Chancellor Rachel Reeves stated that the UK government will take all necessary measures to shield the economy from the fallout of the Iran-Israel conflict. With rising oil prices threatening inflation, she confirmed that no measures would be ruled out. Although oil prices are currently lower than previous crises, concerns about the Strait of Hormuz could lead to further increases. Last year, the government intervened in energy costs due to the Ukraine war, showcasing its proactive stance in managing household bills amid geopolitical tensions.
Chancellor Rachel Reeves emphasized the government's commitment to combating economic impacts from the Iran-Israel conflict, acknowledging rising energy costs as a major concern.
Reeves highlighted that the rise in oil prices since the onset of the conflict could lead to further inflationary pressures, akin to situations following previous geopolitical crises.
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