Rachel Reeves says she has ‘constructed our nationwide resilience’ in petrol costs replace
Rachel Reeves has indicated that the “fundamentals of Britain’s economy are strong” but inflation could rise due to the conflict in Iran.
The Chancellor was speaking to MPs in the Commons as events in the Middle East are now hitting home, especially at the pump.
Reeves said she is “taking action to ensure that people pay the lowest possible price at the pump”, amidst the ongoing conflict in the Middle East. She also promised MPs would get a meeting focused on heating oil prices.
The Chancellor told MPs: “I am clear eyed about my response to the current situation. My economic approach will both be responsive to a changing world and responsible in the national interest.
(Image: Andy Stenning/Daily Mirror)
Ensure our latest headlines always appear at the top of your Google Search by making us a Preferred Source. Click here to activate or add us as a Preferred Source in your Google search settings
“The economic impact of the situation in the Middle East will depend, of course, on its severity and its duration. The movements that we have already seen are likely to put upward pressure on inflation in the coming months.”
Reeves said she “stands ready” to support a coordinated release of oil reserves held by the International Energy Agency. She had spoken with finance ministers from the G7 earlier on Monday (March 9).
She added: “I want to ensure the country that the fundamentals of Britain’s economy are strong. Every step that I have taken since the election has built our national resilience.
“Stability in the public finances, investment in infrastructure in both defence and energy security, and reform to our economy.”
Reeves pointed to cuts in fuel duty, adding: “I am also taking action to ensure that people pay the lowest possible price at the pump.”
“The new cheap fuel finder that I confirmed at the budget is currently being delivered, helping consumers find the cheapest price for their fuel. Almost 90% of petrol retailers have already registered for this and last week, I instructed my officials to accelerate the integration of the cheaper fuel finder with map applications.
“This week, I am meeting with petrol forecourt operators, and I will not hesitate to call out retailers who fail to provide data to the fuel finder. I am clear that the best way to keep prices at the pump low is rapid de-escalation, and I will continue to monitor prices as the situation develops.”
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletter by clicking here.
