Starmer to hold emergency Cobra meeting on Iran war economic crisis
Sir Keir Starmer will chair another Cobra meeting this week to discuss the ongoing economic impact of the Iran war, which he warns could continue “for some time”.
The Prime Minister will convene an emergency committee with representatives from the Bank of England to discuss the economic consequences of war in the shadow of rising oil prices.
The meeting comes as oil prices hit an almost three-week high on Monday as the Strait of Hormuz remains blockaded due to a stalled peace talks between the United States and Iran.
Speaking in Lancashire on Monday, the prime minister said he had held the meeting on Tuesday “so you can be assured that we will stand with working people through this crisis”.
But at the conference of the Usdaw union he said: “I have to agree with you on Iran.
“The reality is that the economic consequences may be with us for some time.
“You don’t have to be a politician to know this, you can see it in every oil field across the country.”
On Sunday, the prime minister’s chief secretary, Darren Jones, warned that price rises as a result of the conflict would be felt for at least eight months after the war ends.
He said people will see higher energy, food and flight prices “as a result of what Donald Trump has done in the Middle East” and that there will be a “long tail.”
This is breaking news, more to come…
