Rachel Reeves hints energy bill relief may come amid spiralling costs - but millions would be shunned from receiving help

Rachel Reeves has announced that she will stick to her "iron-clad fiscal rules" in the face of the war in Iran, warning that Labour “will not allow firms to exploit this crisis”.

The Chancellor stopped short of announcing fresh direct support for households, but hinted at support for lower-income households, with wealthier families set to miss out.

In a Commons statement, she confirmed plans for a new "anti‑profiteering framework", giving the Competition and Markets Authority (CMA) time‑limited powers to identify and clamp down on unjustified price hikes at the pump and in supermarkets.

She insisted Labour was “acting now to protect households” as oil and gas costs continue to rise, and signalled that further support for energy bills is being prepared ahead of the next price cap, which is forecast to hit a three‑year high this summer.

She also set out steps to strengthen the UK’s long‑term energy security, including pushing ahead with nuclear projects and exploring Government‑backed indemnities to prevent critical infrastructure being stalled by legal challenges.

The chancellor told MPs the Middle East conflict had created “real pressure” on global energy markets, with the closure of the Strait of Hormuz disrupting supplies, but insisted the UK “will not be dragged into the war”.

Ms Reeves said that from next week, households will benefit from £150 off of energy bills, which she says is thanks to the actions of the Labour Government.

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