Reeves Targets Energy Aid to Neediest, Amid Soaring Bills

0:00On March 24, UK Chancellor Rachel Reeves is set to announce today that help for soaring energy bills will target only the neediest households, not. Middle-income families This comes as the Middle East crisis drives up global oil and gas prices, putting pressure on British living standards. She'll lay this out in a statement to parliament after an emergency meeting. Energy bills remain capped until July, but experts predict they could jump by a fifth or more afterward. Global duty is slated to rise in September amid already high-pump prices, and food costs may climb too, due to priceier fertilizers from the region. Public borrowing hit a record high for February outside the pandemic, adding to fiscal strains. Prime Minister Keir Starmer has warned the turmoil could drag on for months, possibly affecting supplies through Christmas. Energy Minister Michael Shanks said, officials are weighing options but highlighted the massive cost of past universal aid, which ran to 40 billion, pounds.

1:00Families across the board feel the pinch despite hopes from US President Donald Trump's comments on ending the conflict. Reeves plans an anti-profitering system to crack down on company's hiking prices unfairly, giving regulators stronger powers. She's rejecting calls for new North Sea oil and gas drilling, instead pushing a mix of energy sources including more nuclear power. Biden and backing for key projects aims to keep them on track, despite legal hurdles. As Britain braces for higher costs ahead, these targeted steps seek to balance support with spending discipline while building long-term energy, security.