No fuel shortage in Britain, says minister, as Reeves prepares to set out economic response to Iran war – UK politics live

2026-03-24 - 09:10

Energy minister Michael Shanks reassures drivers ahead of chancellor’s statement to MPs Good morning. At lunchtime Rachel Reeves, the chancellor, will give a statement to MPs that will cover what the government is doing, and (more tentatively) might do, in response to the soaring global energy prices caused by the Iran war. After Russia invaded Ukraine in 2022, also creating a global energy shortage, the Conservative government ended up spending £40bn supporting families and firms with energy bills over the following winter. Reeves’s problem is that she has not got £40bn spare. With spring upon us, and people starting to turn down their central heating, the issue may not seem particularly pressing in many households (although heating oil and petrol prices are already soaring.) But, by the end of this year, this could be the sort of colossal economic crisis that gets remembered for half a century. As Chris Mason explains in a good preview, Reeves is expected to cover three points. She is expected to confirm that the government wants to give the Competition and Markets Authority new powers to deal with any potention profiteering by oil companies. She will confirm that the government wants to go “further and faster to secure the next generation of nuclear power and to reclaim Britain’s place as a leading nuclear nation” (as the Treasury puts it in its overnight preview). [Drivers] should do everything as absolutely normal because there is no shortage of fuel anywhere in the country at the moment. We monitor this every single day, I look at the numbers personally. There’s no issue at all with that ... People should go about their business as normal. That’s what the RAC and the AA have said. It’s really important people do that. There’s no shortage of fuel and everything is working as normal. Look genuinely, people shouldn’t change their behaviour or their habits in the slightest. Continue reading...