How your bills could be affected as Starmer says people ‘right to worry’

He raised concerns for jobs and bills

With the US and Israel deciding that Iran needed some more 'freedom', things have been pretty tense in the Middle East of recent.

The beauty of a world superpower violating international law for its own (still uncertain) ends, is that everyone else gets to pay the price!

That's right, while billionaire President Donald Trump probably won't be checking his water and electricity meters, we all get to do it instead!

The US president has already flippantly said death is part of war and that $100 barrels of oil is worth the price of "safety and peace".

Now, while Trump is busy warmongering, we're all wondering just how much this is going to cost our pockets.

How will a war abroad affect prices in the UK

The great curse of our rocky sphere we call home is that the same place we get a huge percentage of our natural resources, oil and gas is also the place where it's all kicking off!

Now, it is important to remember that plenty of this is the fault of Western intervention, but history aside, for the everyday person trying to get by, this means every time fighting breaks out, prices surge.

Whether it's Iran striking Qatari gas plants, or Iran blocking oil tankers leaving the Strait of Hormuz, effectively this triggers the one lesson every budding business student needs to know, supply and demand!

Of course, with less gas and oil able to be exported from the Middle East, there's less to go round in Europe and beyond, driving up prices.

The people who foot the bill? You and me!

How much more could Brits be paying?

While it's hard to know exactly how much prices will go up, it's a fairly certain eventuality.

With this said, the prices may be offset by the government set to lower the cap on energy bills in April.

On the more modest end of estimates, analysis by energy consultancy Cornwall Insight predicts a 10% increase due to the wholesale price of gas doubling in the UK.

With the average yearly household energy bill at around £1,600, this could see an approximate £160 increase.

Meanwhile, think tank The Resolution Foundation were less optimistic, suggesting a much worse outcome.

In a statement it said: "If recent rises in the price of oil and gas were to be sustained they could add around a percentage point to inflation and £500 on to typical annual energy bills.

“The latter increase would be particularly damaging for poorer families as they spend more than twice as much of their budgets on energy as richer households.”

The warning comes after the regulator Ofgem announced a drop in the price cap in April, part of the government’s commitment to reduce annual bills by an average £150.

This could lead to an almost net zero change in bill costs if the war continues.

Fuel costs also on the rise

The other big export from the Middle East is of course crude oil, refined to make the likes of petroleum, diesel and kerosene, important fuels for planes, trains and automobiles.

This could lead to increases in public transport costs and flight ticket prices, but most importantly, personal use of cars.

The price of diesel has already hit a 16-month high in the UK while petrol has risen by 5p in many places.

Experts predict that prices could continue to increase up to between £1.70 and £1.90 per litre.

What is the government saying?

Keir Starmer has spoken out on the current concerns surrounding the increasing costs to the British people amidst this war.

The PM spoke out today (Monday 9 March) about rising costs after oil prices surpassed the $100 mark.

Speaking ahead of a visit to a London community centre, he said: “People are rightly worrying what this means for life at home – their bills, their jobs, their communities."

He added: “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.”

Well, there you have, for those of you old enough to not be living through your first Middle Eastern fuel crisis / war then you're probably experiencing a sense of melancholy and déjà vu.

For those of you experiencing it for the first time, strap in! - it's rarely normal folk who win in these circumstances.