- The Prime Minister, Sir Keir Starmer, is meeting with executives from major energy, shipping, and financial firms, including BP and Shell, in Downing Street to discuss the economic impact of the Iran war – as the cost of Brent crude went up more than 3 per cent to $117 a barrel.
- The discussions will focus on Iran's blockade of the Strait of Hormuz, which has disrupted vital shipping routes for oil, gas, and other commodities, leading to concerns about higher inflation and lower growth in Britain.
- Conservative leader Kemi Badenoch is advocating for increased North Sea oil and gas drilling, a stance that contrasts with Labour's push to transition away from fossil fuels, though she acknowledged drilling alone would not directly reduce household bills.
- Chancellor Rachel Reeves is expected to urge G7 finance and energy ministers to accelerate the transition from fossil fuels and avoid protectionism, while Environment Minister Emma Reynolds has denied any need for food rationing.
- The government is preparing for all energy supply eventualities, with the Royal Navy deploying minehunting drones to the region, but assures the public that supplies are stable and no change in behaviour is currently required.
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