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The Latest Breaking News from Rachel Reeves

Oil wars: West releases record 400 million barrels as Iran hits cargo ships in Strait of Hormuz

Meanwhile Tehran threatens to target banks and financial centres in Middle East as Chancellor Rachel Reeves issues warning on inflation and interest rates

Evening Standard

Rachel Reeves admits Middle East conflict ‘certainly not good’ for economy

The Chancellor indicated the government could intervene on energy costs if the conflict spiralled

The Independent UK

Nick Clegg hits out at ‘deeply unfair’ university tuition fees system

Tuition fees were tripled when Sir Nick Clegg was deputy prime minister

The Independent UK

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Trade disruption from Iran war ‘not good for the British economy’, Reeves says

The Chancellor called for rapid de-escalation of the conflict to protect the UK economy.

Evening Standard

UK inflation warning as soaring oil prices threaten 3% high

IN FULL

The Independent UK

Iran war could drive inflation to 3%, OBR warns in major blow for Reeves

Professor David Miles said the impact of conflict on UK prices could be ‘significant’ and ‘completely unwelcome’

The Independent UK

Rachel Reeves issues warning over soaring heating oil prices with more than 1 million affected

IN FULL

The Independent UK

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O’Dowd calls for direct support for customers hit by home heating oil price rise

The Finance Minister said the powersharing Executive does not have the financial ‘firepower’ to fund any relief scheme.

Evening Standard

Rachel Reeves warns using public money to tackle soaring oil prices ‘not the solution’

The Chancellor also warned that petrol stations ‘price gouging’ will ‘not be tolerated’

The Independent UK

Chancellor Rachel Reeves may raise mileage rates for drivers using cars for work

The Chancellor said she understood driving costs had risen “significantly” in recent years

Evening Standard

Rachel Reeves says she might raise mileage rates for drivers using cars for work

The Chancellor said the potential change would be in response to a ‘significant’ rise in driving costs.

The Independent UK

Second Royal Navy ship readied to respond to Iran crisis after HMS Dragon criticism

RFA Lyme Bay could be deployed to the eastern Mediterranean if the conflict continues

The Independent UK

Second British ship being prepared to respond to Middle East crisis

RFA Lyme Bay could be sent to the eastern Mediterranean if the crisis continues.

Evening Standard

Scrapping North Sea windfall tax would not reduce UK energy bills, say experts

Rachel Reeves said to be considering levy cuts for oil and gas firms, but economists say this would just fatten profits

The Guardian - UK

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The Guardian - UK

Lammy defends jury reforms against claims they will worsen racial bias in legal system – as it happened

Justice secretary says changes designed to reduce courts backlog will benefit remand rates

Evening Standard

Donald Trump's Iran war is making Britain poorer, warns Nigel Farage's Reform UK amid oil cost turmoil

Petrol prices, mortgage rates and oil home heating costs are rising as the UK economy is rocked by the fall-out from the Middle East conflict

Evening Standard

US launches 'most intense day of strikes' on Iran yet as Tehran attacks countries across Gulf

Secretary of War Pete Hegseth said the US ‘will not relent until the enemy is totally and decisively defeated’

The Independent UK

Oil prices latest: UK inflation forecast to spike amid fears Iran war could trigger new cost of living crisis

Price of oil has surged since US and Israel launched airstrikes towards Iran 10 days ago

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news in one place.

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Evening Standard

Martin Lewis: ‘Ticking timebomb’ on energy bills which could spike 30% as Trump war risks higher inflation

Oil costs have jumped since the US and Israel began airstrikes on Iran, pushing up inflation, petrol prices and mortgage rates

Evening Standard

UK inflation ‘to be pushed higher’ by energy prices amid Iran conflict

The British Chambers of Commerce said the geopolitical situation could ‘change the economic outlook considerably’.

The Independent UK

Voices: The price of Donald Trump’s war is soaring – and Britain is already paying it

THE INDEPENDENT VIEW: Editorial: As the world tips towards financial oblivion, its leaders must find a way to make the US president listen to the markets if he will not listen to them

The Independent UK

RAF fighter jets shoot down drones targeting UK allies in Middle East

Defence secretary John Healey urged for de-escalation in Lebanon and ‘a return to a negotiated process’

The Guardian - UK

So Badenoch, Farage and Blair think the Iran war is a great idea? Hmm …

Kemi may be all in favour, but at least economic realpolitik is forcing her to take a slightly different tack

The Independent UK

UK government’s new definition of anti-Muslim hate under social cohesion strategy

Communities Secretary Steve Reed said the government has a duty to act against record levels of hate crime against Muslims

Evening Standard

Trump says Iran war will be ‘pretty quickly’ over as world rocked by oil shock

Israel launched a new wave of airstrikes on Tehran which lashed out with missile and drone attacks across the region

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