Bank of England Governor Andrew Bailey: Unless progress is made towards resolving the conflict in Iran, a further increase in the Bank's base rate may be required. In case of positive news regarding the conflict, the CPI is expected to peak at a level just under 5% even if we had known what would happen in the last 48 hours, our decision on the interest rate would have remained the same. If we witness a peace process, that would be a good thing and lead to lower energy prices◀ The Bank of England raised interest rates by 25 basis points to 4% on Thursday, in line with expectations.

Bank of England Governor Andrew Bailey: Unless progress is made towards resolving the conflict in Iran, a further increase in the Bank's base rate may be required. In case of positive news regarding the conflict, the CPI is expected to peak at a level just under 5% even if we had known what would happen in the last 48 hours, our decision on the interest rate would have remained the same. If we witness a peace process, that would be a good thing and lead to lower energy prices◀ The Bank of England raised interest rates by 25 basis points to 4% on Thursday, in line with expectations.