Sarah Breeden, a senior official at the Bank of England (BoE), expressed surprise at how well the UK economy has managed to absorb the recent energy price shock. Speaking on CNBC, Breeden highlighted the resilience of the UK economy in the face of significant external pressures, particularly the sharp rise in energy costs.
Breeden's remarks come as the UK continues to navigate economic challenges exacerbated by global energy market volatility. The energy price shock, driven by factors such as the war in Ukraine and supply chain disruptions, has put considerable strain on households and businesses alike. Despite these pressures, the UK economy has shown remarkable adaptability, according to Breeden.
The BoE official did not provide specific data or projections during her remarks, but her observations suggest a cautious optimism about the UK's economic outlook. Breeden's comments were made during CNBC's regular business hours, indicating their relevance to ongoing economic discussions.