The governor of the Bank of England has said further "global shocks" are a major threat to the UK economy as he told MPs he is monitoring the situation in the Red Sea closely amid concerns over oil supplies.Andrew Bailey also said he was hoping to see mortgage costs continue to fall after the Bank paused hiking interest rates.Speaking to a group of MPs during a Treasury Committee session, the Bank chief said he thought there was clearly the "potential for further global shocks" when asked about

The governor of the Bank of England has said further "global shocks" are a major threat to the UK economy as he told MPs he is monitoring the situation in the Red Sea closely amid concerns over oil supplies.Andrew Bailey also said he was hoping to see mortgage costs continue to fall after the Bank paused hiking interest rates.Speaking to a group of MPs during a Treasury Committee session, the Bank chief said he thought there was clearly the "potential for further global shocks" when asked about the top threat facing the UK economy this year.