Politics live: Reeves to unveil crackdown on ‘profiteering’ firms exploiting Iran war amid surge in prices
Rachel Reeves will explain the crackdown on companies exploiting the crisis in the Middle East to protect working people from “unfair price rises”.
The Chancellor will present plans to MPs in the House of Commons for an “anti-profitism framework” to catch firms who unfairly raised prices during the Iran war.
It is also expected to demand a more diverse mix of energy sources to protect the public against unstable oil and gas markets.
It follows an emergency Cobra meeting on Monday where Ms Reeves met Sir Keir Starmer to discuss the economic impact of the Iran war.
The effective blockade of the Strait of Hormuz, which is vital for world oil supplies, caused prices to soar; but prices fell on Monday after Donald Trump claimed talks were being held with Iran to end the conflict.
Also on Monday, Sir Keir said Britain should be prepared for the Iran war to continue “for some time”.
In a statement following the Cobra meeting, Downing Street said: “The Chancellor has announced the steps he will take tomorrow [Tuesday] – this will help protect workers from unfair price increases – in a statement submitted to Parliament.
Minister says drivers should not drive slower due to Iran oil crisis
The energy minister said drivers should not drive slower or buy different fuel because of the oil crisis in Iran.
Times Radio asked Michael Shanks whether drivers need to change their habits due to oil restrictions caused by conflict in the Middle East.
He told the broadcaster: “They need to do everything as normal because there is no shortage of fuel anywhere in the country at the moment. We monitor this every day, I look at the figures myself. There is no problem with it.”
Mr Shanks added: “People should go about their business as normal. That’s what the RAC and the AA are saying. It’s really important that people do that.”
“There is no fuel shortage and everything is working normally.”
Asked directly whether drivers should slow down their speed, Mr Shanks replied: “Really look, people shouldn’t change their behavior or habits in the slightest.”
Tara Cobham24 March 2026 07:28
Starmer will give Competition and Markets Authority ‘more teeth’ to protect customers
Sir Keir Starmer said on Monday he was considering giving the Competition and Markets Authority “more teeth” so it can better protect customers.
As part of this, Downing Street said the Government would not hesitate to give the CMA and other regulators “time-limited, targeted powers” if necessary. The Treasury, the Department of Commerce and Trade and regulators are working “rapidly” on what those powers might be.
Bryony Gooch24 March 2026 07:10
No 10: Reeves to crack down on companies exploiting Iran war
Chancellor Rachel Reeves, Bank of England Governor Andrew Bailey and Energy Minister Ed Miliband gave economic updates on the crisis in the Middle East at the Cobra meeting on Monday.
Downing Street stressed in a statement that reducing tensions and ending the Iran conflict was “the best thing we can do for the economy”.
“In his statement to Parliament, the Chancellor announced the steps he will take tomorrow to help protect workers from unfair price increases.
“He has spoken of a plan to identify and put pressure on companies if they take advantage of the crisis in the Middle East. This will take the form of a new not-for-profit framework to help regulators such as the CMA stamp out price gouging practices.”
Bryony Gooch24 March 2026 07:00
