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

• Middle East crisis – live updates

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.