Hawzah News Agency- Darren Jones, Chief Secretary to the Treasury, said the government is concerned that closure of the Strait of Hormuz — a key route for global oil and gas shipments — could disrupt supplies. He stated that the UK is ramping up contingency planning in response to the war against Iran.
Jones told Sky News: "We are now taking action to prepare for the impact of this conflict on our economy and domestic security, and to reduce it wherever possible''.
However, Jones told the BBC that "price pressure" is likely, and British people will face higher energy, food, and flight costs.
He said: "Our best estimate is that from the end of the conflict, it will take about eight months or more for the economic effects to be seen in the system. People will see higher energy prices, food prices, and flight tickets as a result of what Donald Trump has done in the Middle East''.
Jones concluded that while the UK tries to limit the impact, "what happens abroad will still affect us at home''.
Source: Anadolu Agency
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