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Trade Disruption From Iran War ‘Not Good for the British Economy’, Reeves Says
Chancellor Reeves said the UK is ready to use strategic oil reserves and energy-cost support as shipping disruptions through the Strait of Hormuz threaten trade and energy security.
- On Wednesday, Chancellor Rachel Reeves told Parliament's Treasury Committee that trade disruptions from the Middle East conflict pose a significant risk to the British economy.
- On Wednesday morning, the UK Maritime Trade Operations Centre reported three commercial vessels were struck and one ship caught fire off the coast of Oman.
- Shipping through the Strait of Hormuz has been severely restricted because of the conflict, and US Central Command said American forces destroyed multiple Iranian naval vessels, including 16 minelayers, near the Strait.
- G7 finance and energy ministers have recently met and are considering releasing strategic oil reserves, and Reeves said the UK is willing to help while working with Gulf allies and the insurance industry.
- Reeves cautioned against speculation about inflation, growth or interest rates, saying the Treasury is 'looking at a number of scenarios' and inflation is lower than during the Ukraine invasion.
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14 Articles
14 Articles
Evening Standard+9 Reposted by 9 other sources
Trade disruption from Iran war ‘not good for the British economy’, Reeves says
The Chancellor called for rapid de-escalation of the conflict to protect the UK economy.
·London, United Kingdom
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Coverage Details
Total News Sources14
Leaning Left3Leaning Right1Center9Last UpdatedBias Distribution69% Center
Bias Distribution
- 69% of the sources are Center
69% Center
L 23%
C 69%
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