Faisal Islam

Hello all - I’m back on here, back in economics and after a few weeks wilfully getting lost in transit, am newly on here👇🏾, and shortly on air in a new role as Economics Editor of the BBC.. first take on data, trade wars, Brexit, fiscal gymnastics...👋 bbc.co.uk/news/business-…

"Do you feel comfortable with that sort of approach from Nick Timothy?" "No." Sir Andy Street, former Conservative West Midlands Mayor, responds to the Shadow Justice Secretary describing a mass Muslim public prayer in Trafalgar Square as an "act of domination". #Newsnight

Very sad & also important to hear from @MichaelRosenYes on last nights Newsnight… I did not know about the speed of meningitis

NEW: EU says it’s ready to help Cyprus start a “discussion” with the UK about British bases on the island It’s after the Cypriot President told the BBC that the sovereign base areas were a “colonial consequence”

“There is no question in my mind, that the best and most appropriate solution to this problem is not monetary policy, is to reopen the Strait of Hormuz,” Andrew Bailey after I asked him if now facing the worst case scenario. Not at all convinced by the markets assumptions on lots of rate rises having interviewed the Governor…

NEW Bank of England Governor Andrew Bailey has just spoken to broadcasters, I did the interview: Markets “getting ahead” of themselves in assuming rate rises. “I would caution against reaching and strong conclusions about is raising interest rates… today we’ve given a very clear message. The right place to be is on hold”. He said they would look at the extent and severity of the conflict “carefully, continuously”. Also suggested this is not 2022, when inflation spiked to double digits and rates went up aggressively, pointing to the fact that rates were already higher etc. MORE to come

Governor Bailey: “The best way to tackle this is at source by reopening energy supply lines… our job is to make sure inflation gets back to its 2% target”

NEW Interest rates held at 3.75% - unanimous vote by Monetary Policy Committee - Bank of England calculates inflation could go up to 3.5% but that was before this mornings movements. - Some discussion that IF energy shock persists, rate rises might be required - wait and see till next meeting at end April

Just about to go into the Bank of England just as the market is starting to price in the next interest rate move being UP rather than down… and fears over inflationary energy shock emanating from Gulf… was just on @NickyAACampbell show explaining the domino effect from missiles going into South Pars to the mortgage market… Hope to hear from Governor too… x.com/faisalislam/st…

Off to Bank of England - will hear interest rate announcement and hopefully hear from the Governor too. In the meantime I went on @NickyAACampbell @bbc5live show to explain the domino/ butterfly effect of a missile attack on South Pars to rising fixed rate mortgages in the UK, even though not a molecule from that side of that field would get to the UK (ok some does come from the Qatari side, also hit)….

NEW Brent crude as high as $118 a barrel… Oil market splitting geographically…. OMan crude now not far off $170 a barrel

“A wake up call” the CEO of Britain’s biggest domestic energy firm told me last night about the possibility of long term impact to global gas and oil infrastructure… but he pointed to electrification as the main lesson, while domestic gas would be preferable to shipped gas:

“wake-up call that gets us to electrify more of our economy and get more of our energy from homegrown sources.”


"The irony is, right now, we're emailing millions of customers saying their energy prices are going to fall..."
"You can't protect yourself against these global markets forever."
 "Traders are really worried about how long it's going to take these facilities to get back online."
"Our electricity system's too inefficient. We need to reform that markets so that people get the benefits of our homegrown resources."
“my own view is that shipping gas around the world is more inefficient and has more leaks of methane than if you use local gas. But we shouldn't kid ourselves. North Sea gas wouldn't meaningfully bring the price down because we're paying the global price. If we got more out of the North Sea, it would simply be sold to other countries at these very high prices or here at these high prices. And we can't kid ourselves we're going to be self-sufficient in gas again. What we can do is have a much cheaper approach to electricity than we have today. Our electricity system's too inefficient. We need to reform that markets so that people get the benefits of our homegrown resources.

Are we facing a full blown energy shock? After some of the world’s biggest gas and oil facilities were struck in the last few hours, oil and gas prices have spiked again… We speak to the chief exec of the UKs biggest energy company, Greg Jackson And a great panel… now BBC Two

NEW “Extensive damage” at the worlds biggest gas export facility in Qatar after Iranian missile attack

NEW Qatari Govt says there has been a fire in the area of Ras Laffan world’s biggest gas export facility after “Iranian targeting”. x.com/moi_qataren/st…

Significant further rise in crude oil prices with Brent now just below $110 a barrel after escalation of Gulf conflict, with Iran’s main gas field targeted (South Pars which is the same shared basin as Qatar’s North Field). UK gas price up 6% to 139p a therm.