Starmer confirms UK will not support US blockade of strait of Hormuz – UK politics live

PM says opening waterway is ‘vital’ as he rules out any UK involvement in US moves to blockade strait A typical household will be almost £500 worse off this year because of higher energy prices caused by the war in Iran, the Resolution Foundation thinktank has claimed. In a briefing , it says that, whereas the average household had been on course to see living standards rise modestly this year, the energy price shock will put that into reverse. Despite some lower-income households receiving a long-overdue real-terms increase in their benefits, we now estimate – based on market-forecasts for the rise in energy prices consistent with market pricing after the announcement of a ceasefire – that average income growth for the poorest fifth this year is now set to be just 1.2 per cent, down from 2.8 per cent before the conflict. The picture is brighter for families in the bottom half of the income distribution with three or more children. Even after the inflation shock, the abolition of the two-child limit is estimated to deliver 7.7 per cent income growth for this group this year – compared to 0.0 per cent for poorer families with fewer than three children. Despite hopes for a sustained peace, the path of this conflict remains uncertain and energy prices remain well above pre-war levels, meaning many households face a decline in their purchasing power this year. In terms of where the blame lies, it’s Iran that has caused the restriction on traffic and vessels through the Gulf, and they’re doing that in breach of international law. Continue reading...