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UK Treasury warns Burnham on Iran conflict
The British Treasury has warned that the continued closure of the Strait of Hormuz until the end of this year could lead to no detectable economic growth in Britain next year, with growth rates expected to decrease to 0.3%, the lowest since 2023. This would be the worst-case scenario resulting from deteriorating global energy supplies and escalating regional tensions, which could push inflation up to 4.3% at the start of next year. The British government is seeking to implement measures to reduce the cost of living, such as abolishing VAT on electricity bills and setting a maximum limit on bus fares, but the Treasury Minister's commitment to fiscal discipline might hinder funding for some of these plans.
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