Middle East: Economic Update

Dave Robertson Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

It was, of course, the hon. Lady’s party that introduced the energy profits levy in the first place, and it did so for a good reason. Many of the questions today have been about the impact on prices, and the way that support was given to consumers during the Russia-Ukraine crisis was through money from the energy profits levy being used to subsidise people’s bills. That is why we have the energy profits levy.

[Dave Robertson (Lichfield) (Lab)]

I thank the Chancellor for her statement. She is absolutely right to take the action that she has on energy prices, particularly given that 20% of the world’s oil is transported via the strait of Hormuz. The strait of Hormuz also transports more than a third of the world’s urea, almost half its sulphur, and a significant amount of ammonia. What steps is the Chancellor taking to protect our farmers from spiking fertiliser prices at the same time as energy prices are rising?

[Rachel Reeves]

We are working closely with the Department for Business and Trade and the Department for Environment, Food and Rural Affairs, as well as business, to understand the different parts of industry that will be affected by protracted conflict. That is just another reason why it is so important to de-escalate. That is exactly what we are seeking to do, and it is also why we are working with G7 allies focused on reopening the strait of Hormuz, because that is the best thing we can do to bring down prices and ensure that supply continues to flow.