Impact of war in the Middle East on the cost of living

That this House expresses deep concern at the escalating cost of living crisis affecting households across the United Kingdom; notes that the war in the Middle East has severely disrupted vital supply chains including shipping, energy, critical minerals and metals, food and fertiliser, semi-conductors and many more, which has caused global economic instability; further notes that these disruptions are likely to lead to sudden increases in the cost of basic necessities such as fuel, energy and food, as well as many other consumer goods; acknowledges that in light of the war in the Middle East, UK growth forecasts have been downgraded by the IMF, whereas inflation has been forecast to rise by the Bank of England; believes that without strong Government action these combined pressures could lead to stagflation and a significant decline in living standards in the UK; and calls on the Government to ensure that working people do not pay the price for the United States and Israel’s military action, to intervene where necessary to stabilise prices in essential markets, to support employment and incomes to maintain living standards, to protect the welfare system and public services and to suspend its fiscal rules in order to adopt a more flexible economic approach that reflects the scale of the crisis.