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Evening Standard
Evening Standard
Anna Wise

UK interest rates could go back above 4% if energy shock persists, Niesr warns

Niesr Bank of England Interest Rates United Kingdom the National Institute of Economic and Social Research Rachel Reeves Oil
Interest rates in the UK could be pushed back up above 4%, Niesr has warned (Jordan Pettitt/PA) - (PA Archive)

Interest rates in the UK could be pushed back up above 4% if war in the Middle East prompts a persistent spike in oil and gas prices, an economic think tank has warned.

The National Institute of Economic and Social Research (Niesr) said the Bank of England will have to contend with a “shock” to energy costs which could “cause problems for Rachel Reeves”.

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