According to a report in The Guardian, as the UK ‘flirts with recession’, a quarter of a million people could lose their jobs by mid-2027. Two separate reports from leading accounting firms showed that the war with Iran has increased the scale of the economic threat, undermining business confidence.
But even without looking at the reports, The Guardian journalists could have seen that millions of people have lost their jobs and tens of thousands have left the UK to settle elsewhere. Even if they did nothing else, just by walking down Oxford Street, they could see the countless businesses that have closed.
While unemployment rates may rise with the war with Iran, the main reasons for this increase are the government’s inability to curb inflation, rising taxes, and a decrease in people’s spending habits. Unemployment is increasing gradually, and businesses are closing gradually.
Businesses that are doing well are having to perform acrobatic feats to cope with rising costs. In all small businesses, people are now employing their relatives and close friends, trying to stay afloat by preventing money from going abroad.
Chancellor Rachel Reeves needs to stop making statements about the Iran war and start thinking about how to bring down unemployment rates.
