Top energy and City bosses called for summit with Starmer as oil surges
A number of senior leaders from the likes of HSBC, Goldman Sachs and Shell will meet with Prime Minister Sir Keir Starmer on Monday as the government scrambles to help ease the unfolding energy crisis from the war in Iran.
Top officials from the energy, finance and logistics sectors will attend the roundtable on Monday, which will also include an operational update from the Commander Maritime Operations, who is responsible for directing and coordinating UK naval and Royal Marine operations globally.
Also in attendance includes top bosses from BP, Centrica, Equinor, Maersk, CMA, HSBC, Goldman Sachs and Lloyd’s of London.
The meeting will allow top ministers to hear directly from industry leaders and for the government to lay how it is engaging with partners and allies in the region to work on de-escalation.
Starmer has vowed to use “every lever” available to prevent households from being hit by higher energy prices amid growing fears the Iran war is wreaking havoc on the UK economy.
Rachel Reeves has said “contingency plans” are being drafted for different scenarios where energy prices stay higher for longer.
But the Chancellor has suggested any scheme will focus on ‘targeted support’ after she took aim at a Tory government-era energy support package that cost around £40bn.
“That left us with high levels of national debt, a cheque written then for a bill that is still being paid today,” Reeves said.
Hopes of peace deal in Iran fades
The meeting with industry leaders comes as the US and Iran show little signs of reaching a peace deals.
Hopes had been raised following reports the US had sent a 15-point peace proposal to Iran over the last week. Trump has also since delayed his ultimatum for Iran to re-open by the Strait of Hormuz by another 10 days after a previous five day pause.
But Iranian officials have dismissed such ideas of “progress” on talks, accusing the US of “negotiating with [itself]”.
Sources have also told the Washington post that Pentagon gearing up for “weeks of ground operations” in Iran.
Iran’s parliament speaker has warned the US against a group operation and threatened to set American troops “on fire” as well as ramp up attacks on allies.
Elsewhere on Monday, Chancellor Rachel Reeves and energy secretary Ed Miliband will meet their G7 counterparts and central bank governors.
Reeves is expected to call for the G7 nations to follow the UK’s lead in the transition to renewable power.