Starmer to meet energy and finances bosses in bid to stop household bills spiralling
Sir Keir Starmer is set to meet business leaders in Downing Street on Monday as the government tries to unravel the effects of the conflict in the Middle East on British households.
Iran’s blockade of the Strait of Hormuz has left ships unable to pass through the key oil route in recent weeks, sending crude oil prices soaring and threatening economic stability around the world.
The Prime Minister will gather senior figures from the energy, maritime and financial services sectors while hearing directly from businesses to assess the damage to the UK economy.
Downing Street said the prime minister would discuss how the government and private sector could work together to reduce the effects of war.
At the meeting, up-to-date information on the situation in the region will also be heard from the British naval operations commander, Major General Richard Cantrill.
With oil prices already rising sharply, disruptions to global oil supplies have led some developing countries to impose restrictions on the use of the fuel, sparking fears that shortages could spread to the UK.
Ministers sought to downplay the possibility of fuel shortages, with Education Minister Bridget Phillipson saying on Sunday motorists should fill up their cars as normal.
However, pressure is mounting on the government to reverse September’s fuel duty increase, with Ms Phillipson telling broadcaster ministers they will “take a closer look at the times”.
He told Sky News: “The Chancellor is absolutely determined to ensure that throughout this conflict that we have seen, the impact on the British people is at the forefront of our minds.
“It will continue to review the necessary measures.”
Also on Monday, Chancellor Rachel Reeves is expected to call on G7 counterparts to accelerate the transition away from fossil fuels in a virtual meeting with finance and energy ministers and central bank governors.
In the midst of the ongoing war in Iran, he will argue that this is the only way to escape the “rollercoaster” of international oil and gas markets and cut the bills completely.
He is also expected to warn against resorting to protectionism in response to disrupted supply chains and stress the importance of the G7 working together to keep pressure on Russia, which will benefit from higher oil prices.
In early March, Donald Trump expressed concerns after easing US sanctions on Russian oil in a bid to reduce pressure on global markets.
In response, the Conservative Party leader has pressed for Britain to tap into its own oil and gas reserves to protect UK households from the threat of rising energy costs.
Kemi Badenoch will launch the “Drill Britain” campaign on Monday as she calls on the UK to maximize the use of its resources by drilling in the North Sea.
The Conservatives have also called for VAT to be reduced on domestic energy bills and the removal of green taxes on energy production, saying the measures would cut bills by £200.
