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The Latest Breaking News from Rachel Reeves

Rachel Reeves should scrap the North Sea windfall tax now

The UK should optimise North Sea oil and gas production while it transfers to renewables and nuclear developments

The Guardian - UK

Energy bills could rise by £160 after Iran conflict pushes gas prices higher

Household costs could reach £1,800 a year from July as UK market hits three-year high

The Guardian - UK

UK Economy Faces Budget Cycle Strain as Iran Conflict Volatility Hits Markets

Explore how global tensions and rising oil prices are impacting the UK's economic recovery, with insights into the upcoming Budget cycle and inflation risks.

International Business Times UK

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Reeves reaffirms commitment to end windfall tax in talks with North Sea bosses

The Chancellor met figures from BP, TotalEnergies and Serica in Downing Street.

Evening Standard

UK interest rates could go back above 4% if energy shock persists, Niesr warns

The National Institute of Economic and Social Research said the Bank of England will have to contend with a ‘shock’ to energy costs.

Evening Standard

Scrapping windfall tax on oil and gas is ‘utterly essential’, Swinney insists

The Scottish First Minister spoke out ahead of a meeting between Chancellor Rachel Reeves and North Sea leaders.

Evening Standard

Britain’s economic growth to be weakest in a century outside of pandemic and WWII, think tank warns

The UK’s top two economic think tanks – the Resolution Foundation and the Institute for Fiscal Studies – have issued dire warnings over economic growth and borrowing a day after Rachel Reeves delivered her spring statement

The Independent UK

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UK faces tax hikes or cuts to public services in bid to hit defence spending target, IFS warns

IFS director Helen Miller said: ‘The takeaway is that we should not expect the Government to be able to meaningfully increase what we spend on defence’

The Independent UK

Tax burden heading to ‘uncharted territory’ with risk to growth, OBR warns

Budget responsibility committee member Professor David Miles said there was ‘clearly a risk’ in the historically high tax burden.

Evening Standard

Rachel Reeves in emergency talks with oil and gas chiefs amid warning of £500 rise in energy bills

Fears are growing that Donald Trump’s Iran war will push up energy bills in Britain

Evening Standard

Wednesday briefing: Was the chancellor’s spring statement already out of date?

In today’s newsletter: Against a backdrop of global turbulence, Rachel Reeve’s surprisingly upbeat tone failed to reassure when our supposed economic stability rests on forces mostly outside of the government’s control

The Guardian - UK

The Guardian view on Rachel Reeves’s spring statement: stability cannot mean sacrificing living standards

Editorial: An energy shock from war in the Gulf will expose the limits of rigid fiscal rules. The real question is who absorbs the loss: the state, firms or households?

The Guardian - UK

What will Rachel Reeves’s spring forecast mean for household finances?

The chancellor promises more money in people’s pockets, but the Iran crisis makes steeper inflation a pressing worry

The Guardian - UK

‘It’s no news just when we wanted some’: bosses react to spring statement

Amid global volatility, Rachel Reeves tried to project calm with a low-key forecast. But business owners have their doubts

The Guardian - UK

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The Guardian - UK

UK borrowing costs jump again on fears Iran conflict will curb growth

Investors suspect rising oil and gas costs will stoke inflation and delay cuts in interest rates

Evening Standard

Finance Minister: Stormont’s £390m boost recognises NI public service strains

John O’Dowd said the Executive would use the additional funding ‘wisely’ but it also serves as a ‘recognition of the pressures this Executive faces’.

The Conversation

Conflict in the Middle East makes official economic forecasts immediately out of date

The UK chancellor of the exchequer would not have wanted to deliver her spring statement against the background of a fresh threat to the world economy.

Evening Standard

Stocks retreat as oil surge raises inflation fear

The Middle East crisis overshadowed the Government’s spring statement.

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The Guardian - UK

Reeves’s spring statement? The economy is great, don’t worry about the Middle East

With no spending or fiscal commitments to offer, the chancellor kept it short, sweet and just a little tin-eared

Evening Standard

UK economy could face ‘very significant’ impact from Iran conflict – OBR

The budget watchdog said that the outlook for inflation would be ‘particularly uncertain’.

The Independent UK

One million more pensioners to pay income tax in ‘shock stealth grab’

It’s a direct consequence of frozen tax thresholds, says the Budget watchdog

The Independent UK

Reeves accused of being ‘tone deaf’ on energy prices as Middle East crisis deepens

Growth forecast cut again and unemployment to rise as chancellor warned economy risks big hit from Iran war – but Reeves insists ‘plan is right’

The Guardian - UK

Rachel Reeves claims UK economy can beat forecasts again – is she right? Our writers discuss

The chancellor insists Labour has ‘the right economic plan’ for a world that has become ‘yet more uncertain’

The Independent UK

Cheltenham Festival-winning trainer attacked dog walker on his land with hockey stick, court told

The plaintiff alleges Mr Williams broke his arm after swinging a hockey stick ‘with full force’

Evening Standard

Chancellor blew chance to end Energy Profits Levy, say opposition parties

The SNP and Tories accused Rachel Reeves of a missed opportunity to support the North Sea in her spring statement.

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