Iran Tensions Spike Oil Prices, UK Budget Surplus Record, More
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And I'm Stephen Carroll.
The United States is continuing its military build-up in the Middle East as President Trump says that Iran has 10 to 15 days to agree a deal over its nuclear programme. Speaking to reporters on Air Force One, President Trump was asked what happens if no agreement is reached.
I'm not going to talk to you about that, but we're either going to get a deal or it's going to be unfortunate for them.
The president was speaking as the US now has more forces in the Middle East than at any point since the Iraq war. Donald Trump's use of the military in his second term has been characterised by short engagements, including previously bombing Iran. But US former Deputy National Security Advisor Megan O'Sullivan says these troop movements don't follow that pattern.
This is the largest military buildup of American force and firepower that the world has seen since 2003. And I think it really raises questions about what kind of action could the Trump administration be preparing.
O'Sullivan adds that the lack of clarity is driving insecurity. The risk of a wider conflict has sent stocks lower and extended a surge in oil. Brent crude rising above $72 a barrel at one point, now trading at $71.55.
The US President's latest warnings come as Bloomberg has learned the UK has not granted permission for its bases to be used as part of any strike on Iran. The Times newspaper first reported that Britain had not given approval for the Diego Garcia base in the Chagos Islands or RAF Fairford in Gloucestershire to be used in any potential military action. The newspaper said the UK position was due to concerns over a breach of international law. The US President publicly withdrew support for Prime Minister Keir Starmer's Chagos Islands deal following a phone call between the two leaders on Tuesday.
Donald Trump's envoy to the European Union says that an EU plan to give preference to products made in Europe could harm Europe's economy and defence capabilities. Ambassador Andrew Puzder told Bloomberg Radio this morning that adopting such rules would be a serious mistake.
Well, the Made in Europe rules would be a direct contravention of not only the terms, but the spirit of the framework trade agreement that was agreed to in Scotland, because we've agreed not to have those kinds of preferences between our two countries. And I think adopting them would be a serious mistake, I would say, particularly in the area of defense.
The US ambassador to the EU is speaking as the European Commission is preparing to unveil its Industrial Accelerator Act, part of its plan to boost the European economy. The package contains local content requirements affecting everything from cars to manufacturing. However, the precise details have yet to be agreed with EU member states divided about how far to embrace a bi-European doctrine.
The UK government has recorded its biggest budget surplus on record. Revenue exceeded spending by £30.4 billion in January, more than double the figure for the same month last year, according to official statistics. Our senior economy reporter, Philip Aldrich, says it's a positive surprise for the Chancellor, Rachel Reeves.
It's been sort of successive instances of difficult news for the Chancellor over the last year and a half.
What are the recent developments in US-Iran relations?
And this is one of those little moments where she might have a little smile on her face. It's a bit more positive. The overall deficit is lower than the OBR was forecasting.
Baldrick adds that January is the biggest tax month of the year as taxpayers settle liabilities from the previous fiscal year. The good news for the government comes as UK retail sales started the year with the fastest growth in 20 months.
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