UK Energy: Reeves on Fuel Supplies, Growth Forecast

0:00On April 16, Chancellor Rachel Reeves says the UK faces no immediate shortages of petrol, diesel, or jet fuel. She dropped this update after the IMF meeting in Washington, confirming supplies are solid right now. Also, the IMF is urging nations to curb energy demand with moves, like subsidizing public transport or pushing work from home setups, all to handle them. Middle East conflicts fall out. Reeves plans announcements soon on wrapping up North Sea drilling and cutting the tie between gas and electricity prices. Fresh GDP numbers show February growth at 0.5%, stronger than thought, with January bumped up to 0.1%. That's a strong kickoff to the year, but the data predates the US Israel clash with Iran that's jacking up global energy costs. The IMF just trimmed its UK growth forecast to 0.8% from 1.3%, calling us the hardest hit among advanced economies. Europe sits on six weeks of jet fuel before shortages might hit flights, while the UK exports petrol but relies on imports for oil and gas.

1:07Reeves and energy secretary Ed Miliband will soon spell out delinking those prices and North Sea tie backs to tap new resources via existing. Platforms helping steady us through this energy storm.