UK Prime Minster, Sir Keir Starmer says he is looking at every lever that’s available to government to deal with cost of living pressures caused by the Iran war.
The prime minister will later chair an emergency Cobra committee, which will be attended by Bank of England Governor Andrew Bailey and senior ministers.
Housing Minister, Matthew Pennycook said a range of options are being assessed, saying this would include on the issue of profiteering that we’re potentially seeing from fuel retailers.
The meeting will take place after US President Donald Trump said military strikes against Iranian energy infrastructure would be postponed for five days following “productive” talks with Iran.
Trump’s post on his TruthSocial platform said discussions had been taking place for two days regarding the complete and total resolution of our hostilities in the Middle East and these will continue throughout the week.
Oil prices eased back and London’s FTSE 100 share index reversed early session falls following his comments.
A Downing Street spokesperson said: “Any reports of productive talks are welcome”, adding: “We have always said a swift resolution to the war is in the global interest and the Strait of Hormuz specifically needs to be re-opened.”
On Sunday, Sir Keir and Trump discussed the need to reopen the strait, a vital oil shipping channel.
Iran has effectively blocked the Strait of Hormuz since the US and Israel attacked the country on 28 February.
In a social media post on Saturday, Trump threatened to “obliterate” Iranian power plants if the strait was not opened within 48 hours.
Tehran said it would target US-linked energy sites across the Gulf region if the US followed through with its threat, according to Iranian state media.
On Monday, Trump gave a TruthSocial update on the “in depth, detailed, and constructive conversations” between the US and Iran.
He added he has “instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions”.
Topics expected to be covered at the Cobra meeting, which will also be attended by the chancellor, foreign secretary and energy secretary, include energy security and the economic impact of the crisis on families.
Ministers will also discuss the impact on business and supply chains, alongside the international response.
The prime minister added he wants to ensure the government is doing “everything we possibly can at a very difficult period like this”.
The prime minister is also expected to face questions from senior MPs about the government’s response to the conflict when he appears in front of the Liaison Committee in the House of Commons, ahead of the Cobra meeting.
