Bank of England Warns Iran War Could Push UK Inflation Above 4%

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Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues. Speaking to MPs on Tuesday, the Bank chief said inflation risks were “to the upside” and energy prices “could be higher still” due to the conflict, which has triggered a surge in oil prices and stoked inflation fears globally. “The conflict is still going on and it is also causing a high level of energy prices and quite a bit of…

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