Chancellor sought to reassure the public on inflation threat
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Rachel Reeves won't cut petrol duty yet
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The chancellor came to the Commons to reassure the country that she is keeping a close eye on the "upward pressure on inflation" from war in the Middle East. But she did not announce – yet – the postponement of rises in fuel duty that are planned to start in September (1p a litre in September, 2p in December, and another 2p in March). Instead she claimed that "the fundamentals of the British economy are strong" and that petrol is currently 8p a litre cheaper than if she hadn't continued the freeze in fuel duty for a bit longer. Rachel Reeves was typically combative, telling Mel Stride, the shadow chancellor, that the government wanted peace talks whereas the Conservatives had supported Donald Trump's attack on Iran in the first place. But this was a holding statement. If the conflict goes on and oil and gas prices stay high, she will have to come back to parliament with new measures, no doubt including cancelling the imminent rise in petrol duty. |
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BP was called British Petroleum before 1998, but what was it called before 1954? | Answer at the bottom of today's email |
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What else you need to know today |
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What will be the impact of the Iran war on the cost of living? |
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As the conflict in the Middle East seems likely to last for more than a few days, Sean O'Grady looks at the likely effect on energy prices across the world... Read more |
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It is too early to know the impact of this ... [but] of course we will take the necessary actions to protect consumers and businesses |
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Rachel Reeves on the inflationary effect of the Iran war |
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Quiz answer: The Anglo-Iranian Oil Company, and before that, between its founding in 1909 and 1935, the Anglo-Persian Oil Company |
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