Middle East: Economic Update

Andrew Pakes Excerpts

Tuesday 21st April 2026 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

I plan to let this statement run only until 2 o’clock. Many Members are still standing, so short questions and perhaps short answers would be very helpful in allowing me to get in as many as possible.

[Andrew Pakes (Peterborough) (Lab/Co-op)]

The Chancellor is right: this was not our war, but its impacts are being felt by businesses and families in my constituency. What is almost as shocking as the recent price hike is how exposed our country is because of a decade of under-investment by the Conservative party in nuclear, onshore wind and updating our power networks. Can the Chancellor reassure me that while we keep a razor-sharp focus on the cost of living for families, we will also do our utmost to speed up the development and renewal of our energy networks, so that we can power this country from our own sources and not just rely on imports?

[Rachel Reeves]

My hon. Friend is absolutely right. This is not our war—we chose not to join it, unlike the Conservative and Reform parties, which were egging us on to do so. However, we do need to become less exposed to global fossil fuel markets. That is why we passed the Planning and Infrastructure Act 2025, which will enable us to build the energy infrastructure we need. It is why we signed off Sizewell C and a fleet of small modular reactors; it is why we are giving planning permission to solar farms; and it is why we have ended the effective moratorium on onshore wind—the cheapest form of electricity—to keep prices down for families, businesses and pensioners.