'You're right to worry about your bills,’ but economy can weather the impact, says Sir Keir Starmer
The PM's comments come as the price of oil tops $110 a barrel - marking the highest single-day price spike in nearly six years.
The Prime Minister has warned that Brits have the "right" to be worried about day-to-day issues including "their bills, their jobs, their communities," following the start of the war in Iran.
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Sir Keir Starmer warned on Monday that Britain was braced for the economic fall-out after Donald Trump joined Israel for joint strikes on Iran, highlighting that “people are rightly worrying”.
Oil prices rose above $110 a barrel before 7am on Monday - marking the highest one-day surge since mid-2022, as supplies from the Middle Eastern were impacted due to export restrictions through the Strait of Hormuz.
It comes as Trump was seen to respond to the stark spike in oil prices overnight, with the price of Brent crude oil sky-rocketing by almost 25% in Asia overnight, briefly hitting $118 a barrel.
Reacting on his social media platform Truth Social overnight, the US President wrote: "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace.
He added: "ONLY FOOLS WOULD THINK DIFFERENTLY!"
Read more: Iran war LIVE: Oil price passes $100 a barrel as Secretary of War Hegseth says Iran will ‘surrender’
“People are rightly worrying what this means for life at home – their bills, their jobs, their communities,” Sir Keir Starmer said on Monday.
He added: “I want to address those concerns head on.
“I will always be guided by what is best for the British public and no matter the headwinds, supporting working people and their families with the cost of living is always top of my mind.”
Sir Keir Starmer will seek to reassure the public at home as the Middle East conflict continues into its tenth day.
The Prime Minister will discuss the impact on people in the UK as he visits a London community centre on Monday.
It comes as a giant blaze close to Iran's capital saw a huge plume of black smoke into the sky over Tehran, with the huge fire now extinguished after more than 20 hours, according to local news media.
Ahead of the visit he said the UK is “working round the clock to keep British citizens safe” and acknowledged that Britons at home are “worried sick” for friends and family.
“Staff are on the ground to support those in need, government-provided flights are helping people get home, and our tireless armed forces are flying across the region to defend our allies and our interests,” he said.
It comes amid speculation over the impact of the war on the global economy.
On Monday, the G7 is set to discuss a host of measures following the rise in oil prices.
Finance ministers from the major Western economies are set to convene in an emergency meeting today to discuss prices with the International Energy Agency.