The Prime Minister will discuss the economic hit of the war in Iran with senior ministers
Sir Keir Starmer will chair a Cobra meeting this afternoon where he will discuss the economic hit of the Iran war with senior ministers. The Prime Minister said on Monday the Cobra meeting will look at “making sure that everything that we need to have in place, everything is monitored and audited properly.”
Sir Keir told business chiefs in Downing Street yesterday, March 30, that it must be a “joint effort” to tackle the impact of the war. Bosses from energy, shipping and banking firms were invited to Number 10 to discuss Iran’s ongoing blockade of the Strait of Hormuz, which has disrupted a vital shipping route for the oil and gas industry.
The Prime Minister has pleaded for de-escalation in the Middle East, but President Donald Trump has sent thousands of extra US troops and raised the prospect of military action to seize Iran’s Kharg Island, a crucial facility for oil exports.
Chancellor Rachel Reeves met with G7 finance and energy ministers on Monday to consider ways to respond to the economic hit of the crisis in the Middle East. She attended the virtual meeting of ministers from the G7, which consists of the UK, US, Germany, France, Italy, Canada and Japan.
Writing on X after the meeting, Ms Reeves said: “At today’s G7 talks with Bank of England (governor) Andrew Bailey and Ed Miliband, I reiterated the need for a swift resolution in the Middle East.
“This is not our war and we won’t be drawn into it, but its economic impacts are global – we must work with partners to strengthen resilience.”
Diesel prices have reached their most expensive level since December 2022, with the average price of a litre of the fuel at UK forecourts on Monday hitting 181.2p according to RAC analysis.
That represents a 27% increase from 142.4p on February 28, the day the war in the Middle East began. Average petrol prices have reached 152.0p per litre, a rise of 14% from 132.8p over the same period.
Today, the Government will publish a list of some of the third-party fuel-price apps and websites using pump price data from its Fuel Finder scheme. They include Confused.com, DriveScore, Fuel Finder UK, Fuel Spy, MotorMouth, PetrolPrices.com and RAC Fuel Watch.
All UK forecourts have been required to report price changes to the Fuel Finder database within half an hour of a change since February 2.
Chancellor Rachel Reeves said her priority is “protecting family finances and standing up for drivers”, and Fuel Finder “puts power back into their hands.”
She said: “By giving drivers the information they need to see where fuel is cheapest locally, they can avoid being overcharged and continue to fill up as normal.”
Earlier this month, Ms Reeves told petrol retailers at a Downing Street meeting they had a “shared obligation” to keep prices down for motorists.
