Britain is braced for ‘Trumpflation’ – here’s what economists are warning

The breakdown of the US-Iran peace talks threatens further economic pain for Britons with higher prices, risk of oil shortages and inflationary pressures, the Government has been warned. Keir Starmer and Rachel Reeves’ economic headache looks set to intensify after the failure to reach a peace agreement in Iran prompted warnings of further rises in oil prices and an uptick in inflation. Economists said the crisis could add 1 to 2 percentage points to inflation and suggested the Government could consider releasing oil reserves and rationing household allocations of fuel. They admitted UK was feeling the effects of so-called “Trumpflation” […]