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Tue, 24 Mar 2026

Tue, 24 Mar 2026 Reeves plans energy bill help for those 'who need it most'

The US-Israel war with Iran is having an impact on costs domestically, with oil and gas prices soaring.
Reeves said contingency planning is underway for "every eventuality" to keep costs down for everyone and provide support for those who need it most, but suggested that universal support like the Energy Price Guarantee introduced after Russia's invasion of Ukraine in 2022 may not be repeated. The Treasury has calculated that the top 10% richest households received an average of £1,350 under the previous guarantee. The government is working with the Department for Work and Pensions to ensure support goes to those most in need, but Shadow Chancellor Sir Mel Stride accused Reeves of leaving the UK economy "in tatters". The chancellor also announced a new anti-profiteering framework for the Competition and Markets Authority, which will have powers to tackle companies that exploit price rises. Fuel prices are expected to rise further due to the conflict, with petrol reaching an 18-month high since the Middle East conflict broke out. The planned increase in fuel duty in September is also under review as the situation continues to unfold.