UK ministers begin contingency planning amid fears for economic effects of Iran war

Britain authorises use of military bases to strike Iranian missile launchers that target shipping in strait of Hormuz

President Trump branded the UK and other Nato allies “cowards” on Friday amid growing anger among cabinet ministers that his war in Iran could jeopardise Britain’s fragile finances.

Senior members of the government are in despair about the potential effects on the economy, with experts warning of higher energy prices and mortgage and borrowing costs.

They have already begun contingency planning in case the conflict is protracted – lowering speed limits to minimise fuel consumption is among the measures that could be considered by transport officials.

With conflict continuing to escalate, the UK confirmed it was now authorising the use of British military bases to strike Iranian missile launchers that are targeting commercial ships in the strait.