War in Middle East ‘could wipe out growth in UK living standards’
Rising oil and gas prices may hit increase of £300 a year for typical working-age households, says leading thinktankBusiness live – latest updatesConflict in the Middle East could trigger an energy price shock that wipes out anticipated growth in living standards in the UK worth £300 for a...
<p>Rising oil and gas prices may hit increase of £300 a year for typical working-age households, says leading thinktank</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/mar/04/war-middle-east-uk-living-standards-growth-markets-energy-shock-live-news-updates">Business live – latest updates</a></p></li></ul><p>Conflict in the Middle East could trigger an energy price shock that wipes out anticipated growth in living standards in the UK worth £300 for a typical working-age household over the coming year, a leading thinktank has warned.</p><p>The Resolution Foundation said a “decent” one-off increase in average living standards this year and a bumper rise for lower-income households could be reversed by rising oil and gas prices <a href="https://www.theguardian.com/world/2026/mar/02/iran-strait-of-hormuz-oil-gas-visualized">as the Iran conflict disrupts supplies</a>.</p> <a href="https://www.theguardian.com/business/2026/mar/04/war-in-middle-east-could-wipe-out-growth-in-uk-living-standards">Continue reading...</a>
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