Caller Anthony gives Matthew Wright a piece of his mind over Iran war inflation
Caller Anthony and Matthew Wright debate the impact of the Iran war on the UK economy and the effectiveness of the mitigation by Chancellor Rachel Reeves.
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The Chancellor said she would give support “to those who really need it”, with a package of help for people who rely on heating oil – which is not covered by the energy price cap – expected next week.
Gas and electricity bills are covered by regulator Ofgem’s price cap, which is fixed until June, but if the conflict continues and Iran maintains its stranglehold on shipping in the Strait of Hormuz, then, households could face dramatic hikes at that point.
But about 1.5 million households relying on heating oil already face soaring costs, with the price per litre doubling since the start of the crisis.
Ms Reeves indicated a subsidy package would be set out next week: “I have found the money and we’ve worked through with MPs and others a response for people who are not protected by the energy price cap."