• About
  • Advertise
  • Privacy Policy
  • Contact
Thursday, October 23, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Bank of England Monitors Middle East Crisis, Sees Oil Price Surge

Lawrence Ankutseby Lawrence Ankutse
October 3, 2024
Reading Time: 4 mins read
Lawrence Ankutseby Lawrence Ankutse
in UK
0
UK Economic Growth Threatened by US Trade Policies

Bank of England

As tensions escalate in the Middle East, the Bank of England is closely observing the crisis, fearing that a deepening conflict between Iran and Israel could trigger a spike in oil prices, reminiscent of the 1970s energy shock. 

Governor Andrew Bailey expressed concern that the worsening situation might make maintaining stability in global oil markets challenging, potentially leaving the world economy vulnerable.

Bailey said the central bank is monitoring the geopolitical situation “extremely closely,” acknowledging that there’s little it can do if oil prices skyrocket. “There’s a point beyond which control could break down if things got really bad,” Bailey warned, adding that the Bank would need to remain vigilant as the conflict evolves.

RelatedPosts

UK Criticised Over Delayed Decision On China’s Mega Embassy

Decision On China Mega Embassy Site In London Postponed Again

UK Set To Be This Year’s Second-Fastest-Growing G7 Economy

The governor’s comments came after significant developments in the region, including Israel’s invasion of southern Lebanon and Iran’s retaliatory ballistic missile launches. These events have already caused oil prices to jump by 3%, raising fears of supply disruptions from the Middle East, a region crucial to global energy markets.

Reflecting on the region’s fragile balance, Bailey emphasized the importance of stability in oil supplies. 

“Geopolitical concerns are very serious. It’s tragic what’s going on. We’ve had experience with oil shocks before, particularly in the 1970s. So, we are watching this extremely closely to avoid a repeat.”

Andrew Bailey

Despite the alarming geopolitical backdrop, Bailey provided a cautiously optimistic outlook on inflation. With consumer prices currently at 2.2%, just slightly above the Bank’s 2% target, Bailey suggested the Bank could be more proactive in cutting interest rates if inflation cools. “If the news on inflation remains positive, we may become a bit more aggressive in our approach,” he said.

ADVERTISEMENT

Bailey also addressed claims made by former Prime Minister Liz Truss, who accused the Bank of being part of a so-called “deep state” that had sabotaged her economic plans. 

Firmly rejecting the allegations, Bailey said Truss’s problems stemmed from her own policies, particularly her chancellor Kwasi Kwarteng’s mini-budget, which sparked a sharp rise in market interest rates.

Bailey Defends Bank’s Crisis Management

Bailey reflected on the broader economic landscape, noting that the UK economy has performed better than many anticipated following years of significant upheaval. 

From the Covid pandemic to the global supply chain bottlenecks, Bailey credited the Bank’s rapid interventions for stabilizing the economy during critical moments.

“I sometimes read commentary suggesting we acted too late or too aggressively. But when the economy dropped off a cliff in 2020, the right course of action was to support it. Without our interventions, the UK could have faced a second Great Depression.”

Andrew Bailey
Andrew Bailey
Andrew Bailey, Governor of Bank of England

Bailey was keen to stress that the Bank’s actions were not about favoring one agenda or another, but about preserving the nation’s economic stability. He highlighted the importance of public institutions maintaining focus and effectiveness, even when facing political criticism.

As the governor moves into the second half of his term, he hopes for a less tumultuous period ahead, focusing on the longer-term structural issues facing the UK economy, including an aging population, rising defense demands, and climate change challenges. 

Bailey reaffirmed that these structural challenges require government attention, especially when it comes to encouraging capital investment in infrastructure.

For now, though, the central bank’s immediate focus remains on the Middle East, where geopolitical risks threaten to disrupt global oil markets and present new economic challenges. 

How these events unfold will likely have significant implications for the Bank of England’s future decisions on interest rates and broader economic policy.

READ ALSO: Blanket Remand of Anti-Galamsey Protestors Exposes Judicial Flaws

Tags: Andrew BaileyBank of EnglandinflationMiddle East crisisoil prices
Please login to join discussion
Previous Post

Ablakwa Urges Akufo-Addo to Tackle Galamsey

Next Post

Ghana Set to Immunize 5 Million Children Against Measles-Rubella

Subscription Form

Related Posts

China Suspends Arms Control Talks With U.S
UK

UK Criticised Over Delayed Decision On China’s Mega Embassy

October 17, 2025
China purchased the site of the proposed new embassy, at Royal Mint Court, near the Tower of London, for £255m in 2018.
UK

Decision On China Mega Embassy Site In London Postponed Again

October 16, 2025
Pakistan, IMF Reach $3 Billion Bailout Agreement
UK

UK Set To Be This Year’s Second-Fastest-Growing G7 Economy

October 14, 2025
Tories To Abolish Stamp Duty
UK

Tories To Abolish Stamp Duty

October 8, 2025
EU Launches Preparedness Union Strategy
UK

EU New Imports Quota Plan Poses Threat To UK Steel Industry

October 7, 2025
Trott Calls For Zero Tolerance Approach To Knife Crime In Schools
UK

Trott Calls For Zero Tolerance Approach To Knife Crime In Schools

October 7, 2025
Putin’s Failure To Attend Istanbul Talks Decried
Europe

Putin Criticises US Sanctions On Russian Oil Giants

by Comfort AmpomaaOctober 23, 2025
Swelling Trade Cost, Africa Loses US$5b Annually– AfCFTA
Business

Swelling Trade Cost, Africa Loses US$5b Annually– AfCFTA

by Michael Teye-Bio NaduteyOctober 23, 2025
Brazil's President, Luiz Inacio Lula da Silva.
Around the Globe

Lula To Seek Historic Fourth Term In 2026

by Comfort AmpomaaOctober 23, 2025
MahamaCares Partners Health Professionals for Healthcare Delivery Improvement
General News

MahamaCares Partners Health Professionals for Healthcare Delivery Improvement

by Emmanuel Tibila BoasahOctober 23, 2025
Galamsey Threat Puts Ghana’s Water Security at Breaking Point
General News

Developer’s Encroachment Threatens Kpeve Water Production – GWL

by Silas Kafui AssemOctober 23, 2025
OmniBSIC’s ‘Limitless Banking’ Strategy Breaks Barriers for Persons with Disabilities
Banking

OmniBSIC’s ‘Limitless Banking’ Strategy Breaks Barriers for Persons with Disabilities

by M.COctober 23, 2025
Putin’s Failure To Attend Istanbul Talks Decried
Swelling Trade Cost, Africa Loses US$5b Annually– AfCFTA
Brazil's President, Luiz Inacio Lula da Silva.
MahamaCares Partners Health Professionals for Healthcare Delivery Improvement
Galamsey Threat Puts Ghana’s Water Security at Breaking Point
OmniBSIC’s ‘Limitless Banking’ Strategy Breaks Barriers for Persons with Disabilities

Recent News

Putin’s Failure To Attend Istanbul Talks Decried

Putin Criticises US Sanctions On Russian Oil Giants

October 23, 2025
Swelling Trade Cost, Africa Loses US$5b Annually– AfCFTA

Swelling Trade Cost, Africa Loses US$5b Annually– AfCFTA

October 23, 2025
Brazil's President, Luiz Inacio Lula da Silva.

Lula To Seek Historic Fourth Term In 2026

October 23, 2025
MahamaCares Partners Health Professionals for Healthcare Delivery Improvement

MahamaCares Partners Health Professionals for Healthcare Delivery Improvement

October 23, 2025
Galamsey Threat Puts Ghana’s Water Security at Breaking Point

Developer’s Encroachment Threatens Kpeve Water Production – GWL

October 23, 2025
OmniBSIC’s ‘Limitless Banking’ Strategy Breaks Barriers for Persons with Disabilities

OmniBSIC’s ‘Limitless Banking’ Strategy Breaks Barriers for Persons with Disabilities

October 23, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address