British Prime Minister Keir Starmer will convene a significant roundtable meeting on Monday, March 30, at Downing Street The gathering will bring together senior government and military officials with key leaders from the energy, shipping, finance, and insurance sectors to address the economic fallout from the Middle East war Discussions will focus on the impact of the conflict, particularly regarding global supply chains and rising costs, including oil prices influenced by the Strait of Hormuz situation
Simultaneously, Chancellor Rachel Reeves is scheduled to meet with her G7 counterparts, including finance and energy ministers Reeves plans to advise against G7 members pursuing unilateral trade measures, such as new barriers, amidst the ongoing conflict Her message will stress that such actions could further jeopardize global energy security and undermine collective resilience, advocating instead for unified G7 responses to maintain market stability
Adding to the domestic policy debate, the opposition Conservative Party has called for the government to eliminate Value Added Tax (VAT) from household energy bills for a period of three years The Conservatives argue this would alleviate the cost of living crisis, proposing to fund the tax cut by discontinuing specific renewable energy schemes and green levies While the government has indicated it will scrap some levies or fund them through general taxation from April, reducing energy costs, the opposition's proposal represents a more extensive intervention into household expenses
These concurrent high-level discussions and policy proposals highlight the UK's multi-pronged approach to manage the economic consequences of the Middle East war, addressing both international market stability and domestic consumer relief The results of Monday’s meetings will be closely watched for their potential impact on national economic resilience and international trade flows.
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