Reeves Vows to Crack Down on Energy Prices

0:00On March 13th, Chancellor Rachel Rees is vowing to crack down on energy and fuel companies over ripoff prices for British households. She's written to the competition and markets authority, asking them to stay on high alert for unjustifiable hikes, especially as oil prices top one. $100 a barrel, due to the Middle East conflict between the U.S., Israel, and Iran. Today, Rees and Energy Secretary Ed Miliband are meeting petrol retailers and energy suppliers at Downing Street. They plan to press these bosses to keep prices fair and avoid excess profits from the crisis. Households are bracing for a tougher cost of living squeeze as the war disrupts energy supplies. An economist from T-Row Price warns this oil shot could tip the UK into recession by stoking inflation and cutting consumer spending. Recent figures show the UK economy flatlined in January with 0% GDP growth, down from 0.1% in December. This week's start leaves the country vulnerable just as global energy prices climb.

1:04Officials say they'll keep watching closely to protect drivers and families from overcharging, with more updates expected as tensions in the region play out.