Trump's war is making us all poorer

Trump's war is making us all poorer

Author: The New Statesman March 10, 2026 Duration: 30:36

Trump is bombing Iran. Oil prices are volatile. Is the world heading for recession?


Oil prices peaked after the US and Israel started their war on Iran.


Around a fifth of the world's oil supply relies on one tiny shipping lane in the Middle East called the Strait of Hormuz, and shipping firms are refusing to use it for fear of attack.


Meanwhile, Britain remains in the grip of inflated prices and shoppers fear the war in Iran will only make things worse.


Anoosh Chakelian and Will Dunn discuss how the Iran war will impact the global and the UK economies, and what – if anything – the Labour government can do about it.


READ:

Oil prices mean Starmer must raise tax or face recession


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Each weekday, Daily Politics from the New Statesman cuts through the noise of the 24-hour news cycle to offer something more substantial. Hosted by Anoosh Chakelian and Oli Dugmore, along with the wider New Statesman team, this isn't just a recap of headlines. Instead, it provides sharp reporting and clear analysis from the heart of Westminster, paired with thoughtful conversations that look beyond the capital to the cultural and societal forces shaping the political landscape. You'll hear from the magazine's own journalists and a range of expert guests who help explain not just what is happening, but why it matters. The perspective is inherently progressive, rooted in the New Statesman's long tradition as a leading voice in British political commentary. Tuning into this podcast means getting a deeper, more considered understanding of the day's events, delivered with clarity and insight. It’s designed for anyone who feels that politics is too important to be left to soundbites, offering a reliable and engaging daily digest that makes complex issues accessible without oversimplifying them.
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