Middle East: Economic Response

Debate between Gareth Snell and Rachel Reeves

Thursday 21st May 2026 Commons Chamber

[Rachel Reeves]

I thank the hon. Lady for those questions. I am not sure whether she welcomes the changes around the foreign branch exemption, which is what will pay for the policies announced today by ensuring that companies pay their fair share of tax in the UK. Unless we can say where the money will come from, all that results is higher inflation and interest rates in the future. That is why I have always been clear that everything I will announce will be fully costed and fully funded.

On food, the hon. Lady cannot both say that she welcomes help with the cost of living, and then be a bit uncertain about tariff reductions. We have focused the tariff reductions on food products and agrifoods that we do not produce in significant quantities in the UK. We work very closely with the Department for Business and Trade in identifying those sectors.

On indoor and outdoor summer activities, I have had enough family holidays in the UK to know that there are plenty of days when it rains. I am sure that the leader of the Liberal Democrats, the right hon. Member for Kingston and Surbiton (Ed Davey), will be visiting a soft play centre soon.

[Gareth Snell (Stoke-on-Trent Central) (Lab/Co-op)]

I declare an interest as chair of the all-party group on ceramics. I thank the Chancellor for today’s announcement, and the Secretary of State for Business and Trade and the Under-Secretary of State for Business and Trade, my hon. Friend the Member for Stockton North (Chris McDonald) for their support. This is a big step towards support for a sector that offers so much to this country. I thank Sharon Yates and Finbar Bowie from the GMB, as well as Rob Flello and Hannah Ault from Ceramics UK, for their leadership in this matter.

May I extract from the Chancellor a commitment that this is the next stage of a new partnership between the UK Government and UK ceramics? Today’s announcement will absolutely help us survive, but with more working together, we can thrive as a sector and do our bit to boost exports, boost growth and create well-paid, unionised jobs in this country.

[Rachel Reeves]

I pay genuine tribute to my hon. Friend for his work on behalf of businesses and working people in his constituency, to the other Stoke MPs, and to my hon. Friends the Members for Newcastle-under-Lyme (Adam Jogee) and for Amber Valley (Linsey Farnsworth). They have made the case powerfully and convincingly. I absolutely commit to working with Ceramics UK, the GMB, the MPs and the wider sector to ensure that the ceramics industry thrives in the UK.

Middle East: Economic Update

Debate between Gareth Snell and Rachel Reeves

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

With respect to the hon. Lady, on 1 April, energy prices will fall by an average of £117 thanks to the action that I took in the Budget, and will be frozen at that point until the end of June. As the former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), and other Members have said, the most important thing we can do now is de-escalate the crisis. If she really believes in energy security, she should back Labour’s plans to invest in nuclear energy, as well as the jobs that it would create in Scotland.

[Gareth Snell (Stoke-on-Trent Central) (Lab/Co-op)]

I welcome the Chancellor’s reiteration of the British industry supercharger scheme, but she will know that it helps only 10% of this country’s energy-intensive industry—electro-intensive industry in particular. The price per therm of gas is pretty much double what it was last week, so will she set out what help might be available for gas-intensive industry and for electro-industry that is not part of the supercharger scheme? Although we all hope that de-escalation comes, if it does not, will she meet the energy-intensive industries impacted by gas prices to see how they can be given immediate relief?

[Rachel Reeves]

I thank my hon. Friend for that important point. Five-hundred businesses will benefit from an increased discount through the supercharger, taking it from 60% to 90%, from April. Next April, the British industry competitiveness scheme comes in, and it will benefit around 7,000 businesses. Of course, we will continue to consider how we can support our energy-intensive industries if the situation in the middle east continues.