The governor of the Bank of England has insisted interest rates are still expected to be cut this year, despite global events such as tariffs and war.
Andrew Bailey was adamant he was not putting much "weight" on world events because of how volatile the situation is.
Speaking at the Lords economic affairs committee, Mr Bailey said: “When I’m thinking about my decision on interest rates, because of the sheer unpredictability it’s not that I’m ignoring the world - anything but.
“But I’m not putting that high a weight on it because, frankly, it is so unpredictable at the moment that, as we saw in the last 24 hours, it can easily change overnight.”
Regarding Trump's tariffs, The Times reports, Mr Bailey added that it was "very unpredictable where this is all going to end up".
It comes as oil prices have endured a rollercoaster week, with Iran conflict fears pushing up prices before ceasefire discussions eased them.
FTSE 100
The UK's flagship share index, the FTSE 100, was down 40 points at 8,785 shortly after opening this morning.
Brent crude oil futures were up 0.75% at $68.24 a barrel.
Companies reporting today:
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