Middle East: Economic Update

Helen Morgan Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

It is important that the players in the heating oil sector behave responsibly and do not seek to profiteer from the current conflict. It is their customers who will lose out, which is why we have instructed the Competition and Markets Authority to guard against price gouging. I know that my hon. Friend will attend the meeting with the Financial Secretary to the Treasury on Wednesday to make those representations, but the best thing we can do is de-escalate and get those vessels moving, in order to get that oil and gas flowing.

[Helen Morgan (North Shropshire) (LD)]

One in three households in North Shropshire are dependent on heating oil—I declare an interest, because mine is one of them. Since last week, people have been in contact with me, concerned about the rapid escalation of heating oil costs. I welcome the Chancellor’s announcement that she recognises that problem and wants to act on it, but can she outline in more detail what kind of remedy she envisages and how soon it might be put in place?

[Rachel Reeves]

I said in my statement that despite what we did in last year’s Budget to take £150 off domestic energy bills, there is a unique situation with regard to heating oil. That is why I was pleased to receive representations on that topic over the weekend—the Treasury is working through those proposals—and it is why the Financial Secretary to the Treasury will meet MPs this week. The reason prices are going up, though, is the challenges in getting oil and gas out of the middle east. That is why it is so important to de-escalate, but it is wrong for anyone to profiteer off the back of this crisis.