Chancellor Rachel Reeves is set to join an emergency virtual G7 meeting today as spiralling oil prices threaten to deepen the – already dire – cost of living crisis in British households. Brent crude oil has surged past $116 a barrel ahead of the remote call, where Ms Reeves will be joined by Energy secretary Ed Miliband, who will speak with other G7 officials and politicians about the fallout from Iran’s closure of the Strait of Hormuz, the strategic shipping waterway. Ms Reeves is expected to push G7 counterparts to follow Britain’s lead in accelerating the shift away from fossil fuels to more renewable sources, arguing it is the only lasting way to shield ordinary people from the volatility of the global energy market. Meanwhile, the Prime Minister will be hosting his own meeting at No10 with energy suppliers, shipping and insurance experts.Petrol prices have risen sharply since the US and Israel first struck Iran a month ago, though ministers have repeatedly played down the prospect of fuel shortages.The Education Secretary Bridget Phillipson told broadcasters on Sunday that drivers should fill up their cars “as normal”.The UK has yet to announce any measures to ease pressure on motorists or curb energy demand. In contrast to Australia, which plans to halve fuel tax and Bangladesh which has ordered civil servants to cut lighting and air conditioning, as it grapples with the impact on a country that imports 95 per cent of its oil and gas, the Telegraph reports. Stocks across Asia fell sharply overnight after Donald Trump threatened to seize Iran’s Kharg Island and the Yemen’s Houthis entered the conflict – though European markets fared better, with the FTSE 100 edging up 0.5 per cent and Germany’s Dax rising 0.1 per cent.PICTURED: Kemi Badenoch advocates for North Sea oil drilling to fix cost of living crisis from oil rig in Aberdeen During a visit to the north east of Scotland, the Conservative leader threw her weight behind her party’s new “get Britain drilling” drive, framing it as essential to strengthening the country’s energy security.Keir Starmer to chair another Cobra meeting on TuesdaySir Keir Starmer will chair a Cobra meeting on Tuesday following a roundtable with energy bosses on Monday.Asked about Monday’s meeting with energy officials and bosses, the Prime Minister said: “We are bringing together the shipping sector, insurance and energy, because obviously that’s a focus of concern.“A lot of discussion about the Strait of Hormuz and what we can do to get the straits open, which is the single most effective way to bring energy prices down.“I will have a Cobra tomorrow, another Cobra, to look at the economic impacts of the war and making sure that everything that we need to have in place, everything is monitored and audited properly.”The Prime Minister doubled down on the Government’s position for motorists to continue as normal, despite petrol rationing being implemented by a number of countries across the world. He said there was “no need to do anything other than what is normal”. The Prime Minister calls for ‘Labour values’ as division felt across the country The Prime Minister said it was important to remember “Labour values” as division at home has worsened due to the Iranian conflict. He emphasised the importance of the country feeling a sense of pride, citing his “Pride in Place” scheme, where the Government allocates money to more deprived areas, where the community can decided how the funding is spent. He said: “We build up through our values, and our judgements.”Vote Labour because of our values, because of our leadership.”PICTURED: Keir Starmer in Wolverhampton launching his ‘Pride in Britain’ election campaignThe Prime Minister has launched his local election campaign in Wolverhampton, West Midlands’This is not our war’ – Keir Starmer stands firm on Iran conflict The Prime Minister has vowed the UK will not get involved in the Middle East conflict.Addressing a crowd in Wolverhampton as he launches the local election campaign, he said this decision was in line with “his values”.He said that the UK would be in a war, “with no plan” if Nigel Farage or Kemi Badenoch was in power. Labour measures to come into play next week in attempt to tackle cost of livingAs Sir Keir Starmer launches his local election campaign today, the Labour Party have issued a multitude of measures in an attempt to ease the cost of living for millions of households. Here’s what they’ve lined up:From 1 April: Prescription charges frozen, keeping the cost below £10 National Living Wage (21+) rises to £12.71 per hour — a 4.1% increase National Minimum Wage increases to £10.85 (18-20), £8 (under 18) and £8 for apprentices Household energy bills reduced by an average of £117, on top of the £150 Warm Homes Discount for low-income households Most inflation-linked benefits uprated by 3.8% in line with September 2025 CPI figures Child benefit payments increased A new £1 billion-a-year Crisis & Resilience Fund launches, replacing the Household Support Fund, offering cash-first crisis payments and housing support Healthy Start vouchers rise by 50p per week From 6 April: State pension increases by 4.8%, rising to £241.30 per week Two-child benefit cap scrapped — expected to lift 450,000 children out of poverty Statutory Sick Pay entitlement from day one of employment Day-one rights introduced for paternity leave and unpaid parental leave Universal Credit standard allowances receive an additional 2.3% upliftMoscow kicks British diplomat out of Russia over spying chargesA British diplomat has been kicked out of Russia after being accused of spying.The diplomat was told to leave the country within two weeks after having his accreditation revoked.Russia’s counterintelligence agency, the FSB, said they had found signs the second secretary to UK’s Moscow embassy was “carrying out intelligence and subversive activities that threaten the security of the Russian Federation,” according to Russian media.They accused him of attempting to gather information on the economy through informal meetings.Follow the full story here. Shadow Home Secretary brands Labour’s NHS waitlist claims as ‘shameful’Chris Philp, shadow Home secretary, took to social media this morning to condemn Labour’s claims that they have reduced NHS waiting lists. GPs have been told to redirect one in four hospital referrals in an attempt to hit waiting times quotas – essentially rationing specialist appointments. He wrote on X: Shameful move by Labour to enable them to claim to have reduced NHS waiting lists … simply deny treatment to people who need it so they don’t join the waiting list in the first place. Disgraceful.”Welsh Labour and Plaid Cymru set to stage major campaign launches todayPICTURED: Rhun ap Iorwerth, Plaid Cymru’s leader Welsh Labour and Plaid Cymru are both staging major campaign launches at the same time today.Given Plaid Cymru’s lead in the polls, Labour may find itself struggling for the press’s attention. Plaid leader, Rhun ap Iorwerth, is firing the starting gun on his party’s Senedd election campaign in Caerphilly, framing the May vote as “a straight choice between Plaid and Reform,” while First Minister Eluned Morgan is in Swansea unveiling a Welsh Labour manifesto pledge to freeze Welsh income tax rates. Meanwhile, Reform’s Senedd campaign has suffered an early blow after candidate, Patrick Benham-Crosswell, resigned over the weekend, accusing the party of having “betrayed its early members’ vision, labour and achievements”. UK bracing for economic energy fallout as instability in Middle East continuesPrime Minister Sir Keir Starmer is convening senior business leaders from the energy, shipping and financial services sectors at Downing Street to address the economic impact of the Iran conflict, with Iran’s blockade of the Strait of Hormuz disrupting vital oil, gas and fertiliser supplies. Chancellor Rachel Reeves will also join a virtual G7 meeting alongside Energy Secretary Ed Miliband, where she is expected to push allies to accelerate the shift away from fossil fuels, warning it is the only way to get off the “rollercoaster” of international oil and gas markets. Adding further volatility, President Donald Trump told the Financial Times he could “take the oil in Iran” or potentially seize Kharg Island, the country’s primary oil export hub, saying “we have a lot of options.” With petrol prices already rising sharply and inflation fears growing, ministers have sought to reassure the public, with Education Secretary Bridget Phillipson telling broadcasters that drivers should “fill up their cars as normal.”Shadow Energy Secretary describes UK as ‘mad’ for not making the most of its own energy resourcesThe shadow Energy secretary, Claire Coutinho, addressed the ongoing energy challenge in the UK, ahead of the Prime Minister meeting energy bosses today in Downing Street.Speaking to GB News, Mrs Countinho came for the Chancellor’s plans to increase fuel duty later on this year, whilst many ordinary families across the UK are struggling with increased bills. She advocated for drilling in the North Sea, whilst criticising Labour’s decision to stop allocating licences to oil companies. The shadow Energy secretary outlined the Conservatives “Cheap Power Plan”, which they aim to cut household bills by £200 – doing so by cutting wasteful spending and making the most of UK oil. She said: “We’ve been very clear, we should drill in the North Sea, we should the make the most of those jobs and make the most of those tax revenues.”We’re the only country in the world that’s been mad enough to shut down our own resources in the time of an energy crisis.”Here’s what’s happening today in WestminsterGood morning and happy Monday from the GB News Politics team. Here is what is happening in UK politics today. Sir Keir Starmer will be kicking off Labour’s local election campaign in Wolverhampton today, vowing he will “fight for the country”. The Prime Minister will also gather with business leaders today to address the economic impact of the unfolding war in the Middle East, particularly on the rising cost of oil as Iran continues to block the Strait of Hormuz. Kemi Badenoch will be in Aberdeen, joined by Scottish Conservatives Leader, Russell Findlay and shadow Scotland secretary, Andrew Bowie. Also in Scotland, Scottish Liberal Democrat leader Alex Cole-Hamilton and UK Liberal Democrat leader Ed Davey will come ashore by sail at Edinburgh Watersports in Port Edgar, South Queensferry, where they will be greeted by local activists and supporters.The People’s Channel will be interviewing shadow Energy secretary, Claire Coutinho this morning.
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