- Darren Jones, the chief secretary to the prime minister, has warned that price hikes for energy, food, and flights will persist for at least eight months after the Iran war concludes, attributing this to actions by US President Donald Trump in the Middle East.
- The UK government has intensified planning to mitigate potential shortages, particularly following the closure of the Strait of Hormuz, which has driven up oil prices.
- Peace talks have stalled, with Iran refusing direct negotiations and Mr Trump cancelling a trip for US negotiators.
- Contingency plans anticipate a “reasonable worst-case scenario” where the Strait of Hormuz remains closed, potentially leading to severe CO2 shortages impacting farming and hospitality.
- The Bank of England has warned that the conflict's economic shock could lead to increased mortgage costs for approximately 1.3 million UK households.
IN FULL
