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Bank of England Governor Andrew Bailey said inflation is expected to rise to "a little over 3.5% by the end of the year" as a direct consequence of the conflict in the Middle East. He was speaking during a press conference following the central bank's decision to keep interest rates on hold with several policymakers saying they might consider future hikes.

Bank of England Governor Andrew Bailey says it was appropriate to keep interest rate on hold at 3.75% on Thursday due to the situation in the Middle East. There has been a "huge increase in uncertainty," Bailey said in a pooled interview clip. "None of us know how this is going to play out."