<\/p>\n
Missile strikes have continued throughout the region<\/p>\n
Sir Keir Starmer will chair a meeting of the Cabinet\u2019s emergency committee COBR today to discuss the impact of the Iran crisis on the UK economy.<\/p>\n
The Prime Minister will be joined by the Chancellor Rachel Reeves, the Foreign Secretary Yvette Cooper and the Energy Secretary Ed Miliband, along with Andrew Bailey, the Governor of the Bank of England.<\/p>\n
They will consider energy security, the resilience of industry and the supply chain and how the growing conflict is affecting families and the wider business community.<\/p>\n
The UK government is under pressure to taken further action to protect vulnerable households and businesses, on top of \u00a353 million of support for heating oil customers, and a warning to petrol retailers not to exploit high energy prices.<\/p>\n
The meeting comes after US President Donald Trump issued Tehran with a 48-hour ultimatum to fully reopen the crucial Strait of Hormuz as missiles and drones continue to obstruct global oil supplies in the area. Mr Trump has warned that he will obliterate Iran\u2019s power plants.<\/p>\n
Abbas Araghchi, Iran\u2019s foreign minister, has insisted that the Strait of Hormuz is not closed, ships are only hesitating because \u201cinsurers fear the war of choice\u201d initiated by the US.<\/p>\n
He continued in a statement on X: \u201cNo insurer \u2014 and no Iranian \u2014 will be swayed by more threats. Try respect. Freedom of navigation cannot exist without freedom of trade. Respect both \u2014 or expect neither.\u201d<\/p>\n
Kaja Kallas, the European Union\u2019s foreign policy chief, has spoken of the urgent need to reopen the Strait of Hormuz, according to an EU official.<\/p>\n
\u201cThese engagements were part of the EU\u2019s ongoing efforts to explore diplomatic avenues forward,\u201d the official said, adding that \u201cfresh threats to attack critical civilian infrastructure risk impacting millions of people across the Middle East and beyond\u201d.<\/p>\n
Meanwhile, Iran is targeting those financing the US military machine. Mohammad Bagher Ghalibaf, the speaker of Iran\u2019s parliament, has warned that any entities that buy US Treasury bonds are \u201clegitimate targets.\u201d<\/p>\n
He said: \u201cAlongside military bases, those financial entities that finance the US military budget are legitimate targets. US treasury bonds are soaked in Iranians\u2019 blood. Purchase them, and you purchase a strike on your HQ and assets.<\/p>\n
\u201cWe monitor your portfolios. This is your final notice.\u201d<\/p>\n
Another turbulent week is expected to on the markets. Energy prices rose for the fourth consecutive week, driving borrowing costs higher worldwide and reigniting inflation fears \u2013 concerns specifically flagged by the Bank of England and the European Central Bank. <\/p>\n
The crisis has forced a revision of immediate and longer term economic forecasts, with inflation certain to rise.<\/p>\n
\t #Starmer #convenes #COBR #Trump #issues #ultimatum #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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