Trump's war is making us all poorer
The Politics Show
The New Statesman
4.2 • 1.5K Ratings
🗓️ 10 March 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
Trump is bombing Iran. Oil prices are volatile. Is the world heading for recession?
Oil prices peaked after the US and Israel started their war on Iran.
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.
Meanwhile, Britain remains in the grip of inflated prices and shoppers fear the war in Iran will only make things worse.
Anoosh Chakelian and Will Dunn discuss how the Iran war will impact the global and the UK economies, and what – if anything – the Labour government can do about it.
READ:
Oil prices mean Starmer must raise tax or face recession
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Transcript
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| 0:00.0 | The New Statesman |
| 0:02.0 | Trump's bombing Iran. |
| 0:06.0 | Oil prices are volatile. |
| 0:08.0 | The R word is looming. |
| 0:10.0 | Is Britain and the world heading for another recession? |
| 0:13.0 | I'm Anoush Shikheleon and this is Daily Politics from the New Statesman. |
| 0:17.0 | And I'm here with Will Dunn. |
| 0:18.0 | Hi Will. |
| 0:19.0 | Hello. |
| 0:20.0 | So this week, Will, we've both been writing about |
| 0:22.4 | the potential impact of the war in Iran. Yeah. For my column in the magazine this week, I actually |
| 0:29.3 | went to what's thought to be the biggest Tesco in London. Tesco town is its nickname in Woolwich. I don't |
| 0:36.1 | know if you've ever been to this Tesco. It's absolutely massive. |
| 0:38.4 | I had previously thought that the big Tesco in Streatham was the biggest Tesco. It's one of the ones that's up there. Yeah, it's kind of airport-sized. I will have to make a pilgrimage to Woolwich. Well, it's well worth it if you want some bargains. I went at the, at the what's called in retail |
| 0:55.3 | land, the magic hour, which is when they start putting the yellow discount stickers on all of the |
| 0:59.3 | perishable bits on the shelves. Because I wanted to speak to people who are conscious about the |
| 1:05.0 | cost of their shopping about how they felt about this latest volatility in the world in terms of how it might affect their |
| 1:12.1 | lives because the morning that I went, Kirstama had warned about the impact on everyone |
| 1:16.3 | and on businesses. Rachel Reeves was up in the commons saying similar things about prices |
| 1:20.7 | already being pushed up. I spoke to a number of shoppers and they all mentioned what was going |
| 1:26.6 | on in the Middle East, unprompted, and for a number of reasons, and they all mentioned what was going on in the Middle East, |
| 1:31.6 | unprompted, and for a number of reasons. So mainly because they were worried that it was going to push their bills up from food to petrol to all sorts of other things and their wages |
... |
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