BBC: Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action.
The Treasury has modelled scenarios suggesting that disruption in the Red Sea could further shrink the UK economy, risking a recession.
The main fear in the Treasury's analyses is of a rise of at least $10 per barrel in the international price of crude oil and a 25% increase in the price of natural gas.
Rises such as these have not actually materialised, so far, mainly because of the actions of Saudi Arabia - the major oil producing nation - in soothing global energy markets with price cuts.
The US and UK will hope that their overnight strikes on Iran-backed Houthi rebels will help reverse widespread delays and disruption to Red Sea trading routes, by re-establishing safe passage through the Bab-al-Mandeb Strait into the Suez Canal.
But, on the other hand, there is now also a clear pathway of escalation to a wider Middle East conflict. » | Faisal Islam, Economics editor | Friday, January 12, 2024
Showing posts with label energy prices. Show all posts
Showing posts with label energy prices. Show all posts
Friday, January 12, 2024
Friday, October 13, 2023
JP Morgan CEO Warns World May Be Facing ‘Most Dangerous Time’ in Decades
THE GUARDIAN: Jamie Dimon says Israel-Gaza conflict may have ‘far-reaching impacts’ on energy prices, food costs and international trade
The JP Morgan boss, Jamie Dimon, has warned the world may be living through “the most dangerous time the world has seen in decades” as Israel prepares to launch an expected ground offensive on Gaza.
The escalating conflict could have “far-reaching impacts” on energy prices, food costs, international trade and diplomatic ties, he said as JPMorgan Chase, America’s largest bank, reported earnings for the latest quarter.
While the lender posted another robust set of results, Dimon cautioned that interest rates may increase further in the United States, as the savings of consumers dwindle.
Dimon said: “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships. This may be the most dangerous time the world has seen in decades. » | Callum Jones in New York | Friday, October 13, 2023
The JP Morgan boss, Jamie Dimon, has warned the world may be living through “the most dangerous time the world has seen in decades” as Israel prepares to launch an expected ground offensive on Gaza.
The escalating conflict could have “far-reaching impacts” on energy prices, food costs, international trade and diplomatic ties, he said as JPMorgan Chase, America’s largest bank, reported earnings for the latest quarter.
While the lender posted another robust set of results, Dimon cautioned that interest rates may increase further in the United States, as the savings of consumers dwindle.
Dimon said: “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships. This may be the most dangerous time the world has seen in decades. » | Callum Jones in New York | Friday, October 13, 2023
Friday, August 26, 2022
Martin Lewis Issues a Stark Warning as He Calls for the Government to Help with Energy Price Hikes | Good Morning Britain
Monday, August 08, 2022
The Guardian View on the Dog Days of Boris Johnson’s Premiership: Crises, Which Crises?
THE GUARDIAN – EDITORIAL: As the Conservative party talks to itself, a chance to grip the challenges of the autumn and winter is being wasted
‘Boris Johnson appears to have washed his hands of a country facing stagflation and looming recession.’ Photograph: Matt Dunham/AP
The sweltering summer continues to deliver ominous headlines, all pointing to the perfect storm that seems certain to break in the autumn. A new study from York University predicts that, by January 2023, more than half of UK households could be in fuel poverty, spending over 10% of net income on energy costs. The health secretary, Stephen Barclay, admits that the NHS may be unable to cope with a likely Covid wave, seasonal flu and the health impact of the cost of living crisis. Charities, which successive Conservative governments have relied on to prop up one of the meanest social safety nets in Europe, are struggling to meet soaring demand for basics as their own finances are hit by the economic squeeze. » | Editorial | Monday, August 8, 2022
Johnson accused of allowing ‘summer of drift’ amid cost of living crisis: Business leaders urge PM to act as No 10 says there are no plans to address crisis until next Tory leader is voted in »
Gordon Brown: ‘Set emergency budget or risk a winter of dire poverty’: Former PM has warned of a financial timebomb awaiting families as Labour plans a major intervention to address crisis »
The sweltering summer continues to deliver ominous headlines, all pointing to the perfect storm that seems certain to break in the autumn. A new study from York University predicts that, by January 2023, more than half of UK households could be in fuel poverty, spending over 10% of net income on energy costs. The health secretary, Stephen Barclay, admits that the NHS may be unable to cope with a likely Covid wave, seasonal flu and the health impact of the cost of living crisis. Charities, which successive Conservative governments have relied on to prop up one of the meanest social safety nets in Europe, are struggling to meet soaring demand for basics as their own finances are hit by the economic squeeze. » | Editorial | Monday, August 8, 2022
Johnson accused of allowing ‘summer of drift’ amid cost of living crisis: Business leaders urge PM to act as No 10 says there are no plans to address crisis until next Tory leader is voted in »
Gordon Brown: ‘Set emergency budget or risk a winter of dire poverty’: Former PM has warned of a financial timebomb awaiting families as Labour plans a major intervention to address crisis »
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