Bank of England boss issues Iran war warning to householders

Interest rates could hit 5.25% with inflation soaring to 6.2% under the worst case scenario if the conflict in the Middle East continues for a "prolonged period". Speaking to reporters, Bank of England governor Andrew Bailey said the bank was preparing a number of options for different scenarios in the event of hostilities continuing between Iran, Israel and the US. He warned that the longer the disruption to energy prices lasts, the more difficulty the UK economy will face. Mr Bailey was speaking after the bank held the interest rate at 3.75%. Live updates: https://news.sky.com/story/money-live-consumer-personal-finance-tips-sky-news-latest-13040934 #interestrates #iran #straitofhormuz #trump #bankofengland SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews Follow us on TikTok: https://www.tiktok.com/@skynews For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB Listen to our new podcast This is Why, available for free here: https://podfollow.com/thisiswhy To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales