who spoke to G7 finance ministers earlier on Monday<\/a>, said the Treasury was ready to support a coordinated release of collective International Energy Agency oil reserves.<\/p>\n\u201cI will take the necessary decisions to help families with the cost of living and protect the public finances,\u201d Reeves told MPs. \u201cI am clear-eyed about my response to the current situation. My economic approach will both be responsive to a changing world and responsible in the national interest.\u201d<\/p>\n
The chancellor said discussions would also be held on mitigations for families reliant on heating oil who did not have protection via the energy price cap. Petrol forecourt bosses have also been called into the Treasury and warned about price gouging.<\/p>\n
Edmund King, the president of the AA, said drivers should not change their refuelling habits but could \u201cconsider cutting out some non-essential journeys and changing their driving style to conserve fuel\u201d.<\/p>\n
Simon Williams, the RAC\u2019s head of policy, said pump prices had \u201crocketed\u201d in the last week. \u201cPetrol is up 5p to 137.5p and diesel up 9p to 151p a litre since the current crisis began,\u201d he said. \u201cUnleaded is almost certainly going to reach an average of 140p in the next week or so while diesel looks highly likely to climb to at least 160p a litre.\u201d<\/p>\n
Starmer said the government would \u201cget ahead, to look around the corner, to work with others.<\/p>\n
\u201cBut it is important to acknowledge that work is needed, because people will sense \u2026 that the longer this goes on, the more likely the potential for an impact on our economy, impact into the lives and households of everybody and every business.\u201d<\/p>\n
Most UK households will be protected in the short term by the energy price cap, but the UK\u2019s reliance on gas from the Middle East makes it especially vulnerable to what is in effect a blockade of the strait of Hormuz, through which about 20% of the world\u2019s liquid natural gas is transported.<\/p>\n","protected":false},"excerpt":{"rendered":"Britain is likely to be hit by rising inflation because of the US war with Iran, the UK…\n","protected":false},"author":2,"featured_media":330284,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-330283","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/330283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=330283"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/330283\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/330284"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=330283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=330283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=330283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}