Policymakers held interest rates at 4.5 percent on Thursday as they warned of rising economic uncertainty. Households are also bracing for higher utility costs starting next month.

Three of the Bank of England’s more dovish members decided against another immediate interest-rate cut, as the panel held policy steady in the face of a turbulent global backdrop.

The Bank pointed to the turmoil sparked by US trade tariffs as well as subdued activity in the UK where businesses have been hammered by tax hikes.