Finance
UK's reeves to tell oil execs she is examining support for consumers and industry
Published by Global Banking & Finance Review®
Posted on March 4, 2026
1 min readLast updated: March 4, 2026
Quick Summary
UK Chancellor Rachel Reeves will meet oil and gas executives amid surging energy prices tied to the Middle East conflict, reaffirming plans to replace the Energy Profits Levy with a more stable regime to safeguard both consumers and the industry.
Rachel Reeves Discusses Consumer and Industry Support with UK Oil Executives
Government Response to Energy Price Volatility
LONDON, March 4 (Reuters) - British finance minister Rachel Reeves will tell oil and gas companies she is looking at ways to protect consumers and support the industry after a spike in energy costs caused by the conflict in the Middle East.
Planned Meeting with Oil and Gas Industry
Ahead of a meeting between Reeves and the oil and gas industry a spokesperson for Prime Minister Keir Starmer told reporters she would also say that her plans for reforming taxes in the sector remain unchanged.
Discussion Topics
"They'll discuss the ongoing volatility in oil and gas prices due to conflict in the Middle East," the spokesperson said.
Commitment to Tax Reform and Industry Support
"The chancellor (Reeves) will make clear that she remains committed to end the energy profits levy and replace it with a more permanent and predictable regime.
"She'll be reaffirming her commitment to support jobs and investment in the industry, and look at ways to protect everyday people from the downstream impact of these costs."
Reporting Credits
(Reporting by Alistair Smout, writing by William James)
Key Takeaways
- •Reeves aims to balance protecting consumers from rising energy costs with maintaining investment in the oil and gas sector amid Middle East volatility. (theguardian.com)
- •The current temporary Energy Profits Levy (windfall tax) will be phased out by 2030, to be supplanted by a permanent price-based mechanism that offers predictability for the industry. (gov.uk)
- •The UK economy faces risks: growth has been downgraded to around 1.1%, energy costs are contributing to inflationary pressure, and continued volatility may erode fiscal “headroom.” (ft.com)
References
Frequently Asked Questions about UK's Reeves to tell oil execs she is examining support for consumers and industry
1Who is meeting with UK oil and gas companies regarding energy support?
British finance minister Rachel Reeves is meeting with oil and gas companies to discuss consumer and industry support.
2What caused the recent spike in energy costs addressed in the article?
The spike in energy costs was caused by the conflict in the Middle East.
3What changes to the energy profits levy did Rachel Reeves propose?
Rachel Reeves remains committed to ending the current energy profits levy and replacing it with a more permanent regime.
4How is the UK government planning to support everyday people concerning energy prices?
Reeves is examining ways to protect everyday people from the downstream impact of rising energy costs.
5Will the tax reforms for the energy sector be altered?
Reeves stated her plans for reforming energy sector taxes remain unchanged.
