Prime Minister Keir Starmer has pledged action to tackle the cost of living as global tensions intensify. Speaking ahead of an emergency meeting, Starmer said the government will use every available tool to ease pressure on households.
The Prime Minister will chair a Cobra meeting later today. Senior ministers and economic leaders will attend the session. Among those present will be Andrew Bailey, Rachel Reeves, and Ed Miliband.
The meeting will focus heavily on the cost of living and the wider economic impact of the conflict. Rising tensions in the Middle East have disrupted global energy supplies. As a result, oil prices have surged sharply.
The situation centers on the Strait of Hormuz, a key route for oil shipments to Europe. Iran has effectively restricted shipping through the strait. Consequently, markets have reacted with volatility and concern.
Experts warn the economic fallout could match historic energy shocks. Some compare the situation to the 1970s oil crisis. Additionally, analysts point to similarities with the aftermath of the Russian invasion of Ukraine. Both events triggered sharp price increases.
Starmer acknowledged growing public anxiety. He said families worry about how the crisis will affect their finances. Therefore, he wants ministers to explore every option to reduce the cost of living burden. He stressed the need for swift action.
Meanwhile, the UK continues to avoid deeper military involvement. Officials aim to protect national interests without escalating the conflict. Starmer also called for de-escalation. He urged international cooperation to reopen shipping routes safely.
Earlier, Starmer held a call with Donald Trump to discuss the crisis. Both leaders agreed on the need for stability in the region. However, tensions remain high as threats continue from all sides. Iran has warned it could target infrastructure if pressure increases.
At the same time, global markets remain sensitive to any developments. Energy prices and borrowing costs continue to rise. The Cobra meeting will now play a key role in shaping the UK response. Ministers aim to protect households from further cost of living pressures.
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