The first data released by British Chancellor of the Exchequer Healy was not optimistic. He said that the Office of Independent Budget Responsibility predicts that this year alone, the Middle East conflict will increase the British government's debt interest expenses by 14 billion pounds. Healy said, “The Office of Budget Responsibility pointed out that the war in the Middle East is a core factor affecting this forecast. The current administration is still working with allies to push for an end to the conflict and the restoration of shipping traffic in the Strait of Hormuz.” He added, “Inflation was expected to fall back to the 2% target earlier this year, but now it is rising again due to rising oil and gas prices. The price of oil has soared from about $70 to over $100 per barrel, and the price of natural gas has nearly tripled since February. For ordinary households, this means rising oil prices, energy bills, and mortgage costs; for businesses, operating costs and loan interest are rising at the same time. Public finances have also been impacted. Affected by the Middle East conflict, financing costs for G7 governments have climbed to decades-high levels. The Office of Budget Responsibility estimates in this forecast that we will spend an additional £14 billion on debt interest expenses this year.”
Zhitongcaijing · 1d ago
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The first data released by British Chancellor of the Exchequer Healy was not optimistic. He said that the Office of Independent Budget Responsibility predicts that this year alone, the Middle East conflict will increase the British government's debt interest expenses by 14 billion pounds. Healy said, “The Office of Budget Responsibility pointed out that the war in the Middle East is a core factor affecting this forecast. The current administration is still working with allies to push for an end to the conflict and the restoration of shipping traffic in the Strait of Hormuz.” He added, “Inflation was expected to fall back to the 2% target earlier this year, but now it is rising again due to rising oil and gas prices. The price of oil has soared from about $70 to over $100 per barrel, and the price of natural gas has nearly tripled since February. For ordinary households, this means rising oil prices, energy bills, and mortgage costs; for businesses, operating costs and loan interest are rising at the same time. Public finances have also been impacted. Affected by the Middle East conflict, financing costs for G7 governments have climbed to decades-high levels. The Office of Budget Responsibility estimates in this forecast that we will spend an additional £14 billion on debt interest expenses this year.”
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