Bank of England (BoE) governor Andrew Bailey says there will be no rush to change interest rates, warning of “really difficult judgments” ahead to balance another surge in inflation with the wider needs of the economy.
The war in Iran has sent oil prices spiralling due to the blocking of the Strait of Hormuz, and even after a recent pullback Brent crude oil still sits close to 40 per cent higher in price than at the end of February.
