Daily Politics from the New Statesman Trump's war is making us all poorer
Mar 10, 2026
A deep dive into how the Iran conflict is driving oil volatility and squeezing household budgets. Shoppers’ fears, rising petrol and heating costs, and mortgage effects are explored. The discussion covers shipping risks around the Strait of Hormuz and who profits from higher oil prices. Tone is political and economic, weighing policy options and electoral consequences.
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Shoppers At Tesco Felt Immediate Impact
- Anoush Chakelian visited Tesco in Woolwich to ask shoppers how the Iran war felt in their daily lives.
- Shoppers mentioned petrol and heating oil rises, worries about refugees, and feeling less secure watching world events unfold.
Markets React To Politics Not Just Supply
- Oil-price moves often reflect political expectations before physical supply changes.
- Brent spiked from $93 to over $115 on leadership news then fell after US messaging promised a short war.
Voters Judge Economy By Their Shopping Basket
- Public perceptions of inflation matter more politically than headline ONS numbers.
- Shoppers remember specific price increases (eg rye bread to £2) and judge government by everyday basket items.