The Chancellor Rachel Reeves has promised “do what is right and fair” in the government’s response to economic challenges caused by the Iran war
However she ruled out universal support to deal with any future rise in energy bills, instead she said that any government help would be targeted.
She criticised the support offered by Liz Truss’s government in 2022 as unaffordable and irresponsible.
“The previous government pushed up borrowing, interest rates, inflation and mortgage costs with an unfunded, untargeted package of support under Liz Truss.
“That gave the support to the wealthiest of households. That left us with high levels of national debt, a cheque written then for a bill that is still being paid today.”
Reeves said the Government will not tolerate any company exploiting this crisis at the consumer’s expense.’
”Investing in renewables and lifting the ban on onshore wind… Oil and gas can also play a role in our energy system for decades to come” she told the Commons
She called on opposition parties to support her measure to limit the impact of the Iran war on energy prices
