We may have cut interest rates twice this year if not for Iran war – Bank chief

Bank of England governor Andrew Bailey said the energy shock was keeping the cost of living higher (Kirsty Wigglesworth/PA) - (PA Wire)

UK interest rates may have been cut twice this year were it not for the Iran war, the Bank of England’s chief has said, as he warned that potential supermarket price controls were “not sustainable” in the long run.

Bank governor Andrew Bailey told MPs on the Treasury Committee that inflation also may have fallen to its 2% target level last month but the energy shock was keeping the cost of living higher.