Starmer announces £53 million support package as oil crisis hits households

Prime Minister Keir Starmer has announced a £53 million support package to help British families affected by rising energy prices caused by the conflict between the US and Iran.

In his address to the nation, Starmer explained that this package would specifically assist households that rely on heating oil, which has seen a significant price increase amidst concerns over potential further spikes in energy bills.

These price hikes have been driven by recent events, including US and Israeli strikes on Iran, as well as Iran’s closure of the Strait of Hormuz—a key route through which approximately 20% of global oil shipments pass.

Starmer pointed out that reports have emerged of heating oil suppliers cancelling orders or raising prices in response to the crisis. “I will not tolerate companies trying to exploit this situation to profit from working people,” he declared.

“If any companies are found to have broken the law, legal action will be taken.”

The Prime Minister also emphasised that a long-term solution involves reopening the Strait of Hormuz to stabilise global energy markets and prevent further increases in household bills.

Last week, Chancellor Rachel Reeves and Energy Secretary Ed Miliband met with executives from energy companies to discourage profiteering.

Starmer stated that this effort complements the financial support being provided to the most vulnerable households.

This support package is part of the Government’s wider response to address the economic impact of the Middle East conflict on British families.

He added: “That’s one of the pressing issues of the day, it’s something I discussed with President Trump yesterday on the phone. There have been discussions going on in relation to a viable plan.

We want to make sure that that involves as many partners as possible, that’s been our stated objective here, particularly talking to European partners, inevitably talking to Gulf partners, and the US.

We need a credible, viable plan because this is to say the least, not easy and is not straightforward, and therefore we have to make forward we have to make sure we’ve got that credible plan in place.