- Chancellor Rachel Reeves indicated that millions of households will not receive universal help with soaring energy bills, instead promising targeted support for those most in need.
- Reeves criticised the previous Conservative government's 'blanket' support during the Russia-Ukraine conflict, stating it was costly and benefited the wealthiest.
- The Chancellor warned that the Iran war will pose 'significant' challenges to the UK economy, contributing to rising oil and gas prices and an expected £332 increase in average annual household energy bills by July.
- Reeves announced plans to meet with supermarkets and banks to discuss customer support and granted new powers to the Competition and Markets Authority to tackle price gouging.
- The announcement drew criticism from the Green Party for being 'unbelievably weak' and from the Tory leader, who advocated for scrapping energy bill taxes and increasing domestic oil and gas production.
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