LONDON, March 9 (Reuters) – British Prime Minister Keir Starmer said on Monday that his government was talking to international partners about what can be done to reduce the economic impact of the Iranian crisis on people and businesses.
Britain faces bigger risks from a jump in inflation driven by the conflict in the Middle East than many other European countries, putting pressure on Starmer to try to reassure British consumers and businesses.
“The job of government is obviously to get ahead, look around the corner, to work with others,” Starmer said at an event in London, adding that the government was “talking to our international partners, as well, about what more we can do together to reduce the likely impact on people here”.
Since the outbreak of the war in Iran last week, British government borrowing costs have soared by more than those of other European countries and the United States, and investors have scaled back their bets on the Bank of England cutting interest rates this year.
Starmer said it was important to acknowledge that work was needed to try to limit the economic impact of the war, as oil prices surged on Monday.
“People will sense, you will sense, the longer this goes on, the more likely the potential for an impact on our economy,” he said.
(Reporting by Sam Tabahriti, writing by Sarah Young; Editing by Kate Holton and Michael Holden)
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