{"id":90591,"date":"2026-03-04T07:38:31","date_gmt":"2026-03-04T07:38:31","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=90591"},"modified":"2026-03-04T08:07:40","modified_gmt":"2026-03-04T08:07:40","slug":"the-insanity-of-war","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2026\/03\/04\/the-insanity-of-war\/","title":{"rendered":"The insanity of war"},"content":{"rendered":"

Everyone knows there was no legal justification for the war on Iran now being waged by Israel with active support from the US, and quiet support from the UK.<\/p>\n

There was no threat to the US that could require its involvement.<\/p>\n

There was no immediate threat to Israel.<\/p>\n

There was no evidence that Iran has restored whatever nuclear capacity it had, which was bombed last year.<\/p>\n

This illegal war was about regime change. The best claim for it was that it might bring a better life for Iranians. There is no evidence that aerial warfare has ever delivered this outcome.<\/p>\n

The cost will be enormous. This is the UK gas price, from Trading Economics, at around 7.15 am this morning:<\/p>\n

\"\"<\/p>\n

This could increase UK energy costs per household by \u00a3500 a year.<\/p>\n

The oil price increase is not so steep, but it might add 0.3% to inflation if it continues.<\/p>\n

And the FTSE is falling, as I predicted. The 6-month view makes clear how sharp the reaction is:<\/p>\n

\"\"<\/p>\n

The tipping point has happened. I suspect the bubble is bursting, although US data is a little less clear, whilst Japan is as emphatic:<\/p>\n

\"\"<\/p>\n

What does all this mean? Who knows? We face uncertainty. But what I think we can say for sure is that this forecast, made by the Office for Budget Responsibility yesterday<\/a>, is wrong:<\/p>\n

\"\"<\/p>\n

The idea that we will get flat line, 2% inflation for four years from 2027 is absurd, and that would have been true without this war.<\/p>\n

It is as absurd that we would get this growth pattern:<\/p>\n

\"\"<\/p>\n

Yes, that is flat line 2% growth as well.<\/p>\n

This was a day when fantasy met reality. The Office for Budget Responsibility's absurd claims came up hard against the reality of Zionist-inspired aggression and lost heavily.<\/p>\n

So will we. Have no doubt about it. This war is going to be very costly. Neoliberals are out of ideas. War is one of the few things they have left that they can imagine doing to sustain themselves in power. We will all pay a very heavy price for that.<\/p>\n","protected":false},"excerpt":{"rendered":"

Everyone knows there was no legal justification for the war on Iran now being waged by Israel with active support from the US, and quiet
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