Rachel Reeves, the Chancellor, made a statement regarding the government's preparedness and economic response to the conflict in the Middle East. She expressed concern for British citizens affected by the conflict and acknowledged the anxiety felt by families and businesses during uncertain times. She outlined her economic approach, which is both responsive to a changing world and responsible in the national interest. The economic impact of the conflict is dependent on its severity and duration, with movements already seen likely to put upward pressure on inflation. Reeves emphasised that financial markets are functioning and that she is in regular touch with the Governor of the Bank of England. She discussed her priorities for international cooperation, including immediate de-escalation, securing vessel passage through the Strait of Hormuz, and supporting a coordinated release of collective International Energy Agency oil reserves. The UK will support maritime trade and will meet with Lloyd’s of London to discuss support measures. She assured the country of Britain’s strong economic fundamentals, noting that the deficit has been reduced from 5.2% to 4.3% of GDP. She also highlighted actions taken to protect families and businesses, such as investing in clean, home-grown energy, implementing the supercharger discount on business electricity, and investing £15 billion in the warm homes plan. She committed to reducing energy bills further and ensuring that the price cap for domestic bills in April will not change, providing immediate certainty for families. Reeves also discussed measures to ensure low fuel prices, such as extending the fuel duty cut and introducing a new cheap fuel finder.