Statement comes after Trump’s threats to escalate bombing if Iran doesn’t agree deal and IRGC suggestions the strait of Hormuz could reopen

The UK work and pensions secretary, Pat McFadden, has warned that job losses “could happen” in Britain due to the economic impacts of the Iran war.

He said the UK economy was “going in the right direction” at the start of the year and unemployment figures for February showed a decline. He added that interest rates were expected to come down and the markets were pricing in cuts during the course of the year.

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