Rachel Reeves warns of ‘significant’ economic challenges from Iran war

Evening Standard

Chancellor Rachel Reeves has said the economic challenges from the Iran war may be “significant” and contingency planning is under way for energy bill support “for those who need it most”.The crisis in the Middle East has pushed up oil and gas prices, hitting motorists as they fill up at the pumps and potentially pushing up domestic energy bills later this year.Ms Reeves said work is under way on targeted help for households when the current energy price cap expires at the end of June and global prices could push up domestic bills.

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00:05I can confirm to the House that contingency planning is taking place for every eventuality

00:12so that we can keep costs down for everyone and provide support for those who need it most,

00:19acting within our ironclad fiscal rules to keep inflation and interest rates as low as possible.

00:27Mr Speaker, this is not a war that we started, nor is it a war that we joined, unlike the

00:35advice of the parties opposite.

00:39But it is a war that will have an impact on our country.

00:44The challenges may be significant, but I promise to do what is right and fair,

00:51being responsive in a changing world and responsible in the national interest.

00:56And I commend this statement to the House.

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