Rachel Reeves will unveil a crackdown on companies exploiting the crisis in the Middle East in a bid to protect working people from “unfair price rises”.
The chancellor will lay out plans to MPs in the Commons for an “anti-profiteering framework” to catch firms raising prices unfairly during the Iran war.
She is also expected to call for a more diverse mix of energy sources to protect the public against voilatile oil and gas markets.
It comes following an emergency Cobra meeting on Monday, when Ms Reeves met with Sir Keir Starmer to address the economic impact of the Iran war.
The effective blockade of the Strait of Hormuz, crucial to the world’s oil supply, has sent prices spiralling – although they fell on Monday after Donald Trump claimed that talks were taknig place with Iran to end the conflict.
Also on Monday, Sir Keir said Britain must be prepared for the Iran war to continue “for some time”.
In a statement following the Cobra meeting, Downing Street said: “The Chancellor set out the steps she will take tomorrow [Tuesday] – in a statement to Parliament – that will help protect working people from unfair price rises.”
Motorists should not drive slower because of Iran oil crisis, minister
Motorists should not drive slower nor buy fuel differently because of the Iran oil crisis, an energy minister has said.
Michael Shanks was asked by Times Radio if drivers should change their habits as a result of the oil restrictions caused by the conflict in the Middle East.
He told the broadcaster: “They 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.”
Mr Shanks added: “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.”
Asked directly if drivers should slow their speed, Mr Shanks replied: “Look genuinely, people shouldn’t change their behaviour or their habits in the slightest.”
Tara Cobham24 March 2026 07:28
Starmer to give Competition and Markets Authority ‘further teeth’ to protect customers
Sir Keir Starmer said on Monday he was looking at giving the Competition and Markets Authority “further teeth” so it can better protect customers.
As part of that, Downing Street said the Government will not hesitate to give the CMA and other regulators “time-limited, targeted powers” if needed. The Treasury, Department for Business and Trade and regulators are working “at pace” on what those powers could be.
Bryony Gooch24 March 2026 07:10
No 10: Reeves to ‘crack down on companies if they exploit’ Iran war
Chancellor Rachel Reeves, governor of the Bank of England Andrew Bailey and energy secretary Ed Miliband gave updates on the economy regarding the crisis in the Middle East in a Cobra meeting on Monday.
They stressed that de-escalation and ending the Iran conflict was “the best thing we can do for the economy”, Downing Street said in a readout.
“The Chancellor set out the steps she will take tomorrow – in a statement to Parliament – that will help protect working people from unfair price rises.
“She spoke about a plan to detect and crack down on companies if they exploit the crisis in the Middle East. This will take the form of a new anti-profiteering framework which will help regulators like the CMA to root out price gouging.”
Bryony Gooch24 March 2026 07:00
