Middle East: Economic Response

Debate between Calvin Bailey and Rachel Reeves

Thursday 21st May 2026 Commons Chamber

[Rachel Reeves]

The measures I have set out in my statement will absolutely help the hospitality and entertainment sectors in Battersea, whether zoos, cinemas or restaurants. My hon. Friend is right to point to the economic benefits—reducing inflation, and boosting jobs and growth—of a closer relationship with our nearest neighbours and trading partners in the EU. That is why we are currently negotiating an ambitious agreement to reduce the costs of bringing in agricultural, food and farming products from the EU, and increasing markets for British farmers in the EU. That is alongside a youth mobility scheme, Erasmus, and energy trading and electricity trading across the European Union.

[Mr Calvin Bailey (Leyton and Wanstead) (Lab)]

I welcome the measures that the Chancellor has set out, particularly those that will help small businesses such as Noted Eel & Pie House in Leyton, Homies On Donkeys in the ’Stone, Bare Brew and City Place in Wanstead, and Fresh as a Daisy in South Woodford. I look forward to seeing their children’s menus, so that families can benefit from the measures she has set out. What more is she doing to support hard-pressed families in Leyton and Wanstead, particularly those who rent in the current cost of living crisis?

[Rachel Reeves]

I very much hope that families and businesses in Leyton and Wanstead can benefit from the changes that I have set out today. I know that the cost of renting is very high, especially in London, and the Renters’ Rights Act should give greater certainty and stability to renters and limit rent increases. In addition, families in Leyton and Wanstead will benefit from the offer of 30 hours of free childcare, the abolition of the two-child limit on universal credit and the roll-out of free breakfast clubs to primary schools. From September, straight after the summer holidays, all children whose parents or carers are on universal credit will benefit from free school meals.

Middle East: Economic Update

Debate between Calvin Bailey and Rachel Reeves

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

The meeting with the Financial Secretary to the Treasury will be open to all MPs and is taking place on Wednesday this week, and I urge the hon. Gentleman to attend that meeting. We are aware of the unique situation with heating oil. That is why I have instructed the Competition and Markets Authority, but I am also keen to hear directly from MPs.

[Mr Calvin Bailey (Leyton and Wanstead) (Lab)]

The impacts of this spiralling conflict are serious and will fall on our constituents’ pockets, so I welcome the Chancellor’s statement and the measures that she has set out. Yet last week, the hon. Member for Clacton (Nigel Farage) was in the United States attempting to lobby against our national interests—with a comical lack of success. Does my right hon. Friend agree that the impact on living costs can only be compounded by continued, deeply unpatriotic interventions by Members of Reform UK?

[Rachel Reeves]

I thank my hon. and gallant Friend for his question and for his contribution to the debates last week. He knows how important it is to de-escalate, because it is our armed services personnel who would be at the frontline of any escalation of the crisis. De-escalation is also in the interests of all our constituents, whether because of heating oil, the price paid at petrol pumps or mortgage rates. That is why this Government are putting all our diplomatic efforts into de-escalating this crisis and reopening the strait of Hormuz.