The Bank of England is bracing for soaring energy prices in what could be a repeat of the 1970s energy crisis that triggered the early 1980s recession.
Speaking to The Guardian, governor of the Bank of England Andrew Bailey said the BoE is watching the escalating conflict in the Middle East "extremely closely" but admitted that while the bank will pull out the stops to keep the market stable things could get "really bad". Following the Israeli invasion of southern Lebanon and Iran's retaliatory missile attack this week, oil prices increased by 3% in response to concerns the conflict could obstruct crude oil flows from the Middle East. Market Movers Blog: Oil prices rise as Middle Eastern conflict intensifies "Geopolitical concerns...
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