Displaying items by tag: economic impact

Rachel Reeves has held urgent talks with senior oil and gas executives after warnings that energy bills for UK households could rise by around £500 due to the war in the Middle East. The meeting at Downing Street included representatives from companies such as BP and Offshore Energies UK, as the Government assessed the economic impact of the conflict. Rising oil and gas prices have already unsettled global markets and pushed energy costs higher. Economists warn that sustained increases could add to inflation and significantly raise household energy bills, particularly affecting lower-income families who spend a larger share of their income on utilities. Reeves has signalled she still intends to end the Energy Profits Levy, also known as the windfall tax, but may reconsider the timing depending on market conditions. Industry leaders argue that removing the tax would encourage long-term investment in the North Sea energy sector. The Government is also monitoring whether further intervention may be needed to protect households if energy prices continue to climb. See