UK looking for ways to mitigate economic impact of Iran war

UK Prime Minister Keir Starmer said his government is discussing with international partners what steps can be taken to reduce the economic impact of the Iranian crisis on citizens and businesses, Al Jazeera reports.

“The task of the government, obviously, is to move forward, look to the future and work together with others,” Starmer said at an event in London, adding that the government is “discussing with our international partners what more we can do together to reduce the likely impact on people in this country.”

Since the start of the U.S.–Israeli war against Iran last week, borrowing costs for the British government have risen more sharply than for other European countries and the United States. Investors have also become less confident that the Bank of England will cut interest rates this year.

Starmer stressed the importance of minimising the economic consequences of the conflict, noting that oil prices surged sharply on March 9.

“People will feel it—you will feel that the longer this continues, the greater the potential impact on our economy,” he said.