263. Iran War: protecting the UK economy from the energy crisis
The Rest Is Money
Goalhanger
3.6 • 1.1K Ratings
🗓️ 23 March 2026
⏱️ 54 minutes
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| 0:00.0 | We are seeing in all financial indicators, you know, warning signs flashing red, you know, this is now a national emergency. |
| 0:09.0 | What are we prioritising here? Is it net zero? Is it growth? Can it be both? Hello and welcome to the rest is money with me Robert Peston. |
| 0:31.2 | And with me, Steph McGovern. |
| 0:32.6 | So this is another special episode for you focused on the economic impact of the war in the Middle East |
| 0:38.8 | as we're now entering the fourth week oil prices still over hundred dollars a barrel and no sign |
| 0:45.5 | of the blockage in the street of Homoos easing and just to remind everyone that's you know the |
| 0:51.0 | world uses about 100 million barrels a day of oil and about 20 million of that goes through that straight. |
| 0:57.5 | And so far, analysts are saying since this war started, about 440 million barrels have been stopped going through there. |
| 1:04.9 | So that's where a lot of this economic impact is really starting. |
| 1:10.7 | So in this episode, we're going to talk about what Trump's been saying about it all, |
| 1:15.1 | what it means politically for us. |
| 1:18.5 | Then we'll focus on the UK economy and how it can impact it. |
| 1:21.6 | Now we know, you know, now this war's continuing. |
| 1:24.1 | What the impact is for borrowing costs for the government, for consumers, |
| 1:38.1 | what Starmer and Reeves want to do about it and at what cost and what it might all mean for the autumn statement, which people are now talking about whether we might see more tax rises. |
| 1:42.4 | And we'll give you a flavour of what business leaders are saying in all of this too. |
| 1:44.7 | So, Robert, lots to talk about. If you are listening to this in the early hours of Tuesday morning, |
| 1:53.1 | you will have a clear review of a very, very important question, which is, you know, whether this conflict is massively escalating |
| 2:05.1 | because we are recording just a few hours before Trump's deadline expires for the Strait of Hormuz to be reopened by Iran. |
| 2:15.6 | And what he has said is that if the |
| 2:20.7 | strait is not reopened then the US and Israel will bomb and obliterate power |
| 2:28.0 | generation in Iran depriving Iranian people of electricity and power, which would be a massive escalation. |
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