Finance
Reeves Says UK Will Help 'those Who Need It Most' With Energy Support
Published by Global Banking & Finance Review®
Posted on March 24, 2026
2 min readLast updated: March 24, 2026
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UK Chancellor Rachel Reeves says future energy support will be more targeted to those most in need, avoiding the blanket approach of 2022, and will stay within strict fiscal rules while exploring supermarket, bank and agricultural tariff measures.
UK Finance Minister Reeves Plans Targeted Energy Bill Support for Households
Government Response to Rising Energy Costs and Economic Impact
Reeves' Assurance on Fiscal Responsibility
LONDON, March 24 (Reuters) - British finance minister Rachel Reeves said on Tuesday that government support for households to offset the increase in energy costs caused by the conflict in the Middle East would not jeopardise her plans to repair the public finances.
"As we respond to this crisis, we must learn the mistakes of the past," Reeves told lawmakers.
Critique of Previous Government Actions
She accused the previous Conservative government of pushing up borrowing, interest rates and inflation with its response to the surge in energy costs in 2022, after Russia's full-scale invasion of Ukraine, which was given to all households.
Plans for Targeted Support Measures
With household energy bills expected to rise from July, Reeves suggested she was working on a more targeted approach.
Contingency Planning and Fiscal Rules
"Contingency planning is taking place for every eventuality so that we can keep costs down for everyone and provide support for those who need it most, acting within our ironclad fiscal rules," she said.
Engagement with Key Stakeholders
Meetings with Supermarkets and Banks
Reeves said she would hold meetings this week with representatives of supermarkets and banks to discuss how they can support UK consumers.
Review of Agri-Food Tariffs
Balancing Inflation and Domestic Production
She said she had also asked officials to look at where it might be possible to cut certain agri-food tariffs to help keep a lid on grocery inflation, while keeping in mind any implications for domestic producers.
(Reporting by Muvija M, Sarah Young and David Milliken, writing by William Schomberg, diting by Catarina Demony)
Key Takeaways
- •Reeves emphasizes a more focused energy support strategy to avoid repeating past fiscal mistakes.
- •She commits to adhering to ‘ironclad fiscal rules’—day‑to‑day spending funded by taxes and shrinking debt‑to‑GDP ratio—while planning contingency support.
- •Reeves is consulting supermarkets, banks and considering agri‑food tariff cuts to help curb grocery inflation without compromising domestic producers.
Frequently Asked Questions about Reeves says UK will help 'those who need it most' with energy support
1What did Rachel Reeves announce about energy support?
Rachel Reeves announced that government support for rising energy costs will be targeted to those who need it most, aiming to protect public finances.
2Will the energy support affect public finances?
Reeves stated that support measures would not jeopardise the government's plans to repair public finances and will follow fiscal rules.
3Why are UK household energy bills expected to rise?
Energy bills are expected to rise due to the conflict in the Middle East, affecting global energy markets.
4How is the new approach different from previous support?
Unlike previous broad-based support, the new approach by Reeves will be more targeted, assisting only those most in need.
5What additional actions is the government considering to support households?
Reeves is meeting with supermarkets and banks to discuss consumer support and is examining possible cuts to agri-food tariffs to contain grocery inflation.
