Labour is tracking oil prices on an hourly basis as the Middle East conflict continues, Steve Reed has assured GB News viewers.
Grilled by host Ellie Costello on “what the Labour Government is going to do” to tackle the surging prices, the Housing Secretary indicated that ministers stand prepared to step in should energy costs spiral further.
“The sensible thing for Government to do is to monitor the situation closely, and the Government is looking at it hourly to see what is happening,” he said.
“So, if there is a need for intervention, then that intervention can happen.”
Mr Reed acknowledged widespread concern about the ongoing crisis, noting the conflict had been underway for just over a week with its duration remaining uncertain.
Despite global uncertainties, British households can count on receiving £150 off their energy bills starting in April, with this discount secured for the subsequent three months.
Mr Reed pointed to the country’s strengthened economic position as a buffer against potential turbulence.
“Whatever happens in the world, whatever crises come, the fact that we now have a more stable economy that’s seen wages rising, national debt falling, inflation coming down, puts us in a better position to weather the storms, whatever they may be,” he stated.
Ellie Costello has grilled Steve Reed on Labour’s plans to tackle the soaring cost of fuel
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GB NEWS
The minister emphasised that officials remain vigilant, with multiple factors influencing the current situation requiring careful observation.
Mr Reed defended the Government’s approach to North Sea oil extraction, confirming that no drilling contracts have been cancelled.
However, he argued that boosting domestic production would make no difference to what consumers pay at the pump or on their bills.
“Even if we were to drill more, it would have zero impact on the price of oil in this country, because the price is set globally,” he explained.
Britons are bracing for all-time highs at the petrol pump (file photo) | GETTY“So we could increase capacity, which would not help one iota with the cost of living.”
The Housing Secretary advocated for shifting away from fossil fuels towards wind, wave, solar and nuclear power, arguing this would give Britain control over its own energy supply and shield households from international crises.
Mr Reed ruled out any adjustments to fuel duty before September, citing the unpredictable nature of the current crisis.
“Well, that would be in September. There’s no change to be considered until September,” he told GB News.
Mr Reed told GB News that drilling more would have ‘zero impact on the price of oil in this country’
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GB NEWS
“As I said, we’re only one week, just over, into what’s happening in Iran.”
The minister acknowledged the difficulty in forecasting how events might unfold, stating he could not predict where matters would stand even by the following week.
He said: “I don’t even know where we’ll be at the end of next week, let alone towards the end of the year, in September, so we’ll need to look at that when we get there, and let’s all hope and let’s all do what we can, particularly in government, to try and ease these tensions and bring this crisis to an end.”
Mr Reed expressed hope that diplomatic efforts, particularly from Government, could help de-escalate tensions and bring the crisis to a resolution.
