‘Nothing off the table’ as Rachel Reeves considers ‘targeted support’ over energy costs

Chancellor does not rule out ditching planned fuel duty rise but tells MPs it is too early to gauge if consumers need extra help IEA orders largest ever release of stockpiled oil to reduce price Rachel Reeves has refused to rule out ditching a planned fuel duty increase in September, as she promised “nothing is off the table” to help consumers with rising energy costs amid the Iran conflict. The chancellor told MPs on the Treasury select committee that options for “targeted support as well as broader measures” were being explored, although she cautioned that it remained “too early” to be sure emergency help was required. Against a backdrop of volatile conditions in energy markets amid the US-Israel war with Iran, Reeves said the government was prioritising the de-escalation of the conflict and pushing for the safe passage of oil and gas exports through the critical strait of Hormuz. She said Britain was also “willing to play its part” to release strategic oil reserves alongside other countries in the 32-member International Energy Agency, in a push to bring down crude prices that have soared. However, she signalled the Treasury was working on contingency plans for a