00:00Reopening the Strait of Hormuz will not be enough to end global economic instability,
00:06according to British Foreign Minister Yvette Cooper.
00:08In fact, in her speech, she set out her view that turbulence is the new normal.
00:15Instability and volatility are becoming increasingly chronic,
00:19and turbulence is now the new normal.
00:23National security and economic prosperity increasingly intertwined.
00:28The new reality we face did not begin with the war in Iran, nor will it end with a reopened
00:33strait.
00:36Successive governments hoped that well-managed economic globalisation would expand trade,
00:40reduce conflict, and a rising tide would lift all boats.
00:43Instead, we've seen instability, inequality, and rising protectionism threaten economic security.
00:50We've got rapid technological change, creating amazing new opportunities,
00:55but also new uncertainties and vulnerabilities,
00:59and undiversified supply chains exploited for economic coercion
01:03and the interdependence that has helped make us prosperous, being weaponised against us.
01:09Although US President Donald Trump on Tuesday announced a ceasefire in the six-week-old Iran conflict,
01:15there was no sign of Tehran lifting its near-total blockade of the Strait of Hormuz,
01:20which has caused the worst disruption to energy supplies in history.
01:24Cooper also set up Britain's view that the passage through the crucial shipping route
01:29should be toll-free, and must not be unilaterally withdrawn or sold off to individual bidders.
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