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Finance

UK finance minister Reeves sees upward pressure on inflation over coming months

Published by Global Banking & Finance Review

Posted on March 17, 2026

1 min read

· Last updated: April 1, 2026

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UK finance minister Reeves sees upward pressure on inflation over coming months

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LONDON, March 17 (Reuters) - British finance minister Rachel Reeves warned that the Iran conflict is likely to put upward pressure on inflation in the UK in the months to come, as she made a speech in

UK Finance Minister Expects Upward Inflation Pressure Due to Iran Conflict

Impact of Iran Conflict on UK Inflation

Finance Minister's Warning

Speech in City of London

Reporting and Authorship

(Reporting by Muvija M and William Schomberg, writing by Sarah Young)

Key Takeaways

Reeves warned in the Commons that recent oil price movements—spiking above $100 a barrel—are expected to feed into inflationary pressures in coming months. (uk.finance.yahoo.com)
She offered support for a coordinated release of international oil reserves and urged action to secure shipping through the Strait of Hormuz to mitigate economic shocks. (uk.finance.yahoo.com)
Forecasts by the British Chambers of Commerce and the OBR suggest inflation could end 2026 around 2.7%, about 1 percentage point higher than earlier expected, while growth and employment outlooks have been downgraded amid energy price shocks. (independent.co.uk)

References

Frequently Asked Questions

Who is Rachel Reeves?

Rachel Reeves is the British finance minister.

What did Rachel Reeves warn about inflation?

Rachel Reeves warned that the Iran conflict is likely to put upward pressure on inflation in the UK.

What is causing the expected rise in UK inflation?

The conflict involving Iran is expected to cause upward pressure on UK inflation.

Where did Rachel Reeves make her statement about inflation?

She made her speech in the City of London financial district.

When did Rachel Reeves deliver her speech?

Rachel Reeves delivered her speech on a Tuesday.

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UK finance minister Reeves sees upward pressure on inflation over coming months

UK Finance Minister Expects Upward Inflation Pressure Due to Iran Conflict