Exclusive: Andrew Bailey also hints at ‘more aggressive’ path for cutting interest rates if inflation news stays positive
The Bank of England is monitoring the Middle East crisis amid fears that a worsening conflict between Iran and Israel will make it impossible to stabilise oil prices and leave the global economy vulnerable to a 1970s-style energy shock.
Andrew Bailey, the Bank’s governor, said he was watching developments “extremely closely” and that there were limits to what could be done to prevent the cost of crude rising if things “got really bad”.
