The New Statesman | UK politics and culture Iran War: "Our economy will be smashed"
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Jun 23, 2025 Freddie Hayward, US correspondent for the New Statesman, joins Tom McTague, editor at the same publication, and Will Dunn, business editor. They delve into the fallout of Donald Trump's actions in Iran, discussing how diplomacy has been sidelined. The potential blockage of the Strait of Hormuz could cripple global oil supplies. The conversation also covers the legality of US military actions and their implications for UK politics, alongside the looming economic consequences for trade routes and the UK's energy security.
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Starmer's Diplomatic Dilemma
- Keir Starmer is stuck balancing not fully endorsing US strikes in Iran while not condemning them either.
- This ambivalence leaves the UK looking like a bystander lacking agency in the crisis.
British Weakness in Diplomacy
- International diplomacy has been sidelined in favor of unilateral decisions by powerful leaders like Trump.
- The UK appears weak and irrelevant, needing to restore its state capacity to influence global affairs.
Strait of Hormuz's Global Importance
- The Strait of Hormuz is critical for global energy, shipping one-fifth to one-quarter of the world's oil daily.
- Disruptions there risk significant economic consequences worldwide, especially for energy prices and supply chains.