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Rachel Reeves, the Shadow Chancellor, is set to deliver a significant address advocating for the rapid adoption of artificial intelligence (AI) and the strengthening of ties with the European Union (EU) to stimulate economic growth in the UK. Her remarks come amid rising oil and gas prices, influenced by recent attacks on Iranian production facilities, marking a notable escalation in the ongoing conflict involving the US and Israel.
Brent crude oil prices have surged by 4%, reaching $104.17 per barrel, nearly 50% higher than pre-war levels. Similarly, European wholesale gas prices have increased by 3%, now at €52.45 per megawatt hour, compared to around €30 prior to the conflict. These developments underscore the volatile energy market and its implications for the UK economy.
In her speech, Reeves will highlight historical patterns in the UK economy, suggesting that significant technological changes, such as the Industrial Revolution, have historically led to job creation rather than losses. She will reference forecasts from the Office for Budget Responsibility, which predict an increase in employment over the next five years, reinforcing her argument for embracing technological advancements like AI.
Reeves' call for deeper EU ties is also timely, as the UK navigates its post-Brexit landscape, aiming to enhance economic collaboration and stability. Her proposals are expected to resonate with businesses and policymakers seeking to adapt to the evolving economic environment.
As the UK faces these challenges, Reeves' focus on AI and international cooperation may provide a roadmap for future growth and resilience.
Source: www.theguardian.com – https://www.theguardian.com/business/live/2026/mar/17/rachel-reeves-mais-lecture-ai-adoption-deeper-eu-ties-regional-growth-business-live-news-updates