UK Prime Minister Keir Starmer is set to convene a Cobra meeting with Bank of England officials to address the economic fallout from the war in Iran. Ahead of the talks, he told trade union members that working people will be supported, but cautioned that higher fuel prices and other economic impacts may linger for some time.
The Bank of England is widely expected to keep interest rates at 3.75% this Thursday, using the meeting to gauge how the Iran war may harm Britain’s economy. Even as Governor Andrew Bailey warns against rushing decisions, UK inflation remains the highest in the G7, pushing investors to price in possible rate hikes as early as July.
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