British Treasury chief Darren Jones said the United Kingdom is “stepping up” efforts to protect families from the economic fallout of the war in Iran, a senior minister said, as officials warned higher prices could last for months after the conflict ends, Anadolu reports.

According to Sky News, Jones said the government is ramping up contingency planning amid concerns that the strait could be closed. Hormuz, a key route for global oil and gas transportation, could disrupt supplies.

“We are acting now to prepare and mitigate as much as possible the impact on our economy and homeland security as a result of the conflict,” Jones said.

Officials have emphasized that there are currently no fuel shortages and have urged the public to continue normal purchases while coordinating efforts to keep supply chains stable through twice-weekly meetings of a government response group.

However, Jones told the BBC that “pressure on prices” is expected, with Britons facing higher energy, food and air ticket costs.

“Our best estimate is that around eight months after the situation is resolved, the economic impacts will be seen in the system. So people will see higher energy, food and air ticket prices as a result of that that Donald Trump has done in the Middle East,” Jones said.

According to the BBC, energy production and transport disruptions linked to the conflict have already raised global costs, while officials have prepared worst-case scenarios, including possible food shortages if the situation worsens.

British Prime Minister Keir Starmer is expected this week to chair a cabinet committee to coordinate the response, while the UK is also working with international partners to reopening the Strait of Hormuz and stabilizing markets.

Despite concerns, the government has highlighted preparedness measures, including support for fuel and energy costs, securing CO₂ supplies for the food industry and coordination on emergency oil reserves globally.

Jones reiterated that, although the UK will try to limit the impact, “what happens abroad will affect us here at home”.

We we use cookies to improve the experience and display ads (Google AdSense).
By clicking “Accept”, you agree to the use of cookies according to
Privacy Policy
and
Cookies Policy.
You can reject non-necessary cookies by clicking “Reject”.

Source: prizrenpost