Reeves Rules Out Summer Energy Relief as Labour Rolls Out £250m Package

UK markets closed the period with Chancellor Rachel Reeves confirming no broad summer intervention on energy bills, instead extending targeted measures including free bus travel for children and food tariff cuts worth roughly £250m. The fiscal nudge follows heavy local election losses and caps a volatile fortnight that opened with J.P. Morgan’s warning of a higher bank surcharge and Catherine Mann’s hawkish geopolitical remarks. Mixed data—resilient house prices, record-low employer confidence, weak April payrolls, and a 7.5% utility sell-off—eased immediate BoE hike odds to 29.1% while IMF structural warnings kept investor caution elevated.