Iran War Drives UK Mortgage, Energy Bill Hikes; Bank of England Projects Further Inflation

The Bank of England has detailed the financial repercussions for UK households as the conflict in the Middle East, ignited by US and Israeli strikes on Iran in February, filters through the economy. While interest rates were maintained this week, the rate-setting committee's analysis offers a bleak outlook for mortgages, energy costs, and the job market.

Interest Rates May Yet Rise

Initial expectations for interest rate cuts this year have been reversed. The Bank, although holding rates steady presently, has signalled potential rises later in the year. Considering the