Labour under HUGE Budget PRESSURE as UK inflation to RISE AGAIN amid El Nino risk and wars
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The Bank of England governor has warned Britain could be facing another burst of inflation, as war in Iran and extreme weather threaten to push energy and food prices higher.
Andrew Bailey told MPs that disruption around the Strait of Hormuz, alongside pressure on oil refining capacity, could drive energy prices even higher.
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Video Summary
AI GeneratedBank of England Governor Andrew Bailey warns of rising inflation driven by geopolitical tensions in Iran and extreme weather affecting food and energy prices. Simultaneously, economists warn that increasing taxes to manage public finances could stifle economic growth and productivity, creating a precarious financial situation for the UK government ahead of the October budget.