Arabic version: المملكة المتحدة تواجه زيادات في الضرائب بسبب التداعيات الاقتصادية من الصراع في الشرق الأوسط

Several weekend editions of the papers lead with the economic impacts of the Middle East war on the UK, including rising interest rates, upward inflation pressure and speculation of tax increases. According to BBC News, the i Weekend reports that economists warn Britain may need to raise taxes to cope with the impact of oil war, which is termed the ‘worst energy shock in history.’

The Financial Times Weekend emphasizes the surge in the UK’s borrowing costs, noting that ten-year gilt yields, a benchmark for long-term government borrowing costs, surged to 5 percent, the highest level since 2008. This significant increase signals potential challenges for the UK economy moving forward.

Additionally, the Financial Times discusses the airline industry, which is facing a $53 billion blow as it grapples with its biggest crisis since the pandemic. Passengers can expect steep ticket price hikes as airlines attempt to shield their profits in light of the escalating costs.

In related news, US President Donald Trump is reportedly planning to increase military presence in Iran, with the Pentagon preparing strategies that may include seizing Kharg Island, a key oil terminal in the Persian Gulf. This development has prompted discussions within the UK government, as the prime minister chairs an emergency Cobra meeting over the cost of living impact resulting from these international events.