Reeves Unveils Energy Plan Amid Soaring Prices

0:00On March 24th, Rachel Rees, the chancellor, is set to address members of parliament around lunchtime today on the government's plans to tackle skyrocketing global energy prices triggered by the war in Iran. This comes amid fears of a major economic hit similar to the crisis after Russia's invasion of Ukraine in 2022, when the previous. Governments shout out 40 billion pounds to help families and businesses with their bills. Rees is expected to outline steps like giving the competition and markets authority stronger powers to crack down on any profiteering by oil, companies. She's also pushing to speed up nuclear power development and position Britain as a top nuclear player once more. Ministers are urging calm, insisting there's no fuel shortage anywhere in the country and advising drivers to stick to their normal routines. Their monitoring supplies daily, but avoiding comments that could spark panic, buying at the pumps. With spring here, many households are easing off the heating, though heating oil and petrol costs are already climbing fast.

1:03Officials warn this could balloon into a once-in-a-lifetime economic challenge by year's end if prices keep surging. Meanwhile, energy secretary Ed Miliband faces questions in parliament soon, and later MPs will debate scrapping the windfall tax on energy firms. We'll watch closely as these responses take shape amid the gathering storm.