Bank bosses called to meeting with Reeves over impact of Iran war on UK economy

HSBC, Barclays, Lloyds, NatWest and Santander will this week discuss with chancellor how to limit effects of conflict The bosses of Britain’s “big five” retail banks have been summoned to a meeting with the chancellor, Rachel Reeves, this week to discuss how to limit the economic impact of the crisis in the Middle East triggered by the US and Israel’s attacks on Iran. The chief executives of HSBC, Barclays, Lloyds, NatWest and Santander have been asked to attend an emergency summit on Wednesday, amid increasing acceptance that a major economic hit from the Iran war is unavoidable. Talks will focus on how to protect those most vulnerable to the ripple effect, according to a source familiar with the plans, with borrowers who are braced for mortgage rate increases a particular area of focus. This will include an update on banks’ commitment to support 1.6m customers whose fixed-rate deals end between now and the end of the year, under the government’s mortgage charter. Lenders have already written to customers in that position, outlining their options. Soaring energy prices in recent weeks, after Iran retaliated to US and Israeli strikes by closing the strait of Hormuz shipping route a