Starmer seeks to reassure public over cost of living as oil surges above $100 a barrel - UK politics live

The prime minister is facing pressure from unions and some backbenchers to prepare a support package as oil and gas prices threaten to push up inflation

Here is some detail on reports that G7 finance ministers are preparing to discuss the release of emergency oil reserves, courtesy of Guardian business reporter Lauren Almeida:

The emergency meeting would take place at 8.30am New York time to discuss the impact of the Iran war, the FT reported, citing unnamed people familiar with the matter.

People are also rightly worrying what this means for life at home – their bills, their jobs, their communities.

I want to address those concerns head on. I will always be guided by what is best for the British public. And no matter the headwinds, supporting working people and their families with the cost of living is always top of my mind.