Keir Starmer will chair a Cobra emergency meeting to address the cost-of-living impact of the war in the Middle East, as rising global oil and gas prices threaten to deliver higher household bills, inflation, and interest rates. The conflict has disrupted shipping through the Strait of Hormuz, pushing up prices and prompting forecasts of higher bills. Analysts at Cornwall Insight have predicted that Ofgem’s energy price cap will rise from £1,807 to £1,973 in July. Meanwhile, economists say inflation could rise to as high as 5% this year, having previously been expected to fall back to the Bank of England’s 2% target. While Housing Secretary Steve Reed has insisted there is no need to ration fuel and urged against panic buying, the Government is weighing support measures for households.
