00:00So the main implication right now of the war in the Middle East, which is to say it's not our
00:04war, but something that we will have to be prepared to deal with the consequences of, is predominantly about price
00:10at the moment.
00:11We're looking at lots of supply chain issues from jet fuel to diesel to carbon dioxide and petrol.
00:16And what we're seeing at the moment is that the main impact is inflationary.
00:20So people have already seen their petrol prices and diesel prices go up.
00:24Energy bills are currently protected because of the action of this government, but they'll likely increase later in the year.
00:29And we're going to start to see food and holiday prices rise as well.
00:32And this is another example of what happens internationally really affects people domestically.
00:37And that's why it's right that the prime minister is working hard to deescalate what's happening in the Middle East
00:41to get the Strait of Hormuz open so that we can release that tension in the global economy.
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