IMF calls for countries to economise on energy supplies, and hails UK’s budget deficit improvement – business live

Rolling coverage of the latest economic and financial news, as IMF managing director Kristalina Georgieva gives a press conference in Washington DC

Iran war escalation could trigger global recession, IMF warns

Record-high export revenues from crude oil have pushed Norway’s trade surplus to its highest level since January 2023.

Statistics Norway has reported that the country’s export revenues rose to NOK 199.9bn (£15.6bn) in March 2026.

The closure of the Strait of Hormuz has caused a significant supply shock in the oil market, which contributed to the high oil prices in March, and thus the highest export value ever.

“I wonder what the hit to global GDP would be if a nuclear weapon hit London,” Bessent said to the BBC. “I am less concerned about short-term forecasts, for long-term security.”

The relationship between the two countries looks increasingly fraught. On Tuesday, Reeves used her strongest language yet to criticize Donald Trump’s war in the Middle East and the damage it has wreaked on the global economy.