Is the UK government prepared for oil price hikes?
3/9/202624 min
Oil prices have already shot up thanks to the US-Israeli war in Iran. But what is the economic fallout likely to be? Will interest rates rise? What about inflation? Could the cost of borrowing increase – and by how much? Pippa Crerar and Kiran Stacey discuss how the cost of living might be hit and the political implications of that. Help support our independent journalism at theguardian.com/politicspod
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First 90 secondsSuzannah Lipscomb0:00
This is The Guardian. [instrumental music] After civil war, regicide, and Cromwell's republic, the monarchy returned, but Britain would never be the same. I'm Professor Suzannah Lipscomb, and this month on Not Just the Tudors, we're transported back to the age of Restoration royalty from Charles II to Queen Anne and the birth of the empire. Join me on Not Just the Tudors from History Hit, wherever you get your podcasts.
Speaker 1· Soundbite0:40
A number of investment banks now are forecasting about a sixty to seventy percent chance of a global recession as a result of this war if it continues. We're filling up our national petroleum reserves, strategic, you know, the strategic reserves.
Keir Starmer· Soundbite1:01
The longer this goes on, the more likely, um, the potential for an impact on our economy, imp-impact into the lives and households of everybody and every business.
Pippa Crerar· Host1:11
I'm Pippa Carreira.
Kiran Stacey· Host1:13
And I'm Kieran Stacey.
Pippa Crerar· Host1:14
And you're listening to Politics Weekly.
Kiran Stacey· Host1:16
For The Guardian.
Pippa Crerar· Host1:18
Hello.
Kiran Stacey· Host1:20
Hello.
Pippa Crerar· Host1:21
Now, Kieran, the UK can't control everything that happens across the globe, particularly crises in bits of the Middle East, for example,