Trump's war is making us all poorer

<p>Trump is bombing Iran. Oil prices are volatile. Is the world heading for recession?</p><br /><p>Oil prices peaked after the US and Israel started their war on Iran. </p><br /><p>Around a fifth of the world's oil supply relies on one tiny shipping lane in the Middle East called the Strait of Hormuz, and shipping firms are refusing to use it for fear of attack.</p><br /><p>Meanwhile, Britain remains in the grip of inflated prices and shoppers fear the war in Iran will only make things worse. </p><br /><p>Anoosh Chakelian and Will Dunn discuss how the Iran war will impact the global and the UK economies, and what – if anything&nbsp;– the Labour government can do about it.</p><br /><p>READ: </p><p><a href="https://www.newstatesman.com/international-politics/2026/03/oil-prices-mean-starmer-must-raise-tax-or-face-recession" rel="noopener noreferrer" target="_blank">Oil prices mean Starmer must raise tax or face recession</a></p><br /><p><strong>LISTEN AD-FREE:</strong></p><p>📱<a href="https://www.newstatesman.com/politics/2022/06/newapp" rel="noopener noreferrer" target="_blank">Download the New Statesman app</a></p><br /><p><strong>MORE FROM THE NEW STATESMAN:</strong></p><p>❓ <a href="https://www.newstatesman.com/podcasts/2022/10/you-ask-us" rel="noopener noreferrer" target="_blank">Ask a question</a> – we answer them every Friday</p><p>⏰ <a href="https://morningcall.substack.com/subscribe" rel="noopener noreferrer" target="_blank">Get our daily politics newsletter</a> every morning</p><p>✍️ <a href="http://saturdayread.substack.com/subscribe" rel="noopener noreferrer" target="_blank">Enjoy the best of our writing</a> via email every Saturday</p><hr /><p style="color: grey; font-size: 0.75em;"> Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color: grey;" target="_blank">acast.com/privacy</a> for more information.</p>