Cabinet readout - Tuesday, March 3

The Prime Minister opened Cabinet by inviting the leaders of the Commons and the Lords to update on business in both Houses, including the Spring Statement today.

Turning to events in Iran, the Prime Minister set out the seriousness of the position and the decision the UK had taken on Sunday.

He said the decision was lawful and in the UK's national interest, adding that the UK was taking the steps necessary to protect British interests and British lives.

He then opened discussion on Iran to Cabinet, including on the ongoing contingency planning by the government for the more than 300,000 British citizens currently in the Gulf. 

Turning to the Spring Statement, the Prime Minister invited the Chancellor to update Cabinet. 

The Chancellor noted the conflict in the Middle East and its potential impact on the wider global economy.

She said the government had the right economic plan to navigate global uncertainty: stability in public finances, investment in infrastructure and reform in the economy. 

She then updated Cabinet on the forecast ahead of her statement to the House at 1230.