09/03/2026 19:31
The Guardian
Chancellor says she is ready to help households with rising costs but stops short of setting out specific stepsMiddle East crisis – live updatesBritain is likely to be hit by rising inflation because of the US war with Iran, the chancellor has said, as she suggested a “rapid de-escalation” would be the best protection against a jump in energy prices.Rachel Reeves stopped short of setting out any new relief for people who could be hit by rising prices, rebuffing calls to ditch a planned 5p rise in fuel duty in September.The price of Brent crude oil rocketed to as high as $119.50 on Sunday, a jump of 29%.The Bank of England is now expected to keep interest rates on hold through 2026, with a small possibility of a rise in 2027.The prospect of a prolonged conflict and higher inflation also pushed global markets lower.The AA said drivers could “consider cutting out some non-essential journeys and changing their driving style to conserve fuel”. Continue reading...
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