LONDON, March 24 (Reuters) - British finance minister Rachel Reeves said on Tuesday that government support for households to offset the increase in energy costs caused by the conflict in the Middle
UK Finance Minister Reeves Plans Targeted Energy Bill Support for Households
Government Response to Rising Energy Costs and Economic Impact
Reeves' Assurance on Fiscal Responsibility
LONDON, March 24 (Reuters) - British finance minister Rachel Reeves said on Tuesday that government support for households to offset the increase in energy costs caused by the conflict in the Middle East would not jeopardise her plans to repair the public finances.
"As we respond to this crisis, we must learn the mistakes of the past," Reeves told lawmakers.
Critique of Previous Government Actions
She accused the previous Conservative government of pushing up borrowing, interest rates and inflation with its response to the surge in energy costs in 2022, after Russia's full-scale invasion of Ukraine, which was given to all households.
Plans for Targeted Support Measures
With household energy bills expected to rise from July, Reeves suggested she was working on a more targeted approach.
Contingency Planning and Fiscal Rules
"Contingency planning is taking place for every eventuality so that we can keep costs down for everyone and provide support for those who need it most, acting within our ironclad fiscal rules," she said.
Engagement with Key Stakeholders
Meetings with Supermarkets and Banks
Reeves said she would hold meetings this week with representatives of supermarkets and banks to discuss how they can support UK consumers.
Review of Agri-Food Tariffs
Balancing Inflation and Domestic Production
She said she had also asked officials to look at where it might be possible to cut certain agri-food tariffs to help keep a lid on grocery inflation, while keeping in mind any implications for domestic producers.
(Reporting by Muvija M, Sarah Young and David Milliken, writing by William Schomberg, diting by Catarina Demony)
