How Trump's failed war in Iran screwed Britain
4/30/202639 min
The Bank of England Monetary Policy Report might sound like a dry and dusty economic report - and often it is - but today's made for truly shocking reading for Britain.
Its analysis shows living standards are already falling and, as a result of Trump's war in Iran, inflation could go above 6%, and as many as six rises in interest rates might be needed by the end of this year. That would mean rocketing mortgages, eye-watering increases in food prices, and job layoffs with the UK economy stunned by the fallout from Trump's war with Iran. Is there any sense of a way out of this mess from the White House? Or is Trump happy to sink the global economy if it increases his chances of pummelling the regime in Tehran into submission?
Later - 40 days until the world's most prohibitively expensive World Cup kicks off. Is America actually trying to keep people away?
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Transcript preview
First 90 secondsNick Ferrari0:00
[digital music] This is a Global Player original podcast.
Jon Sopel· Host0:05
Don't play by Donald Trump's own imagined rules in that fantasy land inside his head.
Emily Maitlis· Host0:10
The truth is that he hasn't ended the war in Ukraine. That means that the Iran war could last the same as the Ukraine war, which is not gonna end any time soon.
Lewis Goodall· Host0:18
But you have an American defense secretary basically bragging about the idea that he's instructed his own soldiers to commit war crimes.
Emily Maitlis· Host0:25
Yeah, turns out the world's favorite frat boy is actually a bit of a fascist. [dramatic music] This is gonna be a cost that escalates massively for America, and if it escalates for America, it escalates for us too.
Pete Hegseth· Soundbite0:38
President, regarding Iran, uh, how long are you prepared to maintain the blockade? Could that go several more months?
Donald Trump· Soundbite0:44
I mean, militarily, we've wiped them out. They have no military left. They've, they're... It's all the navy's at the bottom of the sea. The air force is never gonna fly again. Uh, we've, we've got an amazing military. Now we, now they have to cry uncle. That's all they have to do, just say, "We give up. We give up."
Jon Sopel· Host1:04
The problem is, the Iranians are not giving up. They are fighting fire with fire, and the consequences for the world economy are getting ever more perilous.
Emily Maitlis· Host1:17
The true cost to this country was spelt out this morning by the Bank of England, who's warned us that inflation could hit six percent at the start of next year, and food prices could rise by