Freedom has a price. Throughout history, individuals and entire nations have had to struggle for the right to determine their own destinies. This is now being played out — in real-time — in Ukraine, where one million people have been forced to flee their homes while those trapped in cities such as Kyiv and Kharkiv are sheltering from relentless bombs and missiles.
For Britain, ensconced in the relative safety of Western Europe and separated by a narrow body of water, there is a cost too. While it remains highly unlikely that there could be a no-fly zone in Ukraine, given the significant risk of escalation between Russia and the West that would confer, the severe economic and political sanctions rightly levied on Vladimir Putin and his regime will also hit Britons in the pocket. This is a price we must be prepared to bear.
Oil prices have reached their highest level in 14 years, natural gas has soared further and the price of wheat has risen above $11 a bushel for the first time since 2008. These will stoke already high inflation and could tip the UK economy into recession.
The Budget takes place on March 23. The Chancellor must use it to set out how he intends to respond to the economic shock brought on by Russia’s invasion, and what plans the Government has to mitigate it.
As Kherson in southern Ukraine becomes the first major city to fall to Russian forces, the pain and suffering will only continue and Western sanctions intensify, because this is our fight too.
Putin’s invasion is not only an outrageous violation of Ukrainian sovereignty. It represents an assault on democracy and the economic wellbeing of billions of people. He must be stopped and we will have to bear the economic cost.
