UK Cobra emergency committee convenes on Iran war economic impact — Reeves, Bailey, Miliband attend

UK Prime Minister Keir Starmer convened a Cobra (Cabinet Office Briefing Rooms) emergency committee on Monday, March 23, to address the growing economic threat posed by the Iran war. **Attendees confirmed:** - Chancellor of the Exchequer Rachel Reeves - Bank of England Governor Andrew Bailey - Foreign Secretary Yvette Cooper - Energy Secretary Ed Miliband **Agenda confirmed by the Finance Ministry:** 'Topics expected to be covered are the economic impact of the crisis on families and businesses, energy security and the resilience of industry and supply chains alongside the international response.' **UK economic exposure:** The UK is watching with particular unease (Reuters). The country's heavy dependence on imported natural gas, persistently high inflation and stretched public finances have pushed UK government bonds into a far steeper decline than those of international peers. Economists warn the energy price shock could push UK inflation back to 5% later in 2026. Reeves has so far resisted calls for sweeping cost-of-living measures, saying 'more targeted support is under consideration.' **Context:** The Cobra meeting follows Starmer's announcement of an emergency meeting on March 22 and his phone call with Trump on Sunday evening to discuss Hormuz reopening. It is the first full Cobra session of the war for the UK. The Trump Hormuz deadline (23:44 GMT, March 23) adds acute urgency to the meeting's energy security agenda.