"In a letter to the CMA, Reeves she will not tolerate any company exploiting the current crisis to make excess profits at customers' expense. She requested the CMA to stay on high alert for unjustifiable price hikes."
"Tomasz Wieladek, chief European macro economist at investment management firm T. Rowe Price, warned this morning that the oil price shock hitting the global economy could push the UK into recession. The war in the Middle East and the consequent oil price rise will raise inflation and reduce consumer spending, he said."
"Oil prices have again topped $100 a barrel as widespread Iranian attacks on energy facilities in the Middle East overshadowed a vast release of government reserves."
Chancellor Rachel Reeves has instructed the Competition and Markets Authority to investigate potential fuel price exploitation as oil prices exceed $100 per barrel due to Middle East tensions. Reeves and Energy Secretary Ed Miliband will meet energy bosses and petrol retailers to prevent excessive pricing during the crisis. Oil price increases driven by Iranian attacks on energy facilities risk pushing the UK into recession by raising inflation and reducing consumer spending. The government warns companies against profiteering from the current situation. Additionally, Conservative opposition parties accuse the government of withholding documents related to Peter Mandelson's US ambassador appointment, though Downing Street denies the allegations.
Read at www.theguardian.com
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