Allegra Stratton: Will All the Political Pain Save Starmer?
How the prime minister’s challenges may have a silver lining.
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“Sorrows they come not in single spies but in battalions.” Keir Starmer might nod along to that line from Hamlet this weekend. Every single one of the difficulties for the government is converging in the fall out from the Iran war.
A consequence of this energy shock is that inflation will rise. A month ago everyone was debating when the Bank of England would cut rates. Now traders are pricing in multiple rate rises this year and whereas at the start of this re-evaluation, wise observers thought they were being overly skittish, now even cool-headed analysts wonder if they may be right.