Global Markets
Home›Global Markets›Europe›UK minister warns Trump Iran war could complicate next…
UK minister warns Trump Iran war could complicate next month’s budget
Bridget Phillipson said the conflict has disrupted global oil supplies, adding inflationary pressures that may make Chancellor John Healey’s budget harder.
Bridget Phillipson, a UK Labour minister, warned that Donald Trump’s war with Iran could make the next month’s budget more difficult, as the UK prepares for Prime Minister Andy Burnham to meet Trump early next week at the UN General Assembly summit in New York, according to the Guardian Economics.
Phillipson said Burnham’s prior criticisms of the US president should not derail efforts to build a strong relationship with Trump, adding that political views on different topics are not a barrier to cooperation.
She also reiterated UK condemnation of Trump’s on-and-off military campaign against Iran, linking it to disrupted global oil supplies and “significant inflationary pressures,” which she said could increase challenges for Chancellor John Healey as he plans the budget.
Phillipson said the economy is in a “strong position,” particularly with growth figures, but she pointed to real challenges from the conflict in the Middle East, including impacts on businesses and families close to home.