Starmer to hold emergency Cobra meeting on Iran war economic crisis

Starmer warns economic impact of war could continue ‘for some time’
Sir Keir Starmer will chair another Cobra meeting this week to discuss the ongoing economic impact of the Iran war , which he warned could continue “for some time”.

The prime minister will convene the emergency committee with representatives from the Bank of England to discuss the war’s economic consequences in the shadow of rising oil prices.

The meeting comes as oil prices hit a near three-week high on Monday, as the Strait of Hormuz remains blockaded as peace talks between the US and Iran stall.

Speaking in Lancashire on Monday, the prime minister said he had called the meeting on Tuesday “so you can be sure we will stand by working people in this crisis”.

However, he told the Usdaw union’s conference: “I have to level with you about Iran.

“The truth is the economic consequences could still be with us for some time.

“You don’t need to be a politician to know that, you can see it on every petrol forecourt across the country.”
On Sunday, the chief secretary to the prime minister, Darren Jones, warned price hikes as a result of the conflict will be felt for at least eight months after the war ends.

He said people will see higher energy, food and flight prices “as a consequence of what Donald Trump has done in the Middle East” and said there will be a “long tail from this”.

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