Middle East: Economic Response

Debate between Josh Newbury and Rachel Reeves

Thursday 21st May 2026 Commons Chamber

[Rachel Reeves]

I will take absolutely no lessons from the man who was part of a party that took our economy to its knees—inflation at 11%, working people worse off at the end of the last Parliament than they were at the beginning, and the worst Parliament ever for living standards—or from a party that has opposed all our reforms to make it easier to get things built in Britain, to increase the wages of working people with the national living wage and the national minimum wage, and to increase the rights of working people, including through statutory sick pay from day one and by ending abusive zero-hours contracts. If we want a lesson on economics, I certainly will not be taking it from the Reform party.

[Josh Newbury (Cannock Chase) (Lab)]

The Chancellor’s announcement of a £120 million support package for ceramics will of course be welcomed in Stoke-on-Trent, but also in Rugeley in my constituency, which is home to many workers at the Armitage Shanks factory in the constituency of my hon. Friend the Member for Lichfield (Dave Robertson), who is a staunch advocate for them. Does the Chancellor agree that it is only this Labour Government who are putting in the investment that firms such as Armitage Shanks need? Does she also agree that iconic British brands like this should play a central role in new homes, to boost them even further?

[Rachel Reeves]

I thank my hon. Friend for that question. I am pleased that people in Rugeley and people working for Armitage Shanks will also benefit from this investment. The £120 million to support our ceramics sector is a clear indication of this Government’s intention to back British jobs and British industry.

Middle East: Economic Update

Debate between Josh Newbury and Rachel Reeves

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.

Oral Answers to Questions

Debate between Josh Newbury and Rachel Reeves

Tuesday 4th March 2025 Commons Chamber

[Rachel Reeves]

Conservative Members welcome the additional money for the NHS, but they never welcome the means to pay for it, which is why we are in the mess that we are with the £22 billion black hole we inherited from the previous Government. The hon. Member says that these are backward-looking surveys. The EY survey of UK CEOs found that 82% felt optimistic. PwC’s latest global CEO survey ranked the UK as the second-most attractive global destination for international investment, and last week the Lloyds survey showed a boost in business confidence. Those are the facts. People are choosing Britain as a place to invest and to locate their businesses. On the Government side of the House, we welcome that.

[Josh Newbury (Cannock Chase) (Lab)]

T1. If she will make a statement on her departmental responsibilities.

[The Chancellor of the Exchequer (Rachel Reeves)]

It is clear that the world is changing, which is why we must bring about a new era of security and renewal to keep our country safe. Last week, I convened European Finance Ministers at the G20 to discuss our shared challenges. I set out that national security will always be the first responsibility of this Government as well as national security being the bedrock for economic prosperity.

I was also proud to welcome President Zelensky to Downing Street alongside the Prime Minister at the weekend, where we signed a loan agreement that will deliver £2.26 billion in funding to Ukraine above our other commitments to bolster its military capacity, repaid by the profits from frozen Russian sovereign assets. We will use the additional investment in defence to create more good jobs paying decent wages in all parts of the UK. That is why we are giving the National Wealth Fund a new strategic steer to invest in technologies that better support our security and defence. Britain is a strong country with strong defences, and I know that we can weather this changing world.

[Josh Newbury]

As the father of five-year-old, I know at first hand how important indoor play facilities are. Providers in Cannock Chase, such as the Beach Hut in Norton Canes and the Kids Rule Play Cafe in Cannock, have written to me asking for consideration for a sector-specific VAT reduction and the opportunity to shape the reform of business rates. Is Treasury Minister willing to meet me, local providers and the Association of Indoor Play to discuss the sector’s priorities?

[Rachel Reeves]

The Government have no plans to consider zero rating indoor play facilities for VAT. All tax breaks must provide value for money and evidence suggests that such savings are only partially passed on. I would, however, welcome my hon. Friend engaging with us as we look to inform our “Transforming Business Rates” paper ahead of the Budget later this year.