The Financial Times has reported that British Chancellor of the Exchequer John Healey has warned that the continuation of the war between the United States and Iran has created serious challenges for the country’s economy.
According to the report, Healey told the Financial Times that the ongoing situation in the Middle East is negatively affecting Britain’s inflation, economic growth, and borrowing costs.
He added that Britain is committed to increasing defense spending to 3.5% of gross domestic product by 2035, but the details of the plan will be specified in next year’s budget review.
