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The Guardian - UK
The Guardian - UK
Business
Phillip Inman

UK faces ‘very difficult trade-offs’ in budget because of Iran war, say analysts

Andy Burnham United Kingdom Iran Inflation Stephen Millard Niesr Oil Bank of England
Ships lie anchored in the strait of Hormuz, with smaller boats in the foreground.
Ships anchored in the strait of Hormuz off Iran on Monday. The on-off closure of the waterway has pushed up oil prices, putting pressure on inflation. Photograph: Razieh Poudat/AP

Andy Burnham has been warned by a leading thinktank of “very difficult trade-offs in the next autumn budget” if the Iran war keeps oil prices and inflation high.

The National Institute of Economic and Social Research (NIESR) said the new prime minister faced a “challenging inheritance” and his plans to revamp public services would meet severe pressure from persistently higher prices.

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