The Chief Secretary to the Treasury has warned that the country is going to be hit with the consequences of the Iran war for many months
You’re going to see prices go up a bit as a consequence of what Donald Trump has done in the Middle East & quite frankly thats going to come on line not just in the next few weeks but the next few months” Darren Jones told the BBC’s Laura Keunssberg this morning
The warning follows last week’s report from the IMF that the energy shock from the war would hit the UK the hardest of the world’s advanced economies
It cut its estimate for UK growth this year from to 0.8% from its previous prediction of 1.3%.
The Government has meanwhile said it is stepping up plans to offset potential food and fuel shortages caused by the Iran war.
Sir Keir Starmer will chair another meeting of a Cabinet committee on Tuesday set up to deal with any shortfalls, while a group of ministers is meeting twice a week to monitor stock levels and any disruptions to the supply chain.
