Bank of England (BoE) Deputy Governor Clare Lombardelli (L), BoE Governor Andrew Bailey (2nd L), head of media Katie Martin (2nd R) and BoE Deputy Governor for Markets and Banking Dave Ramsden (back R) listen to questions from the media during the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)

Bank of England (BoE) Governor Andrew Bailey (L) and head of media Katie Martin (R) attend the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)

Bank of England (BoE) Governor Andrew Bailey (L), head of media Katie Martin (C) and BoE Deputy Governor for Markets and Banking Dave Ramsden (R) leave at the end of the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)

(FILES) A digital display shows the price of petrol at a petrol station in Dortmund on July 29, 2026. German inflation picked up pace in July, provisional data showed on July 30, 2026, as energy price growth accelerated. Overall inflation came in at 2.8 percent in July, statistics office Destatis said, up from 2.3 percent in June. Excluding volatile food and energy costs, price growth came in at just 2.4 percent. But energy prices were up 8.3 percent -- a faster rate of growth than in May or June. (Photo by Ina FASSBENDER / AFP via Getty Images)

(FILES) This photo taken on July 1, 2026 shows a digital display of the prices for different kinds of fuel at an Aral oil and gas station in Berlin, following an adjustment of the prices at noon after the German state's discount fuel expired. German inflation picked up pace in July, provisional data showed on July 30, 2026, as energy price growth accelerated. Overall inflation came in at 2.8 percent in July, statistics office Destatis said, up from 2.3 percent in June. Excluding volatile food and energy costs, price growth came in at just 2.4 percent. But energy prices were up 8.3 percent -- a faster rate of growth than in May or June. (Photo by Tobias SCHWARZ / AFP via Getty Images)

Bank of England (BoE) Governor Andrew Bailey speaks during the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)

Bank of England (BoE) Governor Andrew Bailey takes part in the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)

Bank of England (BoE) Governor Andrew Bailey speaks during the Monetary Policy Report press conference in London on July 30, 2026. (Photo by Henry NICHOLLS / POOL / AFP via Getty Images)