Stopping For Gas − Speech By Professor Alan Taylor, External Member Of The Bank Of England Monetary Policy Committee, Given At The Exante Data 10 Year Anniversary Conference, New York

The world economy faces a new supply shock in the Persian Gulf, affecting global energy prices. In this speech, Alan Taylor explains that the UK is very sensitive to natural gas and oil prices, but the size and duration of this shock are uncertain. The economy’s starting point is very different from past energy shocks. Looking at possible scenarios shows that difficult trade-offs could lie ahead.