be Economy 7, Economy 10 or Total Heat Total Control.

If you're unsure if you have RTS equipment, contact your electricity supplier, who will be able to confirm for you.

American Express is reportedly changing the minimum income requirements for three of its credit cards. 

Customers will now need to earn at least 拢15,000 in order to be eligible for the British Airways American Express, American Express Rewards and the Amex Cashback Everyday credit cards - down from 拢20,000, according to Head for Points and This Is Money. 

The move could help part-time workers or pensioners qualify for the cards. 

American Express considers income to be your personal annual pre-tax income, which can include wages and savings. 

Money has contacted American Express for comment. 

By James Sillars, business and economics reporter 

A bit of a blow if you're planning on a trip to the United States.

The pound has lost more than two cents against the dollar in just a week.

It means your pound will not go as far when spending across the pond - but it's good news for importers.

Why has this happened?

The answer is in three stages.

The US currency has taken a bit of a hammering this year as a result of Donald Trump's trade war.

Sterling had been trading at $1.27 ahead of the president's so-called "liberation day" tariff barrage - and the dollar had been under pressure - a most unusual scenario for the world's reserve currency - until last Friday.

There's been a bit of a rush for so-called safe haven assets since Israel's military campaign against Iran began.

The dollar strengthening intensified yesterday evening after the US central bank kept interest rates on hold.

The chair of the Federal Reserve Jay Powell hinted there was unlikely to be cuts in the near term because the bank remained worried about tariff-linked inflation ahead and the potential for an energy price shock arising from the evolving Israel-Iran conflict.

The pound was trading just below $1.34 early on Thursday. It had been above $1.36 last Friday.

Elsewhere, that closely watched Brent crude oil price has ticked up to $77 a barrel today - a rise of almost 1%.

Traders cited evidence that Iranian nuclear facilities had been hit in an Israeli bombardment.

You can expect Brent to leap ahead if Mr Trump decides on direct US involvement in Israel's campaign.

The FTSE 100 has opened 0.4% lower at 8,809 despite upwards pressure from major oil stocks BP and Shell. They are benefiting from that price hike.

We hear from the Bank of England at midday.

The rate-setting committee is widely expected to make no change to Bank rate and we can probably expect similar remarks to those of Mr Powell - essentially a message that the Bank is closely watching the potential for a new energy-led inflation spike.

Another 2.7 million households will be given a 拢150 discount on their energy bills this winter.

This brings the number of households eligible for the warm home discount up to just over six million, the Department for Energy Security and Net Zero said. 

The changes remove some restrictions on eligibility and mean every bill payer on means-tested benefits will qualify.

It comes after the government reinstated the winter fuel payment to the majority of pensioners in a major U-turn. 

Sir Keir Starmer said: "I know families are still struggling with the cost of living, and I know the fear that comes with not being able to afford your next bill.

"I have no doubt that, like rolling out free school meals, breakfast clubs and childcare support, extending this 拢150 energy bills support to millions more families will make a real difference."

How does the discount work?

If you're eligible, your electricity supplier will apply the discount to your bill. The money is not paid to you.

This usually happens automatically - but if not, you can contact your supplier. 

You can't check if you are eligible for the scheme yet, but you will be able to from October by using .