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Chancellor to set out plans to tackle war-driven price hikes
Chancellor Reeves plans an anti-profiteering framework and possible new powers for the Competition and Markets Authority to prevent unfair fuel price hikes, RAC reports a 14p per litre increase.
- On Tuesday, Chancellor Rachel Reeves will outline anti-profiteering measures to Parliament aimed at protecting working people from "unfair price rises" amid surging fuel costs.
- The conflict in Iran has effectively closed the Strait of Hormuz in the Gulf, through which 20% of the world's oil and liquefied natural gas typically passes, driving diesel prices to a three-year high.
- Figures from the RAC show unleaded fuel prices have risen more than 14p a litre since the end of February, with a full tank of diesel now costing £94, £16 more than before the conflict began.
- Prime Minister Sir Keir Starmer and the Treasury are working to grant the Competition and Markets Authority "time-limited, targeted powers" and "further teeth" to crack down on price gouging.
- Lord Richard Walker, the government's cost-of-living tsar, previously urged a temporary profit cap to "stop producers and retailers exploiting the crisis to make windfall profits at the expense of consumers," while Reeves will emphasize diversifying Britain's energy mix.
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36 Articles
The Northern Echo+26 Reposted by 26 other sources
Rachel Reeves warns of ‘significant’ economic challenges from Iran war
The Chancellor updated MPs on the economic impact of the Middle East crisis, which has pushed up oil and gas prices.
·County Durham, United Kingdom
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Sky News UKReposted by 
Great Yorkshire Radio
Great Yorkshire RadioRachel Reeves to set out plans to tackle war-driven price hikes
Rachel Reeves will give a statement in the Commons after the prime minister revealed for the first time that the government's looking at giving support to households for their energy bills all the way through to the end of the year.
·United Kingdom
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Evening StandardReposted by 
perspectivemedia.com
perspectivemedia.comChancellor to set out action as surging prices spark profiteering fears
Rachel Reeves will make a statement to MPs on Tuesday.
·London, United Kingdom
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GOV.UK+2 Reposted by 2 other sources
Chancellor sets out plan to crackdown on profiteering and drive Britain's energy security
Households across Britain set to benefit as Chancellor acts on food prices, energy bills and profiteering – taking action on cost of living pressures while securing Britain's long-term energy independence.
·United Kingdom
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Coverage Details
Total News Sources36
Leaning Left4Leaning Right0Center22Last UpdatedBias Distribution85% Center
Bias Distribution
- 85% of the sources are Center
85% Center
15%
C 85%
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