Iran War Is About to Hit Your Wallet | Trending Ep293

This morning Jaymie discusses the impact of the war in Iran on our bills and finances, Chancellor Rachel Reeves announces she's ready to support the release of UK oil reserves, as she warns about inflation from Iran war. And many UK motorists face an increase in car tax bills from April under major Vehicle Excise Duty updates.

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Transcript

SPEAKER_01 0:04

Good morning, everybody, and welcome to Tuesday's episode of Trending. I hope you're well wherever you are in the world. Today's show, we're going to focus on energy because it's something that's immediately at the forefront of people's minds with the war in Iran. Energy prices are going up, oil prices are going up, gas shortages. We're seeing all these headlines, seeing all this fear-mongering. And it's very important to talk about because this doesn't just tie into what's going on right now in Iran. This ties into an entire policy to destroy the energy infrastructure right across the world based on a fake narrative called climate change, which is not real. Now, we've seen this happen for years and years and years and years, whether it be the destruction of certain power stations, whether it be the push for renewables, and whether it be the increasing of pricing, to the point that just heating your home, just cooking food, just having the basics of life is incredibly expensive. We pay in the UK anyway, the most expensive energy prices anywhere in the world, despite being an island nation surrounded by water that you could get power from, surrounded by North Sea oil, natural gas. That's not happening by accident. So we're going to talk about that. We're going to talk about other bills and other things that are being impacted by this war in Iran, because it's very easy to look at this and go, that doesn't affect me. But it does. All of this does. And I remember in the lead up to the election and following the election in America when Trump was elected, you had a lot of people in the States asking why people like us were focusing on America when, in their words, our own country was burning, focus on that first. Well, the rest of the world, in particular Britain, because we're considered an ally, is absolutely affected by what happens in America. Of course it is. Whether that's economically, whether that's geopolitically, militarily, we're affected by everything that happens in America. People right across Europe, right across the world right now, are impacted by the decision that Trump made to invade or to start airstrikes in Iran, whether they're involved in that or not, because there's knock-on effects for a number of different reasons. Just to look at it at a very simple level, all those nations that are surrounding Iran that have been facing airstrikes themselves, they're obviously involved, despite the fact they technically didn't start a war with Iran, but they're taking the repercussions of it. So clearly, other nations and people are impacted by the decisions that are made here. And we're going to talk about financially first. So fuel, oil, petrol, that's the most obvious one because that region of the world and the Strait of Hamath that comes out of Iran is one of the most busy oil shipping routes in the world. Iran itself is obviously a massive supplier of oil. So is Saudi Arabia, so is the UAE and other nations in that part of the world, Qatar. So prices have already risen by just under five pence per litre here in the UK, just under nine pence per litre for diesel. And the oil, the oil prices, the barrels are reaching the highest point since 2002 when the war in Ukraine began. So that's probably only going to go up while this is continuing as supply chains and so on get more and more disrupted. So that's that's obviously a knock-on effect for the rest of the world, regardless of whether you want this war or whether you don't. That's why it's important to understand what's going on. Because you can easily say, look, it's not my problem, but it is because it has a knock-on effect onto your life. And yesterday, as they were talking about not just prices, they're talking about fuel shortages. You should have seen the queues at petrol stations. You, you know, you went to petrol station, I'll went all right to go and fill up yesterday on the way home from David's Colchester event, and half the station is empty, as in fuel. You go to the pumps and then there's not fuel. So that's obviously going to create more and more uncertainty within people, people that need to drive to get to work, to get to schools, to do whatever. That's going to create more and more nervousness. So there's clearly a knock-on effect. Another thing that's going to be uh affected, which which many people would have probably taken as a bit of a surprise, is mortgages and other domestic household bills, because they're obviously affected by interest rates, and interest rates are obviously affected by major geopolitical world events because banks essentially are casinos, really. If you want to, I mean, it's obviously there's a bit more complexity to it than that, but you want to break it down into simple measures. Banks are casinos, they make bets that certain things are going to happen, and if they don't, financially banks get in trouble. So when they're on the right, when they're going well, it masks the problems. When they're not, it can cause major issues for you to get your money out. It can cause major issues for things like mortgages, things like personal loans, finance agreements, and so on, stocks, shares, all those things. So geopolitical events, especially wars, things that are very turbulent, things that are very changeable in the sense of things can can move in different directions very, very quickly. They they are obviously going to impact those things I'm talking about, and we've seen that. Energy bills is obviously the most obvious one. Household energy bills and eating, sorry, eating, heating costs. Now, here in Britain, the positive to take away is that we're moving into the warmer months of the year as we sat here in March. So you're not sat here in mid-November when in theory you shouldn't be having the heating on as much because you're going into the warmer months. So that's the only thing that you can take as a bit of a saving grace from that. But like I said, we're paying the highest energy prices anywhere in the world into the thousands. The average now is just under£2,000 per year, the average household. And it'll be it's more obviously for you know bigger families and families of multiple children and bigger houses and so on. This is utterly astonishing, and that's not by accident. That's the key. That's not by accident, that's absolutely by design. And another one is just a general cost of living, which everything I've just described kind of comes into that. But this includes things like food because supply chains are being disrupted, and again, the price of things gets driven up by certain events. It's supply and demand, it's as simple as that. The prices get put up because it's people can get away with it. You saw the same during COVID. Not a lot of people didn't notice, but the prices of things went up. People noticed that supply had kind of become a bit of a problem. You couldn't go and buy pasta, you couldn't go and buy toilet roll because everyone was hoarding it. But did you notice that the prices went up at the same time? That's the thing. So the average food shop is already gone up, going and go up, sorry, by 2.3% this year, and then 2% every year from 2027. But here's the funny thing that was actually done, that study that showed those numbers before this war began in Iran. So those numbers they'll blame the war, just like they did, blaming the energy crisis on the war in Ukraine, they blame the increase in those prices. When how on earth can they do that? When the energy companies following this price increase were then reporting record profits. That doesn't make sense, does it? Because if the energy companies are paying an increased tariff for the price of oil or the price of gas, and all they're doing is passing that increased cost on to the consumer, then, i.e. you and me, how are they making record profits off that? Surely they'd be making the same profits they were making previously. The only way they're making record profits is if they're maybe paying a slightly increased price, but the price they're increasing to you dramatically outweighs on a percentage level the price they're paying more. So if they're if they're paying double, they're charging you triple. That's that's the point. So this whole, oh, Russia caused this massive energy crisis and it's caused this, that, and the other. No, it's not. The energy companies have done that by doing that with their pricing. And that's where you know I'm not a big fan of red tape and regulation and all of that everywhere, but that's where a government should be stopping their citizens being ripped off in such a way. But they didn't. They brought in the energy price guarantee, but that was still ridiculously high compared to what other nations pay. It's just mad. And this is not by accident. Because cheap energy, being able to run infrastructure, being able to run businesses, being able to run houses, run cars, public transports, all those things, cheap energy makes them all so much easier and so much more cost-effective to run. I was in Norway a few weeks ago, right? And obviously, Norway again is sat on some very rich reserves in terms of oil and other minerals. And I was told by my friend who who lives out there that they sell their oil on the international market and then buy it back at a premium to then put into the country. And I can't get my head around that. I I can't get my head around that. It's like you having a talent that you need, you selling it to a third party at a price, and then someone else in your family needing to use that talent and paying the company that you sold it to a premium rather than just asking you for it. It's an utter shambles. Utter shambles. You can see why it's such an expensive country up there, but you can see how this chaos begins. And the cost of living that we have been talking about quite a lot for the last few years that has only gone up, whether it be petrol, whether it be mortgages, whether it be household bills, whether it be food, whether it be sort of existing in terms of going out, doing things, it's squeezing more and more people into a state of poverty. It's squeezing people more and more into a state where just surviving becomes the goal. Not thriving, simply surviving. Because when you're in that state, you are so much easier to control, manipulate, and you're willing to accept things that deep down you don't really want. But if it shows you what you think is a light at the end of the tunnel, if you feel it's gonna give you a leg up, people will accept it. And that all, as I've said a few times, is not by accident, it's absolutely by design. We're gonna carry on talking a little bit more about this, um, and we're gonna dive into a couple of other things in the rest of this morning's episode. If you're watching with me on YouTube or Twitter, thank you for tuning in, and I'll see you over on iconic.com.

SPEAKER_00 12:05

Even less said about the great power, which some believe to be the true ruling power in the Vatican. I've never seen it before. This is the ultimate suicide. The symbols around us every day are just one of them.