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BoC Holds at 2.25%: What the Rate Decision (and Rising Gas Prices) Mean for Your Wallet

  Thursday, July 16, 2026 Sixth consecutive hold. A weaker 2026 growth forecast. And inflation that's running hotter because of gas prices, not the usual suspects. Here's what actually changes for you. The Bank of Canada held its overnight rate at 2.25% on Wednesday, exactly as markets expected. No surprise there. What's more interesting is why it held, and what it revealed about where the economy — and your bills — are headed next. This was the sixth straight hold since the Bank finished its easing cycle back in October. But buried in the accompanying Monetary Policy Report were a few numbers worth your attention. The Numbers That Matter Overnight Rate 2.25% (unchanged) Prime Rate (typical) 4.45% 2026 GDP Growth Forecast 0.7% (cut from 1.2%) 2027 / 2028 Growth Forecast 1.8% each year May CPI Inflation 3.2% Inflation Excluding Gasoline 2.2% Unemployment Rate (June) 6.5% Next Rate Decision September 2, 2026 Why Gas Prices Are Driving This Decision Here's the twist in th...
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Radar Glitch Grounds UK Flights, Sparks Nationwide Disruption

 

                                         Members of the public wait in the arrivals hall at Terminal 5 of Heathrow                                                 Airport in London

A technical failure at the National Air Traffic Services (NATS) Swanwick control centre caused widespread flight disruptions across the UK on Wednesday, July 30, 2025. Major airports including Heathrow, Gatwick, Edinburgh, and Birmingham were affected, with outbound flights temporarily grounded as engineers scrambled to resolve the issue.

The radar malfunction led to a shutdown of London’s airspace, forcing aircraft into holding patterns and delaying thousands of passengers. Although the system was restored later in the day, airlines warned that delays would persist into the evening as they worked to clear the backlog.

This incident echoes a similar outage in August 2023, which cost airlines over £100 million in compensation and refunds. Critics have called for improved contingency planning, citing the recurring nature of such failures.

Passengers are advised to check with their airlines for updated flight information as operations gradually return to normal.

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