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UK News
Iran's Press TV had earlier reported that parliament had approved a plan to close the Strait.
Conflict in the Middle East often leads to higher energy prices, which can feed through to inflation.
Plans to slash energy bills by up to 25% for over 7,000 UK businesses will be announced alongside other plans to boost growth.
The world's second largest economy is both the biggest producer and buyer of EVs.
Iran's threat to block the world's most vital oil transit point has raised fears of major global economic consequences.