Clive Efford
Main Page: Clive Efford (Labour - Eltham and Chislehurst)Department Debates - View all Clive Efford's debates with the HM Treasury
(3 weeks, 4 days ago)
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Rachel Reeves
The hon. Lady says that we should extend the industrial strategy, but the previous Government did not even have an industrial strategy. I would say that a £700 million tariff reduction is not exactly fiddling at the margins; supermarkets should pass on those cost savings directly to consumers to help all our constituents with the cost of living.
Clive Efford (Eltham and Chislehurst) (Lab)
I congratulate the Chancellor on her summer package of savings for families—it will give relief to those families who have booked domestic holidays, and a welcome boost to our domestic leisure and entertainment industries—but will she say a little bit more about how we intend to pass on the savings made by her tariff cuts through supermarkets? Too often, they have taken a cut and a slice off the reduced cost to them, so how do we ensure that all the savings get passed on to our constituents?
Rachel Reeves
I remember that, when I was young, I used to enjoy visits to Chislehurst Caves and Eltham Palace, and I hope they will be able to benefit from the changes I have announced today. It is important that we ensure that supermarkets pass on these cost reductions to their customers. We are also making changes to HGV duty, which will reduce costs for supermarkets. It is important that Supermarkets recognise the pressure that their customers are under at the moment. We have provided additional powers to the Competition and Markets Authority to ensure that no business, whatever its size or nature, takes advantage of the conflict in the middle east to hike prices for their customers.