Chancellor Rachel Reeves has said it is “unwise to speculate” on what the impact of the US-Israel conflict with Iran would be on the UK economy, although it was “certainly not good” to have trade disrupted.
In a Treasury Select Committee hearing today (11 March) overshadowed by events in the Middle East, much like the Spring Statement itself, the chancellor said she and the prime minister were working to de-escalate tensions to minimise the impact on inflation, growth and interest rates. "We are looking at a number of scenarios and monitoring, very carefully, this situation, but the quicker we can de-escalate, the better it will be for all of those different economic variables." Reeves added the UK was willing to play its part and work with the G7 to unlock oil reserves to ensure supplie...
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