LONDON

British Prime Minister Keir Starmer on Monday said tackling the economic impact of the Iran war must be a “joint effort” between government and business, as he met industry leaders in Downing Street.

According to a report by Sky News, he told leading business chiefs: “The government can't do it on its own.”

The meeting brought together senior figures from the energy, shipping, finance, and insurance sectors, alongside government officials and military representatives, to assess the consequences of the conflict for the UK economy.

Starmer reiterated that Britain would not be drawn into the war but said it would “defend British interests and British lives in the region" as well as Gulf allies.

He added that the UK is “working on a viable plan for the Strait of Hormuz," a key global shipping route that has been effectively closed by Iran, pushing up oil prices.

The strait's disruption has raised concerns about energy supplies and inflation, and businesses and policymakers are closely monitoring the situation.

During the roundtable, company leaders received an update on maritime security in the region and across the Middle East.

Attendees included representatives from major energy firms, banks, and insurers, reflecting the broad economic risks posed by the conflict.

Starmer said he has been “bringing together a sort of coalition of countries around the notion that we do have to de-escalate and find a way forward.”

Regional tensions have continued to escalate since Israel and the US launched an offensive against Iran on Feb. 28, killing more than 1,340 people to date, including then-Supreme Leader Ayatollah Ali Khamenei.

Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties and damage to infrastructure while disrupting global markets and aviation.