Question to the Department for Business and Trade:

To ask His Majesty's Government what is their estimate of the increase in the cost of input prices for manufacturing industries in the UK, arising from the Iran conflict.

Government is managing the economic consequences of the conflict across the whole of the UK. The UK’s economic fundamentals remain strong. The supply of inputs and commodities remains stable and generally well diversified.

Impacts on input cost increases are uncertain. They are likely to vary across industry sectors and businesses depending on which inputs are used, their importance in the cost base, and contracting arrangements – whether prices have been fixed or hedged in advance.

Government is working closely with business groups and industry leaders to understand the pressures facing industry and will be agile in responding as the situation develops.