Chancellor Rachel Reeves has shared the latest on energy bill support amid the economic ripple effects from the Iran conflict. With soaring oil and gas prices, she’s planning targeted assistance for households, especially when the current energy price cap ends in June. Reeves is taking a more focused approach, contrasting with the previous blanket aid that helped even the wealthiest households, leading to lasting national debt.
She’s set to meet with supermarkets and banks to explore new forms of customer assistance, while the Competition and Markets Authority gains new authority to curb price gouging. Meanwhile, fuel costs are climbing, with unleaded petrol hitting 144.2p per litre, its highest since 2024, and diesel at 166.9p, marking a significant rise.
To combat “rip-off prices,” Reeves promotes using the Fuel Finder app for comparing petrol station prices. She’s also pushing for improved UK energy security, vowing to expedite nuclear power planning by 2027 and encouraging North Sea oil and gas investments.
In a contrasting view, Tory leader Kemi Badenoch argues scrapping energy taxes is more effective than targeted support. With fuel duty hikes on the horizon, she’s calling for a boost in North Sea drilling. Badenoch criticises the government’s readiness for the Middle East turmoil, highlighting inadequate preparation and lacking solutions.
Defence Secretary John Healey informed the Cabinet about the UK’s efforts defending allies in the region, including a counter-drone success in Iraq. The need for robust planning and support is more crucial than ever as global events reshape the energy landscape. Stay informed and prepared!
