GBAF Logo
UK finance minister Reeves sees upward pressure on inflation over coming months
Finance

UK finance minister Reeves sees upward pressure on inflation over coming months

Published by Global Banking & Finance Review

Posted on March 17, 2026

1 min read

· Last updated: April 1, 2026

Add as preferred source on Google
Finance Banking Markets

UK Finance Minister Expects Upward Inflation Pressure Due to Iran Conflict

Impact of Iran Conflict on UK Inflation

Finance Minister's Warning

Speech in City of London

LONDON, March 17 (Reuters) - British finance minister Rachel Reeves warned that the Iran conflict is likely to put upward pressure on inflation in the UK in the months to come, as she made a speech in the City of London financial district on Tuesday.

Reporting and Authorship

(Reporting by Muvija M and William Schomberg, writing by Sarah Young)

Key Takeaways

  • Reeves warned in the Commons that recent oil price movements—spiking above $100 a barrel—are expected to feed into inflationary pressures in coming months. (uk.finance.yahoo.com)
  • She offered support for a coordinated release of international oil reserves and urged action to secure shipping through the Strait of Hormuz to mitigate economic shocks. (uk.finance.yahoo.com)
  • Forecasts by the British Chambers of Commerce and the OBR suggest inflation could end 2026 around 2.7%, about 1 percentage point higher than earlier expected, while growth and employment outlooks have been downgraded amid energy price shocks. (independent.co.uk)

References

Frequently Asked Questions

Who is Rachel Reeves?
Rachel Reeves is the British finance minister.
What did Rachel Reeves warn about inflation?
Rachel Reeves warned that the Iran conflict is likely to put upward pressure on inflation in the UK.
What is causing the expected rise in UK inflation?
The conflict involving Iran is expected to cause upward pressure on UK inflation.
Where did Rachel Reeves make her statement about inflation?
She made her speech in the City of London financial district.
When did Rachel Reeves deliver her speech?
Rachel Reeves delivered her speech on a Tuesday.

Tags

Related Articles

Image for Iran offers Strait deal; Trump dissatisfied but prefers non-military path

Iran offers Strait deal; Trump dissatisfied but prefers non-military path

Image for Thyssenkrupp, Jindal agree to pause talks on sale of steel unit

Thyssenkrupp, Jindal agree to pause talks on sale of steel unit

Image for Berkshire shareholders head to Greg Abel's first annual meeting, with Buffett in audience

Berkshire shareholders head to Greg Abel's first annual meeting, with Buffett in audience

Image for US troop drawback underlines European defence responsibility, German minister says

US troop drawback underlines European defence responsibility, German minister says

Image for Trump auto tariff hike could cost Germany nearly $18 billion in output, institute says

Trump auto tariff hike could cost Germany nearly $18 billion in output, institute says

Image for Japan's Taiyo Oil to receive cargo of oil from Russia's Sakhalin-2, Mainichi says

Japan's Taiyo Oil to receive cargo of oil from Russia's Sakhalin-2, Mainichi says

More from Finance

Explore more articles in the Finance category

Image for Nobel laureate Mohammadi in Iran hospital after 'cardiac crisis', foundation says
Nobel laureate Mohammadi in Iran hospital after 'cardiac crisis', foundation says
Image for Spirit Airlines prepares to shut down operations overnight, sources say
Spirit Airlines prepares to shut down operations overnight, sources say
Image for GameStop preparing offer for eBay, WSJ reports
GameStop preparing offer for eBay, WSJ reports
Image for Barclays lifts 2026 Brent forecast to $100 on prolonged Hormuz disruption
Barclays lifts 2026 Brent forecast to $100 on prolonged Hormuz disruption
Image for WHO delays pandemic treaty amid pathogen-sharing dispute
WHO delays pandemic treaty amid pathogen-sharing dispute
Image for Germany's VDA auto association urges both sides to honour trade deal after Trump EU tariff blow
Germany's VDA auto association urges both sides to honour trade deal after Trump EU tariff blow
Image for Exclusive-WTO plans 10% budget cut as US falls back into arrears, documents show
Exclusive-WTO plans 10% budget cut as US falls back into arrears, documents show
Image for Cboe to cut staff by 20% as exchange operator sharpens focus on core business
Cboe to cut staff by 20% as exchange operator sharpens focus on core business
Image for Submit Your Nominations for Fastest Growing Microfinance Company 2026
Submit Your Nominations for Fastest Growing Microfinance Company 2026
Image for Apply Now: Fastest Growing Islamic Mortgage Financing Company 2026
Apply Now: Fastest Growing Islamic Mortgage Financing Company 2026
Image for Fastest Growing Islamic SME Finance Company 2026—Apply Now
Fastest Growing Islamic SME Finance Company 2026—Apply Now
Image for Trump's tariffs on EU autos show US to be unreliable, says EU parliament's trade committee chair
Trump's tariffs on EU autos show US to be unreliable, says EU parliament's trade committee chair
View All Finance Posts