Rachel Reeves will urge international counterparts to follow her lead in managing the economic impact of the Middle East crisis at a crunch summit in Washington.
The chancellor will speak to allies about what action can be taken to get energy supplies moving through the Strait of Hormuz, as she attends the International Monetary Fund’s (IMF) spring meetings.
She is expected to tell counterparts they must prioritise stability and avoid kneejerk decisions that deepen economic pain, as she urges partners to follow her plan to keep costs down for households.
She will also tout the UK as a “safe haven” for investors, with meetings lined up with leaders from JP Morgan, ARM, IBM and Vanguard and plans to speak at CNBC’s Invest in America summit.
Ms Reeves has said she will set out plans to boost Britain’s competitiveness and support businesses later in the week.
She said: “Families and businesses across Britain are bearing the cost of instability they did not cause. These are not costs I wanted, but they are costs we will have to respond to.
“The Iran conflict must be a line in the sand on how we deal with global crisis and instability.
“I will go to America with a clear message: global leaders must take co-ordinated economic action and supercharge the path to energy security to protect ourselves in the future.
“My approach to this crisis will be both responsive to a changing world and responsible in the national interest.”
Gas prices have risen sharply during the ongoing closure of the Strait of Hormuz, through which 20% of the world’s oil was transported before the decision of the US and Israel to attack Iran.
The war could leave the average UK household £480 worse off over the current financial year than if the conflict had not happened, the Resolution Foundation think tank has said .
The Chancellor’s trip comes after US President Donald Trump’s blockade of Iranian ports, which Prime Minister Sir Keir Starmer has refused to support, caused oil prices to surge again.
