Government Finances

Tony Blair’s thinktank, the Tony Blair Institute, has called for Labour to abandon the 'unaffordable' state pension triple lock due to financial pressures, particularly amid the Iran war's impact on public spending. The institute argues the pension policy is outdated and requires overhaul.

The IMF warns that an Iran war could drive up global debt levels by escalating energy and food prices, increasing borrowing costs, and risking a global recession. Governments face a dilemma between supporting citizens amid cost-of-living shocks and maintaining fiscal stability.