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Energy Shock Puts Bank of England Under Pressure to Raise Rates

The Bank of England is facing mounting pressure to raise interest rates on Thursday amid a global bond market rout fuelled by concerns over runaway government borrowing and sticky inflation. Investors told Threadneedle Street it was “essential” to rein in prices before the energy shock triggered by the Iran war spreads through the economy and that failing to do so would risk the Bank “losing credibility”. Government bonds across the developed world have been swept up in a historic sell-off, as oil prices surged to multi-month…