British Prime Minister Keir Starmer has called an international meeting to plan an intervention in the Strait of Hormuz, and warned that an end to the US-Israeli war on Iran would not ease the threat to ships crossing the waterway.
At a media briefing on Downing Street on Wednesday, Mr Starmer said London was prepared to take a leading role in efforts to restore freedom of navigation. He warned that living standards in the UK would be hit by the closure of the Strait of Hormuz.
Later this week, Foreign Secretary Yvette Cooper will host a meeting with representatives of 35 nations, and military planners will take instruction from its outcomes, the Prime Minister said.
“The UK has now brought together 35 nations around our statement of intent to push as one for maritime security across the Gulf,” he said.
“The Foreign Secretary will host a meeting that brings those nations together for the first time, where we will assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of ships and seafarers and resume the movement of vital commodities.
“Following that meeting, we will also convene our military planners to look at how we can marshal our capabilities and make the strait accessible and safe.”
Mr Starmer reaffirmed that the Iran conflict was “not our war” and pledged that Britain would not be dragged into it, despite having come under “a good deal of pressure” to get involved.
Nonetheless, he added, the nation will feel its effects. “It is now clear that the impact of this war will affect the future of our country,” he said.
“Today I want to reassure the British people that no matter how fierce this storm, we are well placed to weather it, and that we have a long-term plan to emerge from it a stronger, more secure nation.”
The Bank of England warned on Wednesday about deterioration in the mortgage market with 5.2 million UK mortgage holders facing an increase in their repayments by the final quarter of 2028.
This compares with a prediction of 3.9 million from the Bank’s previous report before the start of the conflict in the Middle East.
Bank of England Governor Andrew Bailey warned that markets were "getting ahead of themselves" by pricing in interest rate hikes when the cause of the inflation shock was external.
Some costs have already fed through with motorists facing upward prices. The RAC said the average price of a litre of diesel at UK forecourts on Wednesday was 184.2p, up 29 per cent since the war began on February 28, with petrol up 16 per cent to 153.7p.
The latest UK factory gates survey showed cost pressures soared and delivery delays - due to ships avoiding the Strait of Hormuz - were the longest since mid-2022.
Having met shipping, energy, finance and insurance industry leaders earlier in the week, Mr Starmer said the key priority in relation to the Strait of Hormuz was the safety and security of ships passing through the waterway.
“We need all of this together, a united front of military strength and diplomatic activity, partnership with industry, so they, too, can mobilise once the fighting has stopped. And above all, clear and calm leadership,” Mr Starmer said.
“Freedom of navigation in the Middle East is in the British national interest.”
