Rising oil prices could force up UK interest rates, say economists

From the publisher

The Bank of England could be forced to tear up its economic forecasts and raise interest rates later this year if oil prices return to above $100 a barrel, according to City economists. Before a meeting of Bank officials on Thursday, economists said that while an interest rate hike would probably be avoided this week there could be some in the future because of conflict in the Middle East. The UK economy has remained relatively resilient since Donald Trump’s war on Iran began in March, but this could be at risk after fighting reignited last week, the economists added. The breakdown of the fragile ceasefire between the US and Iran…

The source's own excerpt, unedited