Starmer Urges Joint Government-Business Response to Iran War Impact

(MENAFN) British Prime Minister Keir Starmer stated on Monday that addressing the economic fallout from the Iran conflict requires a “joint effort” between government and the private sector, during a meeting with business leaders at Downing Street.

He told industry heads: “The government can't do it on its own.”

The discussion brought together senior representatives from energy, shipping, finance, and insurance sectors, alongside government officials and military personnel, to evaluate the implications of the conflict for the UK economy.

Starmer emphasized that the UK would not be drawn into the war, but would “defend British interests and British lives in the region" as well as those of Gulf allies.

He added that the government is “working on a viable plan for the Strait of Hormuz,” a vital shipping corridor that Iran has effectively closed, contributing to rising oil prices.

Disruptions in the strait have heightened concerns about energy supply and inflation, prompting close monitoring by businesses and policymakers.

During the roundtable, company executives received updates on maritime security in the Middle East. Attendees included representatives from leading energy firms, banks, and insurers, reflecting the widespread economic risks stemming from the conflict.

Starmer also said he has been “bringing together a sort of coalition of countries around the notion that we do have to de-escalate and find a way forward.”

Regional tensions have intensified since the offensive launched by Israel and the US against Iran on Feb. 28, which has reportedly killed more than 1,340 people, including then-Supreme Leader Ayatollah Ali Khamenei. Iran has responded with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf nations hosting US military assets, resulting in casualties, infrastructure damage, and disruptions to global markets and aviation.

MENAFN31032026000045017640ID1110923265