How Iran war put Rachel Reeves Spring Statement out of date almost immediately

"For while Rachel Reeves announced that she has the right economic plan for the country in a yet more uncertain world, the conflict in the Middle East will undoubtedly complicate the UK's economic prospects. And the latest economic forecast by the independent Office for Budget Responsibility (OBR), to which she was responding, may already be out of date."

"It was too late, for example, for the OBR calculations to include any potential shocks in the global supply chain, or a spike in energy prices that may result from the US-Israeli strikes on Iran. At a press conference after Reeves' statement however, an OBR representative warned that it could have a very significant impact."

The UK chancellor Rachel Reeves delivered her spring statement amid heightened global economic uncertainty, particularly from Middle East tensions. The independent Office for Budget Responsibility's latest forecast may already be outdated, as it could not account for potential supply chain shocks or energy price spikes from US-Israeli strikes on Iran. An OBR representative warned these developments could have very significant economic impact. The UK faced unusually high uncertainty even before the crisis emerged. The OBR report shows a mixed economic picture with weaker growth and job creation somewhat offset by other factors, presenting a complex backdrop for the government's economic planning.

Read at www.independent.co.uk