Reeves pledges to support ‘those who need it most’ if energy bills spiral – live updates

Chris Mason
Political editor

Image source, Getty Images

In the Commons later, the chancellor will focus on the domestic impact of the ongoing situation in the Middle East.

I am told there will be three elements to her address to MPs, beginning with a short update on how the war is affecting the economy.

There will also be a section on energy security, with a promise to crack on with delivering new nuclear power stations. The legislation to allow this to happen is expected later this year and will be set out in the King’s Speech in May.

What is described as “a new anti profiteering framework” will be set out too, which could give the regulator, the Competition and Markets Authority, new time limited and targeted powers to tackle companies proved to be exploiting price rises to rip customers off.

Reeves will then talk about the principles that will drive any further support to families if energy bills spiral in the coming months.

Given the energy price cap on gas and electricity is in place until the end of June, ministers have time to work out what might be feasible, affordable and necessary.

The chancellor will indicate that she believes it wouldn’t be fair or affordable, in all likelihood, to offer every household help.

Another message we can expect to hear from ministers amounts to, as one figure put it to me, “going gangbusters on renewables and nuclear”.

With the Conservatives, Reform UK and some Labour MPs calling for new drilling for oil and gas to be authorised in the North Sea, the Energy Secretary Ed Miliband told a meeting of Labour backbenchers last night: “Anyone who tells you that new licences in the North Sea will make any difference to price is not telling you the truth. Because gas is bought and sold on the international market and the price is set there.”