Middle East: Economic Update

Debate between Dave Robertson and Rachel Reeves

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.

Oral Answers to Questions

Debate between Dave Robertson and Rachel Reeves

Tuesday 29th October 2024 Commons Chamber

[Rachel Reeves]

I thank my hon. Friend for that question. I absolutely recognise the important role of the NHS and the health of our nation in getting people back to work and in boosting the economy. That is why in tomorrow’s Budget we will set out further detail of how we will increase the number of elective appointments per week, delivering one of the Government’s first steps in office to reduce waiting times in the NHS.

I was delighted to meet Professor Hugh Brady from Imperial College London at the international investment summit. He shared the detail of important plans to partner with the University of Cumbria to help the next generation of medical professionals in my hon. Friend’s constituency and to address staffing shortfalls and healthcare needs in the area. I commend her work in this important area.

[Dave Robertson]

High streets in Lichfield and Burntwood in my constituency were let down as, for 14 years, the Conservative party fiddled while our high street economies burned. Can the Chancellor assure me that regenerating high streets, as the physical manifestation of how well our economy is doing, is a priority for this Treasury?

[Rachel Reeves]

I welcome my hon. Friend to his place, and he is doing a great job for the people of Lichfield. This Government are committed to delivering a decade of national renewal and ensuring that growth and prosperity are felt everywhere in our country. We will work in partnership with businesses and local communities to rejuvenate our high streets, which are the lifeblood of our local communities, including those in Lichfield and Burntwood. As part of this, we plan to introduce new powers to help fill vacant properties through high street rental auctions. We know that this is such an important issue for so many of our constituencies.