economy
March 17, 2026
Iran War Could Cost Over 100,000 Brits Their Jobs
High oil prices resulting from the US-Israeli war on Iran could cost over 100,000 jobs in the UK, the Telegraph has reported.
TL;DR
- Over 100,000 Britons are at risk of job losses due to market turmoil following the US-Israeli attack on Iran.
- Oil prices have jumped to over $100 per barrel, up from around $70 last month.
- High energy costs could force employers to axe their workforce or suspend hiring, potentially raising unemployment above 5.5%.
- UK industrial energy costs are among the highest in the developed world, making businesses vulnerable to price increases.
- Domestic demand in British manufacturing has collapsed.
- The UK economy is in a weaker position than four years ago, with higher unemployment rates now compared to 3.8% in 2020.
- A YouGov poll shows over three-quarters of Britons believe the Iran conflict will negatively impact the UK and global economies, with 64% concerned about their household finances.
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