Second-round effects from Iran war could persist – BoE’s Pill
Bank’s chief economist says ‘structural change’ in wage-setting behaviour warrants caution in policy
The increase in UK inflation stemming from the conflict in the Middle East could be persistent, notwithstanding the country’s sluggish economy, the chief economist of the Bank of England has said.
In a speech at a conference hosted by the National Bank of North Macedonia in Skopje on March 24, Huw Pill emphasised that when judging the effects of the US-Israeli war against Iran, the bank’s monetary policy committee (MPC) would focus on the “second-round effects”, rather than the conflict’s initial
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