The clock is ticking on Iran’s nuclear programme and Britain has issued a stark warning to Tehran: time is running out for diplomacy. Foreign Secretary David Lammy today accused Iran of “stalling tactics” as talks in Vienna collapse for the third time this month, leaving the world no closer to a deal that could prevent a nuclear-armed Iran. For the workers in the factories of the North, this may feel like a distant foreign policy squabble. But the consequences of a failed agreement ripple through the economy: rising oil prices, higher energy bills, and a new front in the cost of living crisis.
Iran’s latest demands include the lifting of all sanctions on its oil exports, a move that would flood global markets and crash prices. That might sound like a relief at the petrol pump. But experts warn it could destabilise the entire Middle East, sending shockwaves through supply chains and pushing up the price of everyday goods from bread to steel. The government has already briefed industry leaders to prepare for a potential spike in inflation if talks break down entirely. The Bank of England will be watching closely.
On the diplomatic front, London is running out of patience. The “nuclear clock” is a phrase used by the Foreign Office to describe the estimated time Iran would need to produce enough enriched uranium for a single warhead. That window is now measured in weeks, not months. “We have given Iran every opportunity to come to the table,” Lammy said in a statement. “But a nuclear Iran is not just a threat to Israel or the Gulf. It is a threat to every nation that relies on stable energy markets and global security.”
The House of Commons will hold an emergency debate tomorrow, and union leaders have already pressed MPs to consider the impact on household bills. The TUC is calling for a windfall tax on energy companies if oil prices spike. Meanwhile, the government has not ruled out new sanctions on Iran’s Revolutionary Guard, a move that could escalate tensions further.
From the factory floor to the kitchen table, this is a story about the real economy. When diplomacy fails, it is not just politicians who pay the price. It is families choosing between heating and eating. It is the pensioner watching her savings shrink as inflation bites. And it is the young worker struggling to afford a home because interest rates have to rise to keep prices in check.
The clock is ticking.
