Starmer Warns of Prolonged Iran War Economic Fallout

British Prime Minister Sir Keir Starmer warned on Monday that the economic fallout from the war in Iran could persist for months, as he prepares to chair a government crisis committee meeting on Tuesday attended by Bank of England representatives.

Speaking at the Usdaw union conference in Lancashire, Starmer said the impacts were already evident at petrol forecourts across the country. "I have to level with you about Iran. The truth is the economic consequences could still be with us for some time. You don't need to be a politician to know that, you can see it on every petrol forecourt across the country," he told attendees. He announced the meeting of the Middle East Response Committee, established to manage the crisis, adding, "Tomorrow I'm chairing a meeting... bringing in people from the Bank of England, so that you can be sure we will stand by working people in this crisis."

The gathering in a Cabinet Office briefing room follows a surge in oil prices, with benchmark Brent crude rising 2 percent to just under 108 U.S. dollars a barrel on Monday, a near three-week high. The increase stemmed from stalled peace talks between the United States and Iran. President Donald Trump...