Unemployment predicted to continue rising to 5.3% as chancellor says she is meeting energy firms amid soaring oil and gas prices
Rachel Reeves promised “economic security in an uncertain world” as she delivered a spring statement that risked being swept away by the conflict in the Middle East.
The chancellor was addressing MPs against the backdrop of surging energy prices and rising government borrowing costs, as investors fret about the impact of the war in the Middle East. The cost of a barrel of Brent crude was up another 7.2% and gas by another 23%, with economists warning a prolonged spike in energy costs will feed through to higher prices for households and businesses.
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