economy
UK ministers begin contingency planning amid economic fears over Iran war
Anger grows within cabinet over impact of war begun by Donald Trump, who branded Nato allies ‘cowards’
TL;DR
- UK ministers are developing contingency plans due to economic fears surrounding a potential Iran war.
- Anger is growing within the cabinet over the war's potential impact on Britain's fragile finances and higher energy prices.
- Government contingency plans include considering lowering speed limits to minimize fuel consumption.
- The UK has authorized the use of its military bases to strike Iranian missile launchers targeting commercial ships.
- Donald Trump branded UK and other Nato allies 'cowards' for not assisting more directly.
- The Treasury has established an 'Iran board' to consider options, including a universal energy bill bailout as a 'last resort'.
- Higher energy bills are forecast, potentially increasing by £330 annually for households.
- The International Energy Agency (IEA) advised energy conservation measures globally.
- Government sources indicate that within two weeks, it will be clearer whether de-escalation allows avoiding energy bill support.