The US-Israel war against Iran has seen a spike in the UK’s cost-of-living crisis, and Labour Prime Minister Keir Starmer is eager to fix it.
This afternoon, Keir Starmer is set to host an emergency meeting with senior ministers. The meeting is being held to discuss the UK’s cost-of-living crisis. Concerns have risen since the outbreak of the war in the Middle East. This is because its impact is causing a drastic surge in living costs globally.
Joining Starmer for the official Cobra Committee meeting is a credible selection of British government officials. Including Ed Miliband (Energy Secretary), Andrew Bailey (Governor of the Bank of England), Rachel Reeves (Chancellor of Exchequer) and more.
What is the UK government doing to help?
Starmer says he will use “every lever that’s available to the government” to ensure the cost-of-living crisis is addressed. “Cobra is the opportunity at the highest level to bring people together on matters of real, significant national importance,” says the prime minister.
He continues:
“Obviously, Cobras are usually used for military considerations, consular considerations, but I think with the Iran war, most people are very concerned now, not only what they’re seeing on their screens in relation to the conflict itself, but also that question of ‘How is it going to affect me and my family?’”
How long has the UK had a cost-of-living crisis?
The UK’s cost-of-living crisis has been a problem since 2022. Following two consecutive years of the country being locked down. This was a result of the spread of the deadly virus COVID-19. Since then, the economy has been fighting to rectify the financial damage that period caused. The UK has been raising its prices to sky-high levels in a bid to fix the problem.
What does this have to do with Iran’s invasions of the Middle East?
The US-Israel war on Iran has added distinct tension to the UK’s cost-of-living crisis. This is because Iran’s recent attack saw the country inflict detrimental damage to Qatar’s Ras Laffan liquefied natural gas (LNG) factory. Countries all over the world are facing the repercussions of this war. This is because we now have a lack of energy resources, in addition to an increase in cost to gain access to them.
Additionally, in the last few days, US President Trump has issued several threats to Iran. Urging that he will “obliterate” their power plants if they don’t reopen the Strait of Hormuz. Otherwise understood as the only direct waterway between the Persian Gulf and the Gulf of Oman. A crucial passage that sees the distribution of oil to the rest of the world.
However, today, it’s been confirmed that the US has held a reasonable discussion with Iran. Lightly confirming that new agreements have been made about the postponement of threats to its power plants.
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What can the younger generation take from this information?
It’s been 22 days of straight conflict in the Middle East, and its is growing to have a major impact. The UK’s economy is suffering, and so are its people.
If you’re in a position to, start saving now. It doesn’t have to be huge amounts, and it doesn’t have to be consistently every month. Just whenever you’re able to tuck away a little money here and there. If you’re young, still living at home and working, you’re arguably in the best financial position you’ll ever be in. Take this time to harbour whatever you can from your wages. Stay as educated as possible on the ever-changing climate of the UK’s cost-of-living crisis.
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Laviea Thomas is a journalist at Inside Success who writes about film, music and politics.
Outside of that, she is an experienced freelance journalist with bylines in NME, The Quietus, Metal Hammer and more.
Over the years, Laviea has been an active panellist discussing fundamental conversations in the music industry, such as diversity and inclusion, and the importance of grassroots venues. She has been a panel guest for Kerrang! Focus Wales Festival, Future Yard and more.
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