The prime minister is due to chair a meeting of the government’s emergency Cobra committee to discuss the economic impact of the Iran war, ITV News understands.
Monday’s meeting will focus on the cost of living, something that is seen as a top priority by senior ministers, including the foreign secretary.
Bank of England Governor Andrew Bailey is expected to attend.
The government has already been forced to act since the war began because of the spike in oil and gas prices, providing £53 million to help the most vulnerable deal with the increasing cost of heating oil.
Around 1.5 million households rely on heating oil, but the price isn’t capped by the regulator Ofgem, so they were more exposed to the sudden jump.
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Now, there is wider concern about the impact of the conflict on our pockets, with warnings that typical household energy bills could increase by £332 a year in July, according to consultancy Cornwall Insight.
Although the government points out that energy bills will come down in April, the prediction of a steep rise in the summer is heaping pressure on those at the top to announce some sort of support package for people.
When I asked Housing Secretary Steve Reed what that might look like, he told me: “I can’t tell you what’s going to happen in three days’ time, let alone three months’ time.
“We’ll keep the situation under review, and as you saw with heating oil, where there is a requirement for the government to step in, we did.”
Housing Secretary Steve Reed told ITV News that the government will step in to help households when required. Credit: PA
The meeting on Monday is one of many being held as this situation develops, so there are no promises it will prompt a significant update.
One policy the government does not support, is introducing a temporary profit cap for energy producers and retailers, as suggested by their ‘cost of living champion’.
Labour peer Richard Walker, the chair of Iceland, wrote in the Sunday Times that he had asked the government to “consider a temporary profit cap, if required, to stop producers and retailers exploiting the crisis to make windfall profits at the expense of consumers”.
“It’s always interesting to hear what he’s saying,” Steve Reed said.
But, he added: “Lord Walker is entitled to his view, that’s not currently government policy.”
The government is hoping for a swift resolution to this conflict and when you look at the problems it is already causing ministers, you can understand why.
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