Uploaded May 2026 | Updated September 2026, 3 weeks ago

---

The UK government was warned in late April that the country had only six weeks of jet fuel supply remaining. Jet fuel prices across Europe have already doubled. Absolute shortages could hit in June. And the government's response has been to offer short-term reassurance with no plan beyond the next six to eight weeks.

Will your summer holiday actually happen this year? Who knows, least of all the government, it seems.

And this is just a microcosm of what the whole economy is about to face. The Strait of Hormuz closure and the geopolitical crisis involving Israel, the US, and Iran are not temporary disruptions. They now look to be structural nd ongoing. And the government's response so far is nowhere near equal to the scale of the threat.

So, what should you do right now?

-Do not assume your summer flight will go ahead
-Check your consumer rights — especially the £200+ compensation threshold for cancellations
-If you have a package holiday, check the financial resilience of the operator and the insurer
-Plan a possible alternative. Get your disappointment in early.
-Pray to whoever you think might listen. We might need that.

Take a look at the poll below: youtube.com/post/UgkxqRLp0piLIauN0lIr4Eid1FVLWmYwP0yX

TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk

IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp

HOW TO SUPPORT US
Please consider donating: ko-fi.com/taxresearch

ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.

This video was edited by Thomas Murphy.

RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurphy.bsky.social

OR

ON MY BLOG: taxresearch.org.uk/Blog

HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060

PLAYLISTS:

The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD

Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4

Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10

Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY

MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX

Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m

Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ

USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H

Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw

The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx

#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #JetFuelShortage #UKFuelCrisis #SummerHolidays #StraitOfHormuz #UKEconomy #CostOfLivingCrisis #FlightCancellations #UKGovernment #KeirStarmer #SupplyChainCrisis #EnergyCrisis #UKInflation #TravelDisruption #RichardMurphy #FundingTheFuture