As the conflict in Iran and the Middle East develops, Brian Taylor looks at the economic consequences – and argues that we are beset by broader instability. 

While scrutinising persistently grim developments in the Middle East, my eyes were languidly drawn to comments from the Chancellor. 

She was, I noted, issuing a statement anent the January GDP figures for the UK.  These stats were, I learned further, unexpectedly poor, registering zero growth in the economy.  And the Chancellor’s response? 

“Our economic plan is the right one, but I know there is more to do. In an uncertain world, we are building a stronger and more secure economy by cutting the cost of living, cutting national debt and creating the conditions for growth to make all parts of the country better off.” 

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Familiar at all?  This is, pretty much, what Rachel Reeves has said every single time the growth prospects have stumbled to a halt somewhat short of the sunlit uplands. 

It is a formulaic commentary, deliberately devoid of any substantive content.  It is, by design, intended to offer nothing beyond vague reassurance.  Even the stated targets are left imprecise. 

I make no complaint.  Such is politics.  It is the job of governmental leaders to content disquieted voters and markets.  It is their job, when walloped in the face with a wet haddock, to declare their liking for fish. 

In addition, these are particularly difficult times.  The truly depressing thing about the Chancellor’s........

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