Finance
UK PM Starmer Calls Meeting on Iran War’s Cost‑of‑living Impact, Says Times
Published by Global Banking & Finance Review®
Posted on March 21, 2026
1 min readLast updated: March 21, 2026
Quick Summary
UK PM Keir Starmer will next week convene an emergency meeting with senior ministers and Bank of England Governor Andrew Bailey to address soaring cost‑of‑living pressures from the US‑Israeli war on Iran, notably rising heating‑oil, petrol and energy costs.
UK PM Convenes Emergency Meeting on Iran War’s Impact on Cost of Living
Government Response to Cost of Living Crisis
Emergency Meeting Announcement
LONDON, March 21 (Reuters) - British Prime Minister Keir Starmer will next week convene an emergency meeting of senior ministers and Bank of England Governor Andrew Bailey to discuss plans to help households with the soaring cost of living caused by the war in Iran, the Times reported on Saturday.
Official Responses
A spokesperson for Starmer's office and one for the Bank of England declined to comment on the report.
Economic Impact of the Iran Conflict
Rising Costs for UK Consumers
Starmer is under pressure to assist UK consumers after the U.S.-Israeli war on Iran drove up petrol, energy and mortgage costs.
Government Promises and Support Packages
Support for Working People
On Monday, he promised to support "working people" with cost-of-living pressures worsened by the conflict.
Financial Aid for Vulnerable Households
As a start the government said it will provide a 53-million-pound ($70 million) package to help the most vulnerable households cope with the rising cost of heating oil.
(Reporting by James Davey; Editing by Kirsten Donovan)
Key Takeaways
- •Starmer is convening an emergency meeting with senior ministers and Bank of England Governor Andrew Bailey to plan support for households facing cost‑of‑living pressures from the Iran war (apnews.com)
- •Heating‑oil prices have more than doubled or even trebled in some areas, hitting around 1.5–1.7 million UK households—especially in rural areas and Northern Ireland—that are excluded from Ofgem’s energy price cap (yahoo.com)
- •The government has unveiled a £53 million support package to assist the most vulnerable households with heating‑oil costs in the wake of surging prices (moneyweek.com)
References
Frequently Asked Questions about UK PM Starmer calls meeting on Iran war’s cost‑of‑living impact, says Times
1Why is the UK government holding an emergency meeting about the cost of living?
The meeting was convened as the war in Iran has increased petrol, energy, and mortgage costs, putting pressure on UK households.
2What support has Prime Minister Keir Starmer promised for working people?
Keir Starmer promised to support working people by addressing cost-of-living pressures exacerbated by the Iran conflict.
3What specific aid package has the UK government announced?
The government announced a £53-million package to help the most vulnerable households cope with rising heating oil costs.
4Has the Bank of England commented on the emergency meeting?
A spokesperson for the Bank of England declined to comment on the report regarding the emergency meeting.
5What impact has the U.S.-Israeli war on Iran had on UK consumers?
The conflict has caused petrol, energy, and mortgage costs to rise in the UK, increasing pressure on household finances.
