Keir Starmer is set to lead an urgent COBR meeting this week alongside key ministers to address the current cost of living challenges.
This development follows the Prime Minister’s commitment to safeguarding the British population from the economic repercussions of the US-Israeli conflict with Iran. The scheduled meeting, slated for Monday, will feature the presence of Bank of England governor, Andrew Bailey.
In response to US President Donald Trump’s ultimatum demanding the immediate opening of the vital Strait of Hormuz, warning of potential military action, tensions have escalated as missiles and drones disrupt global oil supplies in the region.
Trump’s ultimatum, posted on Truth Social, threatened to target and destroy key power plants in Iran if the strait is not fully reopened within 48 hours.
In a recent Cobra meeting chaired by the Prime Minister last Thursday, discussions centered on the potential impact of the Iran conflict on the UK.
Amid concerns raised by an energy executive regarding inevitable price hikes should the Middle East conflict prolong, Chris O’Shea, CEO of Centrica, indicated a 20% reduction in global oil supplies due to the ongoing crisis.
Meanwhile, Cabinet minister Steve Reed assured the public of a prepared contingency plan while encouraging individuals to continue purchasing fuel as usual. Reed emphasized that fuel rationing is unnecessary at this time, but the government remains vigilant should circumstances change, recalling past interventions to stabilize prices during crises.