Middle East: Economic Response

David Williams Excerpts

Thursday 21st May 2026 Commons Chamber

[Rachel Reeves]

As I have said in previous answers, I recognise the role of oil and gas in the UK and its importance to the UK for many years to come, which is why we have changed the rules around tiebacks and put in place a permanent mechanism for taxing windfall profits. But the hon. Lady has to answer the question: are she and her party in favour of the foreign branch profits exemption or not? If not, they cannot back the support we are giving today to help people with the cost of living and the support we are giving for ceramics. This exemption means that we are moving in line with how other countries treat foreign profits. At the moment, we have the absurd situation where losses overseas can mean that businesses avoid paying their fair share of corporation tax in the UK. This moves us in line with what other countries do. It is closing a tax loophole, and the hon. Lady and the Conservatives should welcome that.

[David Williams (Stoke-on-Trent North) (Lab)]

What a day to be a Stokie! As the Chancellor knows, my mum proudly worked in the pot banks of Tunstall and Burslem, and 10 weeks ago I asked the Prime Minister in this place what support the Government could offer our ceramic sector. The good news is that my mum is watching again right now at home, and she is clearly happy, because I have had a three-word text from her: “Nice one, duck.” How will we make sure the £120 million support package benefits ceramics companies of every size—from our Moorcrofts to our Moorlands, from our Steelites to our Churchills—so that we protect jobs, skills and the future of our economy?

[Rachel Reeves]

I thank my hon. Friend for that question, and I say to Mrs Williams and all those who work in the ceramics sector: I am proud to be the Chancellor who is backing British industry and British jobs.