HEALEY PLEDGES VIGILANCE AGAINST PETROL AND FOOD PRICE RISES

Chancellor John Healey stated he would monitor petrol stations and supermarkets closely to prevent unfair price increases as conflict in Iran affects global markets. Mr Healey acknowledged the Government cannot entirely shield families and businesses from cost pressures resulting from the international situation. He wrote that regulators possess powers to intervene against price gouging if evidence emerges, whilst noting companies have cooperated with the Government and no significant evidence of such practices has been recorded to date.

Mr Healey, a former defence secretary, reported having discussed economic responses with international counterparts during his initial days in the role. Prime Minister Andy Burnham has implemented several measures since taking office two weeks ago, including a VAT reduction on energy bills and a £2 cap on bus fares throughout 2027. Mr Burnham additionally stated his intention to pursue further action on utility bills and rail fares, characterising some rail fares as excessively high.

Mr Healey emphasised the Government intends to adopt an active approach prioritising British interests and providing relief to those experiencing financial strain. He described the administration's goal as making the country more resilient to future economic shocks. No timeline for specific regulatory action has been announced, though Mr Healey indicated regulators stand prepared to act should price gouging occur.