Sir Keir Starmer said he would consider all options to address the looming cost-of-living crisis resulting from the Iran war.

The Prime Minister said a meeting of the emergency Cobra committee would examine “every lever that’s available to Government” to respond to soaring energy prices as a result of the conflict.

He told reporters: “Cobra is the opportunity at the highest level to bring people together on matters of real, significant national importance.

“Obviously Cobras are usually used for military considerations, consular considerations, but I think with the Iran war, most people are very concerned now, not only what they’re seeing on their screens in relation to the conflict itself, but also that question of: ‘How is it going to affect me and my family?’

“And so today we’re looking at the economic impact, and I am asking for every lever that’s available to the Government to deal with the cost of living to be discussed at Cobra.

“Hence we’ve got the Bank of England and others there. But I want to make sure that when it comes to the cost of living, we’re doing everything we possibly can at a very difficult period like this.”