"We obviously are going through another large shock in the world economy that has monetary policy implications, it has potentially financial stability implications as well."
"I would argue that we are in a much better place today because we have got a resilient banking system, than we would be if we didn't have."
The war in the Middle East has led to a significant supply shock, affecting global economies. The Bank of England's head, Andrew Bailey, noted the UK's resilient banking system is better equipped to handle these challenges. The IMF's recent outlook shows the UK facing the largest growth forecast cuts among major economies. Rising energy prices from the conflict are expected to push UK inflation towards 4%, impacting household costs. The situation has disrupted oil and gas supplies, with geopolitical tensions affecting navigation in the Strait of Hormuz.
Read at London Business News | Londonlovesbusiness.com
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