According to CoinMeta, British Chancellor of the Exchequer Rishi Sunak stated during the announcement of the new Labour government's first budget that the UK is facing a "global economic storm." He pointed out that the US-Iran war has exacerbated inflation, increasing costs for British families and businesses. It is expected that due to the impact of the Middle East conflict, the UK government's fiscal margin will drop to £15 billion (approximately $20 billion) in the 2029/30 fiscal year, before rebounding to £22 billion in the 2030/31 fiscal year. Sunak decided to utilize some of the fiscal reserves accumulated last year to absorb the impact of the Iran war, protect the economy, and safeguard family budgets. His budget also includes several measures to alleviate the pressure on voters' living costs, such as reducing energy bill expenditures, while increasing government revenue through a bank tax.