UK fears economic fallout of war on Iran could persist for months
Officials in the United Kingdom fear the economic fallout of the US-Israeli aggression on Iran could continue to affect households and businesses in the country for months as they struggle to come up with contingency plans to mitigate the shocks.
Chief Secretary to the Treasury Darren Jones warned on Sunday that people in the UK could face months of higher energy, food and flight prices even after the war ends and despite no immediate shortages.
However, Jones warned that Iran’s restrictions on transit via the Strait of Hormuz, a key waterway in the Persian Gulf which is responsible for a fifth of global oil demand, has clearly impacted global supply chains, leading to higher energy and commodity prices for households in the UK.
The minister insisted that the crisis is a result of US and Israeli aggression on Iran, which many countries around the world have either condemned or distanced themselves from.
“Our best guess is eight plus months from the point of resolution that you'll see economic impacts coming through the system,” Jones was quoted as saying by the BBC.
“So people will see higher energy prices, food prices ... flight ticket prices as a consequence of what Donald Trump has done in the Middle East,” he said.
The BBC said that UK authorities are even preparing for potential food shortages if the war escalates.
Jones’ comments come as Iran continues to block the access of ships linked to the US and the Israeli regime and their affiliates to the Strait of Hormuz, a measure Iranian authorities say is necessary to protect Iran’s national interests and retaliate against the unprovoked war of aggression that began in late February and was put on hold with a ceasefire in early April.
Iran says other commercial vessels can pass designated routes in the Strait with prior coordination with relevant authorities in the country.
Far-right, anti-Islam protest sparks counter-protests in Manchester
British Museum faces backlash for eliminating references to ‘Palestine' from displays
Over 2,000 Britons served in Israeli military during Gaza genocide: Report
US policy of threats and sanctions against Iran has failed, must be abandoned: Russia envoy
UK fears economic fallout of war on Iran could persist for months
Iran’s foreign minister will meet President Putin in Moscow: Ambassador
Hezbollah vows to continue its ‘legitimate response’ to Israeli ceasefire violations
Iran’s Pasteur Institute continues vaccine production despite US-Israeli attack
‘Unbreakable unity’: IRGC Quds Force chief vows continued support for Hezbollah
VIDEO | Negotiations will consolidate Iran's military authority, victory in war
IRGC says to reverse engineer 15 undetonated US missiles uncovered in southern Iran
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
