Spiegel reports that Lufthansa is considering grounding 40 planes because of the Iran war.

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• The US-Israeli War on Iran has disrupted global business

  The U.S. and Israeli war against Iran has rattled businesses around the world, driving up energy costs, squeezing the supply of vital raw materials, and raising concerns about the reliability of the trade routes that are critical to the flow from goods such as food to car parts. Here are the major disruptions that have occurred so far: TRAVEL CHAOS Tens of thousands flight cancellations have been reported worldwide. Schedule changes and reroutings are also common. The Middle East has had its airspace closed due to threats from drones and missiles. The global aviation industry is experiencing its worst disruptions since the pandemic. Hubs like Dubai International Airport - the busiest airport in the world for international passengers - are being hit, as well as alternative transit points. Some travellers are boarding private jets to fly out of the Gulf. Others have taken a?long taxi drive across the desert into Saudi Arabia in order to catch a flight home. Air cargo that is time-sensitive has also been affected. From fresh produce to planes, shipments have been delayed due to the conflict. Airline Tickets Global airlines have raised the alarm about soaring jet-fuel prices. They warned of additional costs of hundreds of millions, increased fares, and even cuts to certain routes. EasyJet, a discount airline, expects ticket costs to increase towards the end the summer. Bloomberg News reports that United Airlines may raise fares by up to 20% in response to the oil price surge. Since the beginning of the war, jet fuel prices, which are the second largest expense for airlines after labour, has doubled, increasing the pressure on carriers. Airlines that have hedged against oil price spikes are now announcing fare increases, fuel surcharges, and capacity reductions as they struggle with the unprecedented increase in refinery margins. Indian airlines have suffered another blow due to the Middle East airspace restrictions. Since Pakistan banned Indian carriers last year, the Indian airlines counted the Middle East as a "crucial corridor" for flights to Europe or the U.S. India announced that it would remove the temporary fare caps on domestic tickets it imposed in December. The report cited a government directive. Lufthansa, Germany's largest airline, expects that the Iran War will weaken the dominance on Asian routes of Gulf carriers like Emirates and Qatar Airways. CRUISE As fuel prices rise, cruise operators prepare for rougher seas. Analysts warn that Carnival Corp's 2026 earnings could be hit the hardest as it is the only major U.S. Cruise Line not to hedge its fuel costs. DUBAI IMPACT The conflict has harmed the carefully constructed image of the Middle East as a high-end, safe vacation destination. The tourism industry in the Middle East is valued at $367 billion per year. The report also revealed how global air travel is heavily reliant on a few hubs, led by Dubai. Many stores in Dubai and other Middle Eastern shopping centers were closed or operated with a skeleton crew. DEFENSE INDUSTRY The United States has deployed advanced weapons against Iranian targets including stealth fighters and low-cost, one-way attack robots for the first combat time. During the attack, the Pentagon used artificial intelligence tools from Anthropic including its 'Claude' tools. The Pentagon signed framework agreements on March 25 with Lockheed Martin, Honeywell and BAE Systems in the UK to increase production of defense systems. CRITICAL METALS AND RAW MATERIALS Metals and energy flow are affected by disruptions in the Strait of Hormuz. Aluminium producers have stopped shipments in the Gulf, declared force majeure or rerouted their exports. This has sent prices and premiums soaring. Around 8% of the global supply of aluminium comes from the Gulf region. The helium price has risen after the Iran War disrupted the natural gas processing in Qatar. This exposes the vulnerability of this small but essential market, which supports industries ranging from semiconductor manufacturing and medical imaging. Nickel producers in Indonesia who depend on Middle East sulphur for their production could face output reductions. Due to supply chain issues, chemical firms Celanese Dow and Ecolab raised prices on some products. The Iranian attacks also affected 17% of Qatar’s natural gas export capacity. This poses a threat to supplies in Europe and Asia. Globally, policymakers are forced to rethink how to reduce their long-term dependency on oil and natural gas imports. The increasing?price for gasoline due to the Iran War could encourage consumers to buy EVs or hybrids. Brewers have warned about shortages in India as well. A shortage of gas caused by the war with Iran has driven up the price of glass bottles, and delays in shipping have affected the import of aluminium required by can makers. MEDICINE The war in the Middle East is disrupting the flow of critical medicines into the Gulf, threatening supply lines for cancer therapies and other temperature-sensitive ?drugs and forcing companies to reroute flights and secure overland alternatives into the region. The executives told us that there is currently little sign of shortages but that this could change if conflict continues. FOOD, FAST MUSIC AND LUXURY As reported in earlier March, some shipments of major clothing retailers'?garments were stuck at airports in India and Bangladesh due to the impact of conflict on flights. South Asia is the clothing manufacturing capital of the world. Fast fashion brands from around rely on Bangladesh, India, and Pakistan to supply them with new T-shirts and dresses. Richemont, Zegna and other luxury groups are also under pressure from the crisis. Restaurants and hotels in India have warned of possible disruptions due to a shortage of cooking gas, and households are rushing to purchase electric induction stoves. Some manufacturers in India are also increasing prices for distributors. Samyang Foods, a South Korean company, and other snack, cosmetics and toys makers in Asia have warned of a shortage of packaging material and rising costs due to the high energy prices and shortfall of naphtha. DATA CENTRES AND CHIPS South Korean officials warned that a long-term conflict could disrupt the supply of materials for semiconductor manufacturing? from the Middle East. Helium is one such material, and it's essential to chip production. Drone strikes in the UAE and Bahrain damaged data centres owned by Amazon. This raised questions about technology supply chains, and the pace of Big Tech expansion in the Middle East. Citigroup and Standard Chartered told Dubai staff that they could work from home. This was reported by sources as the banks responded to Iranian threats made against Gulf banking interests linked to the U.S. Citigroup has closed most of its branches and offices across the UAE until further notice. According to a notice sent to customers, HSBC closed all of its branches in Qatar and the UAE until further notice. The Financial Times, citing a reliable source, reported that the U.S. hedge-fund manager Millennium Management was considering relocating employees who don't want to return back to Dubai to Jersey. (Reporting and editing by buros, Josephine Mason, Shinjini Ganuli, Shreya biswas, Tasimzahid, Bernadettebaum)

• Sunexpress will charge a 10 euro surcharge on fuel starting May 1, due to rising costs

  SunExpress is a joint venture between Turkish Airlines and 'Lufthansa. It announced on Wednesday it would start imposing an extra fuel surcharge of $10 per passenger as a result of the rising costs for fuel due to the Iran war. Calculations based on data show that crude oil prices rose from $72.5 per barrel to $120 per barrel during the war and now trade at $100. This represents a 38% rise. Jet fuel prices are often even more expensive than crude oil. SunExpress said that it would introduce a temporary fuel charge of 10 euros per passenger, per flight segment between Turkiye (Turkey) and continental Europe. The statement said that the measures "would apply to all bookings made after April 1, 2026 for departures after May 1, 2026." $1 = 0.8628 Euros (Reporting and Writing by Tuvan?Gumrukcu, Editing by Louise Heavens).

• Spain shuts down airspace for US planes involved with Iran war, Defence Minister says

  Spain has closed its airspace for?U.S. Spain has closed its airspace to 'U.S. She told reporters in Madrid that "we don't authorise the use of either military bases or airspace for actions relating to the war?in Iran". The news was first reported by El Pais, the Spanish newspaper on Monday. It cited military sources. El Pais said that the closure of 'the airspace' forces NATO members Spain to avoid military planes en route to?targets?in the Middle East. However, it doesn't include emergency situations. When asked whether the decision to close Spain's airspace would worsen relations with the United States, Economy Minister Carlos Cuerpo replied in an interview with Radio Cadena Ser. The Spanish Prime Minister Pedro Sanchez is one of the loudest critics of 'the U.S. attacks and Israeli attacks against?Iran. He has called them reckless and illegal. Donald Trump threatened to cut off trade with Madrid if it refused the U.S. the use of Spain's bases during the war.

• El Pais reports that Spain has closed its airspace to US aircraft involved in the Iran war.

  Spain has closed down its airspace for?U.S. Spanish newspaper El Pais, citing military source, reported that Spain has closed its airspace to?U.S. El Pais said that the closure of Spain's airspace does not include emergency situations. The Spanish Ministry of Defence did not respond immediately to a comment request. When asked whether the decision to shut down Spain's airspace would worsen relations with the United States, Economy Minister Carlos Cuerpo replied in an interview to radio Cadena Ser that "this decision is part of the?decision already?made by?the Spanish?government to not participate or contribute to a unilaterally initiated war and against international law." Spanish Prime Minister Pedro Sanchez has been one of those who have spoken out most against the U.S.-Israeli attacks in Iran. He called them "reckless and illegal". Donald Trump threatened to cut off?trade with Madrid if it was denied?the U.S.'s use of?Spanish bases in the war.

• Fuel price spikes threaten travel demand, causing airlines to face a dilemma regarding fares

  The sudden rise in oil prices has forced global airlines to increase fares and reduce capacity. However, the industry's ability remain profitable depends on whether consumers decide to cut back on their flying because gasoline costs are threatening household budgets. The airline industry forecast'record profits' of $41 billion by 2026 before the U.S. - Israel conflict with Iran started last month. However, a doubling of jet?fuel costs has put that in doubt and forced carriers to rethink networks and strategies. United Airlines, Air New Zealand, and Scandinavian SAS all announced fare increases and capacity reductions. Others imposed fuel surcharges. Rigas Doganis said that airlines face an existential threat. He was the former head of Greece's Olympic Airways, and a director at Britain's easyJet. They will have to reduce fares in order to stimulate a weakening market, while the higher cost of fuel will force them to raise fares. "A perfect storm", said Doganis who is now the chairman of London-based consultancy Airline Management Group. Record Passenger Traffic The?industry last year reported record global passenger traffic, which rebounded about 9% over pre-pandemic numbers despite persistent supply-chain issues that affected the deliveries of new aircraft. The record post-pandemic travel demand and persistent supply chain challenges had constrained capacity and given airlines considerable pricing power, as they filled more plane seats. The scale of the increase needed to compensate for the surge in jet fuel prices is enormous at a time when the consumer's discretionary spending could be curtailed by higher gasoline costs. Andrew Lobbenberg, Barclays head of European Transport Equity Research, said that the only way to increase prices is to reduce capacity. "I would expect that to happen this time and in previous crises, people have just to start cutting capacity." HIGHER TICKET PRICES United Airlines CEO Scott Kirby said to ABC News that the airline would need to raise fares by 20% to cover higher fuel costs. Cathay Pacific Airways in Hong Kong has reduced fuel surcharges on two occasions over the past month. A return flight from Sydney to London from Wednesday will incur a fuel surcharge of $800. Prior to the Iran conflict, the normal round-trip economy class fare for the route was approximately A$2,000 (1,369.60). Analysts say that low-cost carriers may struggle most because their customers are more price sensitive than corporate clients and wealthy consumers, who are increasingly being targeted by premium competitors like Delta Air Lines or United Airlines. Nathan Gee, Bank of America’s Asia-Pacific Transport Research Head, said: "I believe that for more price-sensitive travelers, even short-haul flights are downgraded to rail, bus, or other alternatives." OIL SHOCKS The Middle East conflict has been the fourth oil crisis for the airline industry, but the first time that carriers such as Vietnam Airlines are concerned about the physical supply of fuel because of the closure of the Strait of Hormuz. One was in 2007-2008, before the global economic crisis slowed demand. Another followed the Arab Spring in 2011, and the third came after the Russia-Ukraine War in 2022. Between 2008 and 2014, a series of mergers like Delta-Northwest or American Airlines-US Airways reduced the number of major U.S. carriers to four. Low-cost carriers like IndiGo and Ryanair relied on single-aircraft aircraft fleets and quick turnarounds to maintain low unit costs. It is obvious that carriers can reduce costs by replacing older, more fuel-inefficient planes with newer, more fuel-efficient ones. However, a severe shortage of supply chain in the aftermath of the pandemic, and problems with the latest engines has delayed deliveries. While U.S. low-cost carriers are equipped with some of the most modern and fuel-efficient aircraft in the industry, the cost of these planes could be a barrier to profitability if demand for travel falls. Dan Taylor, the head of consulting at aviation advisory firm IBA said that the current oil crisis was expected to "widen the gap" between financially strong airlines and those with weaker finances. He said that carriers with strong balance sheets, pricing power and reliable access capital were better positioned to withstand ongoing pressures. "Airlines with low profitability or limited funding options could face increased financial pressure."

• Oman claims that no one has claimed responsibility for the attacks on its territory

  Oman's Foreign Ministry?said Sunday that it?"condemns" attacks on its land, adn that no one has claimed responsibility. Authorities are investigating "sources and motivations" of the attacks, without giving any further details or naming a specific attack. Oman reported on Saturday that a worker had been injured in a drone attack at the Salalah port of the Gulf nation. Danish container shipping company Maersk later announced it temporarily halted operations?at the Salalah port?after the attack. Iranian media reported that Iran's Revolutionary Guards claimed on Saturday they had targeted a U.S. Support vessel "considerably" away from Salalah Port. The statement continued, "As we have stated previously, the Islamic Republic of Iran respects Oman's national sovereignty." On March 11, drones ?struck oil storage facilities ?at Salalah port. Masoud Pezeshkian, the Iranian president, told Oman's Sultan in a telephone call that an investigation would be conducted into this incident. (Reporting and editing by David Goodman, Menna Alaa el-Din, Jaidaa taha)

• Vice President Vance is the winner of CPAC's straw-poll for 2028 Presidential election.

  The 'Conservative Political Action Conference is the top pick?this year? for?the next?U.S. A straw poll conducted on Saturday revealed that the next president of the United States will be Vice President?JD Vance. Vance was chosen by 53% of the attendees at this year's CPAC Convention. Secretary of State Marco Rubio was ranked'second' with 35%, at CPAC. This is a major gathering for Republican lawmakers, activists, and presidential hopefuls. CPAC, who is holding the event this year in Grapevine Texas, attracts a large number of conservative Republicans. The straw poll it conducts each year is not necessarily a reliable indicator of who will be the nominee. The poll is a snapshot into where the 'energy' currently lies in core supporters of Donald Trump's Make America Great Again movement. Trump is not eligible to run again in 2028, as he is currently serving his second term. (Reporting and editing by Sergio Non, David Gregorio, and Nathan Layne from Grapevine Texas)

• As the Middle East conflict escalates, airlines cancel more flights

  The global air travel industry is still severely affected by the Iran War. Many people are unable to travel to their destinations as planned after major Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi were closed. The latest flight information is listed below alphabetically: AEGEAN AIRLINES The largest Greek?carrier cancelled flights from Tel Aviv to Beirut, Amman and Erbil until April 22. Baghdad and Erbil were also canceled until May 24. Dubai flights have been canceled until April 19, and Riyadh flights until April 18. AIRBALTIC All flights to Tel Aviv have been cancelled by Latvia's AirBaltic until April 29. All flights to Dubai are cancelled until October 24. AIR CANADA All flights from Canada to Tel Aviv and Dubai have been cancelled until May 2. AIR EUROPA Spanish Airlines has cancelled all flights from Tel Aviv to April 10. AIR FRANCE KLM Air France has cancelled Tel Aviv, Beirut and Dubai flights until April 4, and Riyadh and Dubai flights until March 31. They have also cancelled an April 1 departure out of Dubai. KLM has suspended flights until May 17 to Tel Aviv and Riyadh. CATHAY PACIFIC Hong Kong Airlines has cancelled all flights to Dubai and Riyadh up until May 31. In April, the airline will increase its passenger flights to London and Paris, as well as adding capacity in London. The U.S. airline cancelled all flights between New York and Tel Aviv, and put off the start of Atlanta-Tel Aviv until September 5. The airline said that the launch of its Boston-Tel Aviv flight, scheduled for late October, has been postponed until further notice. EL AL ISRAEL AIRLINES Customers who were planning to leave Israel by April 4 have had their flights, and return flights as well, cancelled. The airline is operating a small number of flights. EMIRATES The UAE airline announced that it would operate a reduced schedule after a partial opening of the regional airspace. ETIHAD AERWAYS The UAE carrier announced that it operated a limited schedule of commercial flights between Abu Dhabi, and approximately?80 destinations. FINNAIR The Finnish airline has cancelled all flights to Dubai until March 29, and Doha until July 2. It continues to avoid the airspace over Iraq, Iran and Syria. FLYNAS Saudi budget airline Flynas has suspended flights to Dubai and Abu?Dhabi until March 31. British Airways, owned by IAG, has extended the cancellation of flights to Amman and Bahrain until May 31, and Doha until April 30. Flights to Bangkok and Singapore have also been added. Flights to Abu Dhabi are suspended until the end of this year. INDIGO The Indian airline has temporarily suspended its operations in Doha, Kuwait and Bahrain, Dammam as well as Fujairah Ras Al Khaimah Sharjah and Fujairah. JAPAN AIRLINES Japan Airlines has suspended its scheduled flights between Tokyo and Doha until April 10, and Doha to Tokyo until April 11. All flights from Tel Aviv to Dubai and back have been cancelled, according to the Polish airline. The airline has also cancelled all flights to Riyadh and Beirut until April 30, as well as to Riyadh from March 31 through April 30. LUFTHANSA GROUP Lufthansa and other airlines, including Austrian Airlines and Brussels Airlines as well as Edelweiss, have suspended flights from Dubai and Tel Aviv to Abu Dhabi until May 31 and to Amman, Beirut Dammam, Riyadh Erbil Muscat and Tehran to October 24. Lufthansa Cargo will be the same except for Tel Aviv, which is suspended until April 30. Eurowings, a low-cost carrier, plans to suspend flights to Tel Aviv through April 30, and to Beirut, Erbil, Dubai, Abu Dhabi, and Amman until October 24. MALAYSIA AIRLINES Malaysia Airlines has suspended flights to Doha until April 15 NORWEGIAN AIR It has delayed the launch of Tel Aviv services from April 1, to April 4 respectively. All Dubai flights have been cancelled through April 8. PEGASUS Pegasus Airlines, Turkey, has cancelled all flights to Iran, Iraq and other countries including Amman, Beirut Kuwait, Bahrain Doha Dammam Dubai Abu Dhabi Sharjah until April 13th. Pegasus Airlines, Turkey's national airline, has cancelled its flights to Iran, Iraq and other countries including Amman in Lebanon. Kuwait Airways is also cancelling their flights until April 13. QANTAS Australia's flag-carrier is adding flights to Rome, Paris and London to meet a surge in demand for European routes. Perth-Singapore will be increased from daily service to ten flights per week, and five return flights to Paris per week. QATAR AIRWAYS The airline said that it would only operate a limited number of flights up until the 28th March. SINGAPORE Airlines The carrier has extended its suspension of Singapore-Dubai flights to April 30 and added services on Singapore-London Gatwick, Singapore-Melbourne, from late March until the 24th of October in order to meet increased demand. TURKISH AIRLINES Turkish Airlines has canceled most Middle East flights up until the end March. SunExpress, a joint venture between Lufthansa and SunExpress has cancelled flights from Dubai to Bahrain to April 30. WIZZ AIR The low-cost carrier has suspended flights from Europe to Israel and other destinations in the Middle East until mid-September. (Compiled by Josephine Mason and Jamie Freed; edited by Matt Scuffham and Mill Nissi Prussak.

• The Iran War dampens interest in early summer tourism to Cyprus and Greece

  The Iran conflict has led to a rise in cancellations of tourists from Cyprus The forecast for Cyprus' economic growth has been cut in the face of conflict * Greece and Turkey both see a slowdown in bookings By Michele ?Kambas LIMASSOL (Cyprus), March 26th, 2014 (Rtrs). The Iran conflict has caused a spike in cancellations of summer tourists in Cyprus as well as other countries that rely heavily on them. On February 28, the U.S. and Israel launched an attack on Iran, as Cyprus's tourism sector was about to reopen after winter. On March 2, as Iran launched counter-strikes against the island, a British base was hit by a drone, leading to a wave cancellations of tourists. Bookings are down, the latest sign that the war has had a wide-ranging impact. From disrupted oil supplies to massive flight cancellations, the economic outlooks around the world have gotten worse. AirDNA, a U.S. company that tracks short-term rental bookings, says the cancellation rate for these rentals has risen from 15% before the conflict up to 100% within a few days. This figure has since decreased, but was still around 45% on March 21. Greece and Turkey also saw slight increases in cancellation rates. Christos Angelides, director-general of the Cyprus Hoteliers Association, said that bookings in March were down by nearly 40% and that April's numbers would be similar. Nicholas Aristou is the commercial director of Muskita Hotels, Limassol. The company runs two luxury hotels. He hopes the slowdown doesn't continue into?the summer, when tourist visits usually?pickup. If we don't protect the high-season months, the destination could be in serious trouble by May. Pre-bookings may also slow in Greece. The war has impacted the growth expectations of Cyprus. The Central Bank of Cyprus reduced its economic growth forecast for 2026 from 3.0% to 2.7% this week, based upon the assumption that the conflict will last two months. EasyJet, Jet2 and other budget airlines claim that the demand for destinations in Cyprus and Turkey is waning and has moved to the west Mediterranean like Spain. Savvas Orphanos sat by himself in a central Limassol district, Ayios Andreou, among a variety of fridge magnets and?pottery. A downpour made an already slow time even worse when we visited. "Unfortunately, as you can tell by the lack of tourists in our area," he said. The impact of the summer tourist season is also felt in Greece. Aegean Airlines' spokesperson revealed on Thursday that the airline has seen a drop of double digits in summer bookings from Israel and Gulf States to Greece. George Vernicos of Greece's tourism association SETE said there was a decline in pre-bookings. However, this was partially offset by an influx of people booking flights before the price of plane tickets increased due to oil prices. He stated that the?demand for Greece's largest markets in North Europe and America has dropped. He said, "We're in an wait-and see phase." "There's a restraint, but the year continues to run positively. Also because the momentum was high before the start of the war." (Additional reporting by Renee Maltezou in Athens, Angeliki Koutantou and Edward McAllister; Editing by Edward McAllister and William Maclean.

• Maersk claims that the Gulf land-bridge routes can still accommodate food and medicines

  Maersk's regional director said that the shipping giant maintains food and medicine supply routes via "alternative land bridge routes" which still have "some spare capacity" despite the Gulf war. The U.S. and Israeli strikes on Iran, followed by Iranian attacks in the?region, as well as the closure of the Strait of Hormuz have brought the Gulf to an almost complete standstill. This has impacted global supply chains. Danish container shipping company A.P. Moller-Maersk uses a "land bridge" system that involves ports like Jeddah, Saudi Arabia, Salalah, Oman, and Khor Fakkan, United Arab Emirates to funnel cargo into the Gulf region before it is transported by land. Charles van der Steene said in an interview that Maersk is accelerating the network, and working with governments throughout the Gulf who have implemented faster procedures to accelerate deliveries. He added that while?it?is prioritising food and medicine, it still has capacity to spare on these alternative routes. Maersk’s board chair said Wednesday that the Middle East has a “pressing need” for?food imported disrupted due to?the conflict. According to the World Economic Forum, Gulf Cooperation Council countries import up to 85 percent of their food. (Reporting and editing by Joe Bavier, Andrei Khalip and Maggie Fick)

• Maersk Shipping says Middle East urgently needs food imports

  A.P., the Danish container shipping?group's chairperson, said that the Middle East has a?pressing need? for food imports which have been disrupted? by the Gulf War. Moller-Maersk stated on Wednesday. According to the World Economic Forum (WEF), Gulf Cooperation Council nations - including Saudi Arabia, Qatar, and the United Arab Emirates -- import up to 85 percent of their food. The conflict that started?with U.S. and Israeli strikes on Iran, followed by Iranian attacks in?the region, and its closure of the Strait of Hormuz has brought'shipping to a standstill, rippling through global supply chains. Maersk temporarily suspended cargo bookings in many ports of the Gulf Region and introduced emergency bunker fuel surcharges throughout the world as compensation for rising fuel prices. Robert Maersk Uggla, Maersk Chairperson, said that the company employs more than 6,000 people in the region who provide essential logistic and transportation services to customers and communities. He told the annual general meeting of the shareholders of the group that there was a "pressing need" for food imports, which are often handled using cold chain solutions, such as Maersk reefer containers. He added that "as the Strait of Hormuz has been closed, we are now trying to find alternative ways to bring the cargo to the Gulf", without providing any further details. Hapag-Lloyd, the rival container shipping company, said earlier on Wednesday that it would incur 'additional costs' of $40 to $50 million per week as a result of the Iran crisis. It cited higher fuel prices, insurance premiums, and storage fees for containers. (Reporting and editing by Jan Harvey; Terje Solsvik)

• Reeves: UK will provide energy assistance to 'those in greatest need'

  The British Finance Minister Rachel Reeves stated on Tuesday that the government's support to households in order to offset the increase in energy costs caused by the conflict in the Middle East will not compromise her plans to fix the public finances. Reeves said that we should learn from the past mistakes as we deal with this crisis. She said that the Conservative government 'pushed up borrowing rates, inflation and interest rates with its response to the rise in energy prices in 2022 after Russia's full scale invasion of Ukraine. Reeves said she was working to develop a more targeted strategy for households whose?energy costs are expected to rise from July. She said that "continuous planning" is being done for all eventualities to keep costs low for everyone, and to provide support for those in need while adhering strictly to our fiscal rules. Reeves stated that she would be meeting with representatives of supermarkets and banks this week to discuss ways they can help UK consumers. She also said that she asked officials to 'look at where they could cut certain agrifood tariffs in order to help 'keep a lid on the grocery inflation, keeping a mind to any implications for local producers. (Reporting and writing by Muvija, Sarah Young, and David Milliken; diting by Catarina demony).