Keeping that man out of sight, out of mind
In his high-profile, national newspaper opinion column, Andy Beckett wonders why Nigel Farage and his tiny Westminster party receive such huge coverage (Why does Nigel Farage get to play British politics on easy mode?, 13 June). It's like a driver bemoaning the amount of traffic on the road when he is the traffic. Just stop typing, mate.Paul MastermanShifnal, Shropshire
Nothing new under the sun, Arwa Mahdawi (Strangers on the street: please stop asking me if my wife is my twin sister, 11 June). My husband is nine years younger than I am and people have been asking for decades if he was my son. My usual answer is: 'Do I really look that old?'Ralf R RadermacherCologne, Germany
Can I suggest you recalibrate the scores awarded for Word Wheel to something along the lines of: 1. Very stable genius, 2. Reform MP (no maths required), 3. Normal, 4. Normal Guardian reader (Letters, 15 June).Gerry ReesWorcester
When did cooks start pan-frying rather than just frying (Letters, 15 June)? What else can you fry in?Dr Mary OldhamNewtown, Powys
Preplanned – as opposed to what? Planned during or after the event? See also preprepared. Classic tautology.Cherry WestonWolverhampton
When I ask people how they are and they respond 'I'm good', I inquire 'At what?' (Letters, 16 June).Leo NorthCrewe, Cheshire
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What war in the Middle East means for your money
The conflict between Israel and Iran is the latest geopolitical shock set to hamper the outlook for the UK economy — and, ultimately, your bank balance. Since the attacks began on June 12, the price of oil has risen to a six-month high. Hopes for interest rate cuts have been dashed, fears of rising inflation have been amplified, and any respite from stock market turmoil appears to have been short-lived. • Read more money advice and tips on investing from our experts This week the prime minister, Sir Keir Starmer, said: 'I'm always concerned about the effect of international issues on people back at home. You saw with Ukraine the direct impact it had on energy bills. Equally, with this conflict, you can see the effect it's having on the economy, particularly on the price of energy.' From petrol prices to pension pots, here's what you need to know: Iran is the third-largest oil producer among the 12 members of the Organisation of the Petroleum Exporting Countries (Opec), and there are worries about how a wider regional war could affect the transport of oil through the Strait of Hormuz, which accounts for about 25 per cent of seaborne crude oil transportation, according to the consultancy Capital Economics. The price of a barrel of Brent crude hit a six-month high of about $78 after Israeli attacks on Iran began, up from about $65 at the start of this month. That is bound to have a knock-on effect on motorists, said David Oxley from Capital Economics: 'A rough rule of thumb is that a $10 rise in the oil price will add about 7p to the price at the pump.' It normally takes about two weeks for oil prices to feed into pump prices, Oxley said. Motorists have, however, had some recent respite from the cost of living crisis as petrol and diesel prices hit their lowest in almost four years. Petrol cost an average of 132p a litre last month, the lowest since July 2021, while diesel was at 138p, the lowest since September 2021, according to the motoring organisation the RAC. While prices are likely to rise, they are not expected to reach the high of March 2022, when Russia's invasion of Ukraine caused the oil price to reach $127 per barrel. The price in sterling peaked in July of that year at more than £100 with pump prices hitting 192p per litre for petrol and 199p per litre for diesel. More than a million homeowners whose fixed deals come to an end this year may have their hopes of further interest rate cuts dashed. The lowest two-year fix was 3.72 per cent last month, but rates are starting to tick up again, according to the property portal Rightmove. The lowest two-year deal is now 3.82 per cent from Lloyds Bank for those with a Club Lloyds account. The lowest five-year fixed rate has gone from 3.78 per cent to 3.88 per cent, also from Lloyds. Lenders had been cutting mortgage rates to compete for business, but changed tack after inflation went from 2.6 per cent for the year to March to 3.5 per cent in April. This makes cuts to the Bank of England base rate less likely — the Bank generally keeps the rate high when inflation is above its target of 2 per cent. The Consumer Prices Index inflation figure for the year to May, released this week, was 3.4 per cent. Uncertainty around President Trump's trade tariffs and conflict in the Middle East has also dampened hopes of further base rate cuts. The Bank held rates at 4.25 per cent this week, which, although a lot higher than the sub 2 per cent rates many mortgage holders will have fixed at three or five years ago, is down from the peak of 5.25 per cent in August last year. Fixed mortgage rates are based on swap rates (the rates at which banks lend to each other, which are in turn based on forecasts of where Bank rate is expected to be in the future), which have edged up over the past week or so, suggesting that mortgage rates could follow. Homeowners who want certainty can lock in a new deal up to six months before theirs ends yet still swap if a cheaper deal comes along. Rising oil prices could also cause other expenses to creep up, particularly if the Iran conflict continues or escalates. Lotanna Emediegwu, an economics lecturer at Manchester Metropolitan University, said that prolonged conflict could drive up energy bills. The price cap that limits how much suppliers can charge customers on standard variable tariffs will work out at an average bill of £1,720 a year for gas and electricity from July 1 (down 7 per cent from today's cap). At the moment analysts expect the cap to go up 2 to 3 per cent in October, but this could change dramatically. He said: 'Until recently, fuel prices had been rising less than other things, so actually mitigating some inflationary pressures. The recent conflict is expected to reverse this trend. 'The financial repercussions extend beyond immediate energy costs into transportation and logistics. Transport expenses are particularly vulnerable to fluctuations in fuel prices. This affects everything from airline fares to shipping costs for products, ultimately hitting consumer prices.' Before June 12, when Israel launched strikes on Iran, inflation had been expected to rise to 3.5 per cent by the autumn — now it could go further. A sustained $10 per barrel rise in the oil price typically pushes up annual inflation by 0.1 to 0.2 percentage points, according to The Economist, meaning that it could be closer to 3.7 per cent by September. Emediegwu said a prolonged blockade of the Strait of Hormuz shipping route could add a further 0.5 to 1 percentage points, which could take it close to 5 per cent. So far the stock market has been fairly resilient to the conflict in the Middle East. The UK's FTSE 100 is down about 0.77 per cent since the turmoil started, while the US's S&P 500 is down about 1.06 per cent. If a sustained conflict leads to an increase in the price of oil, stock valuations may fall — this is because higher oil prices lead to higher inflation, which means interest rates are likely to stay higher for longer, which makes it more expensive for companies to borrow money to grow and often curbs investors' risk appetite. Losers are likely to include airline and travel stocks, as well as so-called growth stocks, which include technology and healthcare companies. Many investors will have exposure to the US 'Magnificent Seven' tech stocks of Microsoft, Apple, Alphabet, Tesla, Amazon, Meta and Nvidia. These companies are often valued on their future earnings potential, which means their stock price can be volatile if company results or wider economic conditions point towards a slowdown of earnings. The good news is that Iran and Israel are a very limited part of the global stock market, so direct exposure for most UK investors will be immaterial. However, Michael Field from the research firm Morningstar said that the risk is that wider markets get jittery about the potential for the conflict to escalate further. Investors should avoid making any kneejerk changes to their portfolio. Ultimately, while geopolitical tensions may create short-term turmoil, historically markets have been resilient in the long term. Jacob Falkencrone from the investment bank Saxo said: 'As an investor, your greatest tool is a disciplined approach — staying informed, remaining calm and focusing on your long-term investment goals rather than reacting impulsively to temporary shocks.'
