Chancellor Rachel Reeves will address the House of Commons on the domestic economic impact of the ongoing conflict in the Middle East, outlining how the war is affecting the United Kingdom economy and energy markets. Her statement will focus on energy security, consumer protection and the principles guiding any future support for households facing rising bills.

Reeves is expected to reaffirm plans to accelerate new nuclear power projects, with legislation to enable their development set to be introduced later this year and detailed in the King’s Speech in May. She will also introduce a new anti profiteering framework that could grant the Competition and Markets Authority targeted, time limited powers to act against companies found to be unfairly exploiting price increases.

While the current energy price cap remains in place until the end of June, ministers are assessing what further support may be necessary if bills rise again. Reeves is expected to signal that universal support for all households would likely be neither fair nor affordable, instead emphasising targeted assistance and a renewed push for renewable and nuclear energy rather than expanded North Sea drilling.