The UK is facing one of the largest shocks from the conflict in the Middle East, the International Monetary Fund (IMF) has warned, saying Britain’s economy is “especially exposed” to spiralling prices because of its reliance on gas‑fired power.
Comparing the impact of rising prices to a “large sudden tax on income” for a family, the IMF warned that the “de facto closure of the Strait of Hormuz and damage to regional infrastructure have produced the largest disruption to the global oil market in its history”.
