War in the Middle East has caused “a major supply shock”, the head of the Bank of England has said, but he remained tight-lipped on what it could mean for interest rates.
However, while Andrew Bailey acknowledged the Iran conflict had caused a “large” jolt to the global economy, he said the UK was much better placed to deal with it because of its resilient banking system, forged in the wake of the 2007-09 financial crisis.
