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Reeves to Outline Plans to Protect Public From Unfair Price Hikes
Labour’s plan includes targeted regulatory powers and government-backed indemnities to prevent price gouging amid Middle East crisis, protecting millions of UK consumers, officials said.
- On Tuesday, Chancellor Rachel Reeves presented an anti-profiteering framework to MPs, designed to protect working people from "unfair price rises" caused by companies exploiting the Middle East crisis.
- Prime Minister Sir Keir Starmer prompted the initiative after noting concerns over surging fuel costs, directing officials to give the Competition and Markets Authority "further teeth" to combat price gouging.
- Figures from the RAC show unleaded prices rose more than 14p since February, while diesel drivers face costs up £16 compared to the conflict's start, reaching £94 per tank.
- The Treasury and Department for Business and Trade are working at pace to develop "time-limited, targeted powers" to detect and crack down on companies exploiting the Middle East crisis.
- Reeves stated that Britain needs a diverse energy mix to shield the public from volatile fossil fuel markets and remove "blockers" to boost nuclear power supply.
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Rachel Reeves is set to address the House of Commons today with a package of measures designed to shield British consumers from soaring prices triggered by the ongoing conflict in Iran
·London, United Kingdom
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Government set to crack down on companies exploiting Middle East crisis to unfairly hike prices
Working people will be protected from unfair price rises with new plans set out by the government today to detect and crack down on companies if they exploit the crisis in the Middle East. Ministers are concerned that some companies could exploit the crisis to carry out price gouging – when a company puts prices up to an unfair and unjustifiably high level during a crisis, knowing that customer have little choice but to pay. To deal with this un…
Coverage Details
Total News Sources10
Leaning Left5Leaning Right1Center2Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 25%
12%
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