When the Bank of England warned this week that food inflation could reach 7% by the end of the year, it revealed how little stands between a geopolitical jolt and a domestic crisis in Britain. A shock wave in the Gulf feeds through energy, fertiliser and supermarket prices into falling incomes, weak growth and job losses. What it exposes is not just inflation but a system unable to absorb disruption.

The Bank is right that interest rates cannot move global energy prices. Raising them will not fix the shock. Instead, rate hikes redistribute the impact by compressing wages and deterring investment to stop higher costs becoming embedded. What appears as inflation is, in reality, the price of dependence on the strait of Hormuz. Clearly, the UK’s stability rests on security that the country that has yet to build into its infrastructure.

Britain is not weak, but it is exposed. Its key sectors – finance, energy, data, food – are tightly bound and run........

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