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Thu, 16 Apr 2026

Thu, 16 Apr 2026 No issues with UK fuel supply, says Reeves

The chancellor was speaking at the end of the International Monetary Fund meeting in Washington.

* Chancellor Rachel Reeves says the UK has "no issues with supply at the moment" regarding petrol, diesel, and jet fuel.
* The IMF advises countries to manage energy demand through measures such as subsidising public transport or working from home to combat the crisis triggered by the conflict in the Middle East.
* New data shows that the UK economy grew more strongly in February than previously expected, but figures reflect economic activity before the start of the US-Israel war with Iran.
* The International Energy Agency warns that Europe has only six weeks worth of jet fuel left before stocks would fall below a level where there may be shortages and flight cancellations.
* Reeves says she is "confident" about the current supply of fuels, but acknowledges the need to manage energy demand.
* The UK is a net exporter of petrol but imports other products including wholesale oil and gas.
* A higher gas price is a particular problem for the UK as it generally determines the price of electricity, whether generated using gas or renewables.
* Reeves says she will be announcing changes to energy policy in the coming days, including: + Reforming the link between gas and electricity prices + Allowing oil and gas production in the North Sea to continue through "tie-backs"
* The UK economy saw its biggest monthly rise in more than two years just before the outbreak of the US-Israeli war with Iran.
* The IMF has cut its estimate for UK growth from 1.3% to 0.8%, warning that the conflict will have a significant impact on the UK's economy.