"People are also rightly worrying what this means for life at home their bills, their jobs, their communities. I want to address those concerns head on. I will always be guided by what is best for the British public. And no matter the headwinds, supporting working people and their families with the cost of living is always top of my mind."
"The UK's reliance on gas from the Middle East makes it especially vulnerable to an effective blockade of the strait of Hormuz, through which about 20% of the world's liquid natural gas is transported. Rising oil prices will feed through to higher costs at petrol stations, and consumers will be hit if energy costs push up inflation."
Oil prices have surged past $100 a barrel for the first time since 2022 due to escalating US-Israeli conflict with Iran, prompting governments worldwide to prepare for energy supply disruptions. Prime Minister Keir Starmer commits to protecting working people and families from economic consequences, addressing concerns about bills, jobs, and communities. While UK households have short-term protection through energy price caps, the nation remains vulnerable to disruptions in the Strait of Hormuz, through which 20% of global liquid natural gas flows. Rising oil prices will increase petrol station costs and potentially drive inflation. Starmer faces pressure from unions and backbenchers to develop a support package. G7 finance ministers are meeting to discuss coordinated petroleum reserve releases through the International Energy Agency.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]