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The Bank of England is currently tolerating above-target inflation to support the economy amid uncertainty from the Middle East conflict. Governor Andrew Bailey indicated that this approach may change if signs of second-round effects emerge. The bank is closely monitoring the situation and may adjust monetary policy as needed, with a potential rate hike anticipated in November.
- ▪Bank of England Governor Andrew Bailey stated that the bank is tolerating temporarily above target inflation.
- ▪He emphasized the need to support the economy given the impact of the Middle East conflict.
- ▪The market is currently pricing in a quarter-point rate hike by the Bank of England in November.
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05.31 EDTAbove target inflation 'appropriate' given Middle East uncertainty, BoE governor saysBank of England Governor Andrew Bailey speaks during the Monetary Policy Report Press Conference at the Bank of England in London, Britain, April 30, 2026 Photograph: Kirsty Wigglesworth/ReutersThe governor of the Bank of England has said the bank is “tolerating temporarily above target inflation” to support the economy given the impact of the conflict in the Middle East.Andrew Bailey, in the text of a speech he is due to deliver at the Reykjavik 2026 economic conference, said: double quotation markGiven the context of softness in the real economy and uncertainty around the scale and duration of the shock, tolerating temporarily above target inflation to provide some support for the real economy…
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