Middle East: Economic Update

Debate between Jonathan Davies and Rachel Reeves

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

I have huge respect for the hon. Member. As the former Chancellor of the Exchequer, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), says, it is too early to know what the impact of this crisis will be. That is why I met with G7 Finance Minister colleagues today, which I am sure the hon. Member for North Dorset (Simon Hoare) welcomes. We discussed the release of the International Energy Agency’s strategic oil reserves, for example. What is needed to contain prices for all our constituents is to ensure that we have the oil and gas on the market that we need. That is why we are prioritising diplomatic routes to de-escalate this crisis.

[Jonathan Davies (Mid Derbyshire) (Lab)]

I thank the Chancellor for her statement, because this is a worrying time for not just our national security, but our economy. I am pleased to hear about the work going on with the Competition and Markets Authority in respect of consumers of heating oil, but may I suggest that she has a conversation with her colleagues in the Department for Energy Security and Net Zero to expedite the £1 billion-worth of community energy investment coming through the local power fund and focus it as quickly as possible into rural areas such as mine in Derbyshire? If this is going to be a protracted conflict, that could make a difference.

[Rachel Reeves]

In the spending review last year, I put in £1 billion for the community investment fund in local energy schemes to ensure that communities are more self-reliant for their basic energy needs. That is the lesson from Russia’s invasion of Ukraine, and it is also the lesson from this conflict in the middle east. We need to be more resilient and secure as an economy, and that is exactly what we are doing.

Oral Answers to Questions

Debate between Jonathan Davies and Rachel Reeves

Tuesday 21st January 2025 Commons Chamber

[Rachel Reeves]

It is great to see two strong advocates for Stoke in the Chamber today. A number of local authorities and, indeed, Labour mayors have raised with me bus procurement and the importance of buses for the local economy. I look forward to working with them, particularly David Skaith in York and North Yorkshire and Steve Rotheram in Liverpool, to boost bus services in communities, and particularly rural communities, to support jobs in the UK. At the Budget, I allocated more than £1 billion for local bus services, and that includes £712 million for local authorities to support and improve bus services in the next financial year.

[Jonathan Davies]

Museums make an important contribution to our cultural life, but also to our economy. The Arts Council and the Museums Association found that net expenditure on museums and galleries has decreased by almost 40% in real terms since 2009. I welcome the Chancellor’s recognition that the creative industries are key to delivering growth and that national museums were given support in the recent Budget, but what steps can the Government take to support regional civic museums, such as Derby museum, which did not benefit from that funding?

[Rachel Reeves]

The Culture Secretary was pleased that the creative industries were one of the sectors included in our industrial strategy. She hosted an event with members of the creative industries taskforce in Newcastle just last week to emphasise the importance of having good cultural offers and art and museums in local communities. I am happy to sort out a meeting for my hon. Friend with the relevant Minister to discuss access to the arts and culture in Mid Derbyshire.