Sarah Breeden, the Bank of England’s Deputy Governor for Financial Stability, expressed surprise at the resilience of the UK economy to recent energy shocks. Despite ongoing concerns about energy price increases linked to geopolitical tensions, UK GDP has shown modest growth. Breeden warned, however, that a prolonged energy shock could require further interest rate hikes, with inflationary pressures remaining a concern. Markets are currently pricing in a 25 basis point rate increase at the November meeting, reflecting expectations that the BoE will proceed cautiously while remaining vigilant about future policy adjustments.
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