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Sir Keir Starmer will on Monday convene senior ministers and the Bank of England governor to discuss measures to contain the economic fallout of the war in Iran, amid new signs of the UK premier’s strained relationship with Donald Trump.
Starmer has insisted that “de-escalation” of the crisis is the best way to protect British households and business. He restated that position in what his allies said was a “constructive” call with Trump on Sunday.
However, it was unclear whether Trump is taking Starmer entirely seriously after the US president shared on his Truth Social platform a comedy sketch mocking the British prime minister and suggesting he is scared of him.
In the sketch on the debut UK edition of Saturday Night Live, the fake Starmer seems to panic and tries to avoid taking a call from Trump, saying: “Oh golly, what if Donald shouts at me?”
Later in the skit, the actor playing Starmer hangs up on Trump and says: “Oh sod that scary, scary, wonderful president. Why is he so bloody difficult to talk to?”
For Starmer the economic risks posed by Trump’s war in Iran are serious business, threatening to derail his plans and leaving ministers contemplating a bailout of households and businesses affected by the surge in energy prices.
The prime minister will on Monday convene a meeting of the so-called “Cobra” emergency committee to discuss options, with BoE governor Andrew Bailey among those attending.
Rachel Reeves, chancellor, Ed Miliband, energy secretary, and Yvette Cooper, foreign secretary, will also attend.
Reeves has said that any support for household bills must be “targeted” on those hardest hit. The last Conservative government introduced a universal scheme after Russia’s invasion of Ukraine in 2022 sparked an energy crisis.
Reeves has also asked the Competition and Markets Authority to look at any potential profiteering by energy companies from the current crisis.
The Treasury said that topics to be covered at the meeting would include “the economic impact of the crisis on families and businesses, energy security and the resilience of industry and supply chains alongside the international response”.
Starmer will also face questions about the war in Iran from senior MPs on Monday afternoon when he attends a meeting of the Commons liaison committee.
Downing Street gave a brief summary of Starmer’s call with Trump on Sunday night. “The leaders discussed the current situation in the Middle East, and in particular, the need to reopen the Strait of Hormuz to resume global shipping,” a summary of the call said.
“They agreed that reopening the Strait of Hormuz was essential to ensure stability in the global energy market.”