British Prime Minister Keir Starmer is expected to hold an emergency Cobra meeting this afternoon to discuss the economic fallout of the Iran war on the British people, amid the threat of higher inflation, writes The Guardian.

Chancellor Rachel Reeves and Bank of England governor Andrew Bailey are expected to be in attendance

The meeting comes after Starmer spoke with the US President Donald Trump overnight for 20 minutes in a meeting that was described as "constructive". The two leaders spoke about the "essential" need to reopen the strait of Hormuz to boost oil supplies to the global economy.

Iran has effectively halted all traffic through the shipping corridor since the US and Israel launched a joint attack on Iran on 28 February. Trump has pushed for European allies to send ships to help reopen the strait but no leaders have so far committed to get involved.