Bank of England's Bailey says allowing inflation to run above target is appropriate

May 29 (Reuters) - ​Bank ⁠of England ​Governor Andrew Bailey said on ​Friday ‌that allowing inflation ⁠to run above ⁠the central bank's ​2% target is justified given the uncertainty about ​the ‌impact of the Iran war on the ​economy and the ‌weak pace of growth.

"But that tolerance ‌would weaken if signs of second-round effects begin ​to emerge," Bailey said in ‌the text of a speech he was ⁠due ⁠to deliver ‌at a conference in ​Reykjavik ​organised by Iceland's ‌central bank. (Writing by William Schomberg; Editing by Alistair Smout)