economy
Rachel Reeves to tell G7 accelerating shift to clean energy is best defence against energy price shocks
Starmer to convene major energy industry and insurance figures to draw up emergency plans amid continued blockade of strait of Hormuz
TL;DR
- Rachel Reeves calls for G7 nations to accelerate clean energy adoption to mitigate oil and gas price shocks.
- Labour government emphasizes long-term energy security through renewables and nuclear power.
- Keir Starmer will meet with energy industry and insurance leaders to discuss emergency measures for the Hormuz Strait blockade.
- Reeves dismisses calls for new North Sea oil and gas licenses, arguing they won't lower consumer bills.
- Conservative proposals, including North Sea drilling, are criticized for not addressing long-term energy security or consumer costs.
- The UK plans to implement the Fingleton review to expedite new nuclear delivery.