This Government’s first priority in response to intense escalation in the region surrounding Iran over recent weeks has been to protect British nationals, British interests and British partners.
Last week, HMS Dragon departed from HMNB Portsmouth, located here in our city, to protect RAF Akrotiri against Iranian attack. I pay tribute to all British Armed Forces personnel taking action across the region to protect our allies and defend British interests, including those aboard HMS Dragon.
However, I am aware from conversations with constituents that there is concern over the potential economic and supply chain impacts of the ongoing situation within the Middle East.
This Government understands the anxiety felt across the UK around these circumstances. The longer the Iran conflict lasts, the worse it will be for the cost of living here in Britain
That is why the Government remains committed to assessing risks, situation monitoring and collaborating with international partners to ensure that potential impacts on people here are reduced as much as is possible.
Whilst global oil prices have surged over fears that conflict could lead to lengthy disruption to energy supplies, Britain’s economy is now better placed to withstand a shock to energy supply than when with faced with similar circumstances following Russia’s invasion of Ukraine in 2022.
Additionally, Chancellor of the Exchequer, Rachel Reeves MP, has expressed both willingness and readiness to support a coordinated release of the emergency stockpiles of oil reserves held by the International Energy Agency if necessary.
Ultimately, this Government’s priority must be to reopen the Strait of Hormuz to ensure market stability. Although this is not a simple task, the Prime Minister has been engaged in ongoing discussions of a viable plan to achieve this.
The Prime Minister’s stated directive has been to involve as many partners as possible within these discussions, which will require discussion with Gulf partners and the US. This must be done to ensure a credible plan is reached.
Earlier this month, the Government published its current guidance and information on economic and supply-chain developments, which can be found here.
Although unfolding circumstances within the region surrounding Iran present potential turmoil international economic and supply chain stability, this Government remains absolutely committed to collaboration and action to protect Britain against major disruption.
Stephen Morgan MP
