Bank of England Forced Into U-Turn by Iran War’s ‘Trumpflation’

Donald Trump and the conflict in the Middle East are now determining monetary policy in the UK. That’s effectively the assessment of the Bank of England, which warned that Britons will be paying the price.

Had there been no war in Iran, the UK central bank would have cut interest rates by a quarter point to 3.5% on Thursday — delivering cheaper mortgages for households and easier financial conditions for business. Five Monetary Policy Committee members planned to do so, according to minutes of the latest rate-setting meeting.