Rachel Reeves will unveil a crackdown on companies exploiting the crisis in the Middle East in a bid to protect working people from “unfair price rises”.
The chancellor will lay out plans to MPs in the Commons for an “anti-profiteering framework” to catch firms raising prices unfairly during the Iran war.
She is also expected to call for a more diverse mix of energy sources to protect the public against voilatile oil and gas markets.
It comes following an emergency Cobra meeting on Monday, when Ms Reeves met with Sir Keir Starmer to address the economic impact of the Iran war.
The effective blockade of the Strait of Hormuz, crucial to the world’s oil supply, has sent prices spiralling – although they fell on Monday after Donald Trump claimed that talks were taknig place with Iran to end the conflict.
Also on Monday, Sir Keir said Britain must be prepared for the Iran war to continue “for some time”.
In a statement following the Cobra meeting, Downing Street said: “The Chancellor set out the steps she will take tomorrow [Tuesday] – in a statement to Parliament – that will help protect working people from unfair price rises.”
