Iran shut the Strait of Hormuz shortly after US-Israeli strikes on Tehran in late February 2026, triggering a global energy crisis. ^[1] Ofgem announced a 4% increase in the energy price cap for England, Scotland, and Wales, effective October 1, 2026, as a result of rising wholesale gas prices caused by the US-Israel war on Iran. ^[2] Labour has insisted it will keep to the triple lock, which guarantees that the state pension increases each year by inflation, average wage growth between May and July, or 2.5%, whichever is higher. ^[3] Lord Jim O'Neill, an economist with close links to Prime Minister Andy Burnham, urged the government to realistically assess the cost of maintaining the state pension triple lock. ^[4] A typical household using a regular level of energy will pay about 60 pounds ($80) more per year due to the price cap increase. ^[5] The Centre for Economics and Business Research forecast that by the end of 2027, the average UK household's real spending power will be reduced by 2,400 pounds ($3,200). ^[6] Cabinet Office minister Sally Jameson told BBC Radio 4's Today programme that the government has been clear it is sticking to the triple lock and wants to give people breathing space. ^[7] Sir Howard Davies, former chairman of the Royal Bank of Scotland and current chairman of the Phoenix Group, said the triple lock cannot be afforded and must be changed to preserve government credibility. ^[8]