Bank of England Governor Bailey warned a proposed 60-day ceasefire in the US‑Israel‑Iran conflict would still leave meaningful uncertainty and would not immediately clear the way for rate cuts. He said a near-complete agreement would not alter his basic assessment of the conflict’s risks to the UK economy; US officials have said the deal is close. Bailey said a 60-day pause might help but ‘‘does not solve the problem’’ and leaves uncertainty over what happens after the period. He added he has no

Bank of England Governor Bailey warned a proposed 60-day ceasefire in the US‑Israel‑Iran conflict would still leave meaningful uncertainty and would not immediately clear the way for rate cuts. He said a near-complete agreement would not alter his basic assessment of the conflict’s risks to the UK economy; US officials have said the deal is close. Bailey said a 60-day pause might help but ‘‘does not solve the problem’’ and leaves uncertainty over what happens after the period. He added he has not ruled out a scenario in which energy prices fall quickly without feeding into core inflation, but the Bank would need greater confidence that such a shock would be short‑lived before easing policy.