Reeves Urges G7 to Accelerate Clean Energy Push
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- Rachel Reeves will tell G7 ministers meeting in Toronto that they must move faster on renewables and nuclear to shield economies from oil and gas price volatility, with Treasury sources confirming she will push to implement the Fingleton review this year to speed new nuclear delivery.
- Keir Starmer will convene senior leaders from Shell, BP, Centrica, Equinor, Lloyd's of London, Maersk, CMA, HSBC, and Goldman Sachs at No 10 to discuss emergency measures for the Strait of Hormuz blockade, as Iran threatens to charge vessels for access once the chokepoint reopens.
- Reeves explicitly rejected Conservative and Reform demands for new North Sea oil and gas licences, arguing they would not insulate UK consumers from shocks, and issued a veiled warning to G7 partners against easing sanctions on Russian energy.
- Kemi Badenoch will visit Aberdeen and a North Sea oil rig on Monday, demanding VAT removal from energy bills, scrapping GB Energy, heat pump subsidies, and renewable obligation subsidies, claiming her 'Cheap Power Plan' would cut bills by £200.
- Badenoch conceded on the BBC's Laura Kuenssberg programme that further North Sea drilling 'isn't going to go directly on to people's bills,' instead arguing the UK should stop importing the 40% of gas it currently receives from Norway, which drills in the same basin.
- Energy bills are coming down for UK families this week, according to Reeves, who credited Labour's actions and contrasted them with Tory and Reform opposition.
Why it matters: Reeves is making a concrete bet that G7 coordination on renewables and nuclear, backed by the Fingleton review, will outpace Conservative demands to expand North Sea drilling — a position strengthened by Badenoch's own BBC admission that more drilling won't lower consumer bills, undermining her £200 bill-cut pledge with the same news cycle.
