G7 central banks poised to hold borrowing costs amid concerns over prolonged Iran war

Officials from the Bank of England are expected to join a meeting of the government’s emergency Cobra committee on Tuesday. Photograph: Tolga Akmen/EPA

The world’s most powerful central banks are poised to hold borrowing costs unchanged this week amid growing concerns over the unfolding inflation shock from the Iran war.

In a critical week for the global economy, each of the central banks in the G7 are expected to issue warnings over the risks from the Middle East war driving up prices for households and businesses.