LIVE: UK finance minister, defense minister speak on Iran

Treasury to fund Middle East operations via Special Reserve

Reeves confirmed the Ministry of Defence will access the Special Reserve to deploy additional capabilities to the Middle East, with the Treasury funding all net additional costs rather than the MOD budget.

Defense spending sees largest increase since Cold War

The Chancellor stated this represents the biggest uplift in defense spending since the end of the Cold War, ensuring military resources remain available without compromising other budget areas.

Specific funding amounts withheld for security

When pressed by Treasury Select Committee Chair Dame Meg Hillier for figures, the Chancellor declined to disclose specific amounts, citing operational security concerns.

Oil prices surge above $100 per barrel

Shadow Chancellor Mel Stride noted oil prices have exceeded $100/barrel for the first time since the 2022 energy crisis, creating immediate knock-on effects for households facing higher petrol and energy costs.

Fuel finder tool monitoring retailer compliance

The Chancellor announced that 90% of petrol retailers have registered for the cheaper fuel finder tool, with officials accelerating integration into map applications and warning that non-compliant retailers will be called out.

£150 energy bill reduction confirmed

Reeves confirmed the £150 reduction to energy bills announced in the budget will proceed from April through June by removing failed eco levies, with heating oil users benefiting indirectly through electricity bill reductions.

Competition authority monitoring for excess profits

The Chancellor instructed the Competition and Markets Authority to remain vigilant across essential markets including road fuel and heating oil, stating she will not tolerate companies exploiting the crisis for excess profits.

Government commits to new nuclear expansion

Labour defended its energy security strategy by announcing backing for Sizewell C and small modular reactors funded at the spending review, contrasting this with 14 years of Conservative inaction on nuclear and onshore wind.

Strategic reserves confirmed at 90 days for oil

The Chancellor confirmed the UK maintains 90 days worth of oil import reserves and that gas reserves remain comparable to previous years despite the closure of Rough storage facilities under the previous government.

Political dispute over fuel duty and North Sea taxes

Opposition parties criticized planned fuel duty increases and windfall taxes on North Sea producers, while the government defended its record of freezing duties and noted the Conservatives introduced the original energy profits levy.