A fragile ceasefire between Iran and Israel appears to be holding this morning, with British intelligence sources confirming a significant de-escalation in hostilities. For the families in the North who worry about the impact of distant wars on their fuel bills and food prices, this news offers a sliver of respite. The conflict had sent crude oil prices soaring, threatening to push petrol above £1.
50 a litre and inflate the cost of imported goods. Union leaders had warned of potential supply chain disruptions, and workers in manufacturing were already feeling the pinch. Now, with cooler heads prevailing, there is hope that the worst of the economic shock may be avoided.
But let us not be naive. The underlying tensions remain, and the cost of living crisis at home is far from over. The government must ensure that any peace dividend reaches the kitchen table, not just the boardroom.
