The UK’s Chancellor of the Exchequer will urge partners to act now to boost energy supply and lock in long-term energy security, when she meets G7 Finance Ministers, Energy Ministers and Central Bank Governors with the Energy Secretary on today.
Rachel Reeves will argue that the only way to bring bills down for good is clean, homegrown power that reduces exposure to volatile global gas markets. She will encourage the G7 to follow the UK’s lead by accelerating investment in renewables and nuclear to transition away from gas power – that is how bills can be brought down for families, not by continuing on the rollercoaster of global oil and gas prices.
She will also point to the UK Government’s work to cut red tape that holds back energy security and explore new powers to speed up the delivery of new nuclear capacity. In the meeting, the Chancellor is expected to stress that stabilising energy markets and keeping critical supply chains moving are essential to global growth.
She will call for coordinated G7 action that strengthens supply, supports market stability, and protects the recovery. She will also warn that sustained high energy prices benefit Putin, and that increasing secure supply and cutting dependence on imported fossil fuels is the way to reduce Russia’s leverage.
She will underline that the G7 should act together, not in ways that shift pressure onto partners or weaken collective resilience. The Chancellor will caution against unilateral measures, including protectionism and new trade barriers, which can disrupt supply chains and push up costs.
She will argue that cooperation is essential to keep energy and goods moving and to deliver lower bills over time. The Chancellor will reiterate the importance of vessel security through the Strait of Hormuz.
She will note the UK is working with allies on a viable collective plan to restore freedom of navigation quickly and reduce the economic impact.