UK Prepares Energy Bill Relief for Higher Prices

0:00It's March 24th. Welcome to Global News Today, powered by AI. I'm Cory with the story. The UK government is preparing contingency plans to help with soaring energy bills if the US-Israel war, with Iran, pushes prices even higher. Chancellor Rachel Reeves says support will target those who need it most, amid uncertainty over the conflict's full economic hit. A fifth of the world's oil and liquefied natural gas flows through the strait of hormones, now effectively blocked since the war started four weeks ago. Holesale prices have jumped sharply, and experts warn this could soon raise household costs across the board. Reeves stress any aid package must fit, tie borrowing rules to avoid fueling inflation or higher interest rates. Unlike the universal energy price guarantee after Russia's 2022 invasion of Ukraine, this won't cover richer households, which got. The most benefit last time, averaging 1,350 pounds for the top 10% biggest gas users.

1:00She's also launching a new, anti-profit hearing framework for the competition and markets authority to crack down on companies exploiting the price. Hikes Petro has hit an 18-month high, though retailers deny any gouging and say investigations are ongoing. Meanwhile, officials are teaming up with the department for work and pensions to pinpoint who qualifies for help as details firm up in the situation. Evolves