Bank of England warns UK should brace for higher inflation due to Middle East war – video

The Bank of England has left interest rates unchanged at 3.75% but warned that the UK may need to brace for hikes later this year, as a result of the war in the Middle East.The Bank’s rate-setting monetary policy committee voted to leave borrowing costs on hold on Thursday, with its nine-member committee split 8-1 in their decision.Andrew Bailey, the central bank’s governor, said: 'The war in the Middle East is causing inflation to rise again this year.' He added that the policymakers were monit...