The Bank of England has warned that the economic shock from the Middle East conflict is intensifying risks to the financial system by threatening to “crystallise” numerous existing vulnerabilities at the same time.
The warning came as Sir Keir Starmer, UK prime minister, insisted Britain was “well placed” to weather the Iran crisis, but admitted: “It is now clear that the impact of this war will affect the future of this country.”
The supply shock from the war in Iran, causing a surge in oil prices and a sell-off in equity and bond markets, is likely to intensify faultlines in the financial system, including tensions in private credit markets, high government debt and stretched valuations, the BoE said on Wednesday.
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