Long-Term Security Justifies Economic Pain, Says US Treasury Secretary

Wed Apr 15 2026 06:19:17 GMT+0000 (Coordinated Universal Time)

Scott Bessent emphasizes that short-term economic sacrifices are crucial for long-term global security amid the ongoing US-Israel conflict with Iran.

In an interview with the BBC, U.S. Treasury Secretary Scott Bessent stated that a 'small bit of economic pain' is worthwhile in exchange for long-term international security. With threats posed by Iran, including potential nuclear capabilities, Bessent suggested that protecting Western interests outweighs immediate economic concerns. The International Monetary Fund (IMF) has warned that the conflict could trigger a global recession, yet Bessent remains focused on the overarching goal of safety and stability in the region.

US Treasury Secretary Scott Bessent has told the BBC a small bit of economic pain is worthwhile for long-term international security.

As the International Monetary Fund (IMF) warned the US-Israel war with Iran could plunge the global economy into recession, Bessent said the conflict was to eliminate the threat of Iranian nuclear strikes on Western capitals.

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

At the start of the war, Iran had uranium enriched to 60%, according to senior US officials. It does not have nuclear weapons.

The UK government has said there is no assessment that Iran is trying to target Europe with missiles.

Bessent told the BBC he was less concerned about the economic hit than the risk Iran posed to global security.

The biggest risk you can take is one you don't know you were taking. Now we know for a fact that, as the Iranians shot at Diego Garcia, they do have mid-range intercontinental ballistic missiles that could reach London, and we know that they want a nuclear programme, he said.

He added that US and Israeli strikes had removed the tail risk of Iranian nuclear strikes against Western countries.

As the IMF pointed out, the threat of Iranian ballistic missiles to London is remote. A UK government spokesperson said: There is no assessment Iran is trying to target Europe with missiles. But we have the military capability we need to keep Britain safe from any kind of attacks, whether it's on our soil or from abroad. We are ready to defend the country, whatever the threat.

In its World Economic Outlook report, the IMF stated that a worst-case scenario could see global growth fall below 2% in 2026, marking a close call for a worldwide recession, which has happened only four times since 1980.

Energy prices have soared since the war began more than six weeks ago, with the conflict restricting access to key routes for oil and gas transport.

The IMF has cautioned that ongoing global tensions are threatening to derail economic growth as prices continue to rise, urging for market stability and the restoration of energy supplies.