Middle East: Economic Update

Josh Newbury Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

There are two things that are needed to effectively reopen the strait. The first is security for vessels passing through it, which will require cross-country action involving the US, of course, but also the UK and France. We all stand ready to do that, and that was one of the things we discussed on our G7 Finance Ministers’ call today. Once that is provided, we also need to ensure that appropriate insurance products are in place, and we are working on that with Lloyd’s and the US Administration. We are the global leader in maritime insurance, so we have an important role to play to ensure those vessels are properly insured once they start to move again.

[Josh Newbury (Cannock Chase) (Lab)]

The Chancellor has taken decisive action to bring down energy bills, but as she noted, those who rely on heating oil are often the most exposed to sudden price shocks. Even in my fairly urban constituency, there are hundreds of households in that position, and some of them have been on touch with me because the cost of heating oil has doubled in a week due to the effect of the Iran conflict. As the Chancellor works to shield the British public from the economic fallout, will she ensure that our households on heating oil are protected from the shocking increases we are currently seeing?

[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.