- Chancellor Rachel Reeves has warned that the economic challenges from the Iran war could be "significant" and confirmed contingency planning is underway for targeted energy bill support.
- The Middle East crisis has driven up oil and gas prices, leading to a substantial increase in petrol and diesel costs for UK motorists, with unleaded at its highest since July 2024.
- Ms Reeves indicated plans for targeted household support when the energy price cap expires in June, moving away from previous blanket subsidies, and will meet with supermarkets and banks.
- The government is also empowering the Competition and Markets Authority with new anti-profiteering powers and aims to boost UK energy security through nuclear power and North Sea oil and gas investment.
- Kemi Badenoch criticised the government's approach, advocating for scrapping energy bill taxes and increasing domestic oil and gas production, while also questioning their preparedness for the crisis.
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