Andrew Bailey has said “global shocks” are the biggest threat to the UK economy this year.
Speaking during a Treasury Committee session today, Andrew Bailey, governor of the Bank of England said: “The potential for further global shocks is clearly there.”
“The events in the Middle East are obviously tragic from an individual point of view, interesting from an economic point of view … if you take oil prices, it hasn’t actually had the effect I feared it might.
However, he noted that the world remains a “very uncertain place” before agreeing there are “macro-credential risks” from the potential for energy prices to spike higher.
Mr Bailey added: “Yes, further global shocks.”
Sarah Breeden, deputy governor for financial stability at the Bank, said: “The risk environment at the moment feels particularly challenging … the set of circumstances that we currently face are extraordinary.”
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