- New measures to protect working people through
anti-profiteering framework to ensure the CMA and other
regulators can clamp down on price gouging if it takes
place.
- Powers to progress nuclear energy, with legislation to stop
red-tape and vested interests holding back our energy security
and indemnities to keep projects moving where they face legal
challenge.
- Options for targeted reductions in import tariffs that could
bring down food prices at the till for families across Britain to
be assessed.
Today (Tuesday 24 March) the Chancellor set out measures to
protect working people from any companies seeking to exploit this
crisis, to take on vested interests holding back our energy
security and to assess specific import tariff reductions to bring
down food prices.
A new anti-profiteering framework will be introduced to protect
working people to deal with businesses unfairly putting up prices
to profiteer during this crisis. As part of this, the government
will not hesitate to introduce time-limited, targeted powers if
needed to ensure the CMA and other regulators can clamp down on
price gouging if it takes place.
Decisive new legislation in the next Parliamentary session will
help secure Britain's energy future, ensuring all reforms that
speed up nuclear delivery are in place by the end of 2027 which
will streamline approvals, reduce unnecessary delay and bring
new, reliable domestic power sooner, cutting exposure to volatile
gas prices. New government-backed guarantees will also be
assessed to keep priority infrastructure projects moving where
planning consent is legally challenged. Targeted cuts to
agri-food tariffs will be explored to help bring down food
prices, focusing on the areas where consumers would benefit most.
Speaking in the House of Commons the Chancellor, said:
The longer and more severe the conflict, the greater the impact
on our economy and our country.
That makes the work we have been doing since the election even
more important,
To grow the economy and increase wages, through the plans I set
out in my Mais lecture last week,
And to bear down on the cost of living and build resilience in
the public finances, through iron-clad fiscal rules.
The Chancellor also said:
I am preparing for the future as this conflict goes on. I know
that families and businesses are worried about the impact of
rising prices.
I have said that we will be responsive to a changing world and
responsible in the national interest
And the Chancellor went on to tell the House:
We did not start this war. But the ongoing conflict in the Middle
East affects us, and we are responding to it.
The impacts remain uncertain, but the action we have taken since
the election has ensured we are in a strong position to face this
latest shock.
The further steps we have taken since the start of the conflict,
and the additional action I have set out today, are all focussed
on a single purpose - to protect working people and to protect
the public finances.
The Chancellor set out how preparations for the future would
focus on being responsive to the impact of this conflict and
responsible with the public finances. This builds on the
extension of the 5p fuel duty cut for 17 months since the
election, the launch of the Cheaper Fuel Finder and a push to
ensure 100% compliance, £53 million to protect those who most
need it with the price of heating oil, and energy bills capped
until the end of June saving the average household £117, with
£150 for vulnerable households, and tiding families over until
the winter.
The Chancellor was also clear on the importance of maintaining
stability in the public finances, and lessons must be learnt from
previous support packages which saw households in the top income
decile receive an average of £1,350 of direct energy bill support
(Energy Bills Support Scheme and Energy Price Guarantee),
equivalent to 11% of the total spend.
As a result, large increases in borrowing drove up inflation and
interest rates, leading to higher costs for people with loans or
mortgages.
This week both the Chancellor and Business Secretary will convene
an extraordinary meeting of the Regulators Council, including the
CMA, to discuss their work to ensure markets continue to function
properly and protect consumers. The Chancellor will also meet
with supermarkets and banks this week to discuss how they can
support consumers as well as Business Representative
Organisations to understand what businesses of all sizes need to
get them through this conflict.
This comes as the government and regulators step up action to
protect consumers from unfair practices. As announced earlier
this month, the Competition and Markets Authority (CMA) is
stepping up monitoring on petrol and diesel prices and will
publish an update as soon as possible. The CMA has also launched
a market study on heating oil and is examining concerns from
consumers about heating oil, and has made clear it will take
enforcement action if it finds potential breaches of consumer
law.
