- The International Monetary Fund (IMF) has warned that the UK economy is "especially exposed" to spiralling prices due to the Middle East conflict and its reliance on gas-fired power.
- The IMF stated that the "de facto closure" of the Strait of Hormuz has caused the largest disruption to the global oil market in history, leading to higher fuel prices for large energy importers like the UK.
- Concerns are mounting over potential increases in food prices, as the disruption to fertiliser shipments from the Middle East threatens crop yields and harvests.
- Sir Keir Starmer met with business and military leaders, emphasising his priority to end the Middle East conflict and develop a "viable plan" to reopen the Strait of Hormuz.
- The Chancellor is under increasing pressure to protect consumers from rapidly rising fuel prices and to abandon a planned increase in fuel duty.
IN FULL
