BoE Deputy Governor Jon Cunliffe said yesterday, “the events of the last few days have led to an abrupt shift in our expectations of the future and an increase in uncertainty.”
“The heightened perception of geopolitical risks, and the potential impacts on growth and inflation, can only increase risks around the adjustment away from riskier assets that is already underway,” he said.
Cunliffe added, “Russia is a relatively small part of the world economy, accounting for around 2% of world GDP. It accounts however for a much larger share of the world supply of energy and other commodities.”
