What specific warning did Chancellor John Healey issue to retailers regarding food and fuel pricing amid the Iran war?

John Healey warned retailers that the government is 'watching closely' for signs of profiteering and vowed to prevent the public from 'being taken for a ride at the pump or the till', while acknowledging there was 'no significant evidence of so-called price gouging' during the crisis.

According to the EY economic outlook cited in the article, what are the two GDP growth scenarios for the UK depending on whether the Strait of Hormuz reopens?

EY’s outlook warns that if the Strait of Hormuz remains closed until early or mid-2027, UK GDP could slow to 0.5% in 2025 and contract by 0.2% in 2026; however, if the strait reopens by the end of Q3 2025, growth is forecast to be 0.9% in 2026 and 1.2% in 2027.

Healey’s profiteering warning on food and fuel risks row with retailers

Aug 3, 2026

UK Chancellor John Healey warned retailers against profiteering on food and fuel amidst rising costs driven by the Middle East conflict. Economic forecasts suggest potential recession if the Strait of Hormuz remains closed, threatening household finances and national security.

theguardian

2026-08-03

Healey’s profiteering warning on food and fuel risks row with retailers

Healey’s profiteering warning on food and fuel risks row with retailers

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