The economic ripples from the US-Israel attacks will soon become waves, engulfing everything from energy prices to food supplies
In retaliation for the US-Israeli missile attacks, Iran has launched what amounts to all-out economic warfare. Should the conflict continue even for another week, its impacts will start to be felt around the world as the third price surge since the pandemic washes through global markets.
For Britain, a further turn of the screw on living standards arrives just as political instability mounts at home, with the Labour and Conservative parties facing existential challenges to their left and right.
Keir Starmer’s half-cocked response to war reflects a deeper, strategic problem for the UK: an economy built over decades for a globalised world cannot fit into a world where globalisation is falling apart.
The creation of a tightly woven, world-spanning economy has also created points of huge stress and tension, where the flows of manufactured goods, people and raw materials that sustain it must pass through the narrow spaces of our globe.
