US EditionRachel Reeves Warns of ‘Upward Inflationary Pressure’ Caused by Iran War
- Chancellor Rachel Reeves warned that the Iran conflict is likely to put upward pressure on inflation in the coming months due to rising oil prices and crude supply concerns.
- Oil prices surged above $100 a barrel amid the Iran conflict, contributing to rising pump prices in the UK and global economic concerns.
- Reeves informed MPs that the UK energy system is more secure than before Russia's 2022 invasion of Ukraine, with an energy price cap starting in April to protect consumers from bill hikes.
- Reeves and G7 finance ministers held an emergency virtual meeting on March 9 to discuss the crisis, emphasizing readiness to protect households and firms and calling for conflict de-escalation.
11 Articles
11 Articles
Rachel Reeves warns US-Iran war will 'put upward pressure' on inflation and defends energy bill plan
Chancellor Rachel Reeves has doubled down on her plan to bring down energy bills despite admitting the US-Iran war will likely "put upward pressure" on British households this year
Evening Standard
Rachel Reeves warns of ‘upward inflationary pressure’ caused by Iran war
The Chancellor said she was ready to support a ‘co-ordinated release’ of international oil reserves.
UK warns of higher inflation and backs oil reserve release amid Middle East war
British finance minister Rachel Reeves said on Monday that the United Kingdom was ready to support a coordinated release of international oil reserves if the Middle East crisis keeps pushing up energy prices, though no formal G7 decision has yet been taken. Reeves made the statement after joining a virtual meeting of G7 finance ministers, as oil prices remained elevated because of disruption to shipping through the Strait of Hormuz. Reuters repor
Coverage Details
Bias Distribution
- 45% of the sources lean Left, 44% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
