Nick Smith
Main Page: Nick Smith (Labour - Blaenau Gwent and Rhymney)Department Debates - View all Nick Smith's debates with the HM Treasury
(1 day, 7 hours ago)
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Rachel Reeves
Today we have announced an increase in the electricity generators levy to help the hon. Gentleman’s constituents, and all our constituents, to get lower prices for electricity. Instead of talking the country down, he might want to mention the fact that the economy grew by 0.5% in February, unemployment went down today, we have the fastest deficit reduction pace of any country in the G7, and in every single month that I have been Chancellor, wages have risen by more than prices. That is very different from what happened when his party was in charge.
Nick Smith (Blaenau Gwent and Rhymney) (Lab)
I thank the Chancellor for her statement. I agree that the best economic policy today is diplomatic policy. Given the situation in Iran, will she tell us more about her plans for putting economic pressure on the leadership there to de-escalate this dreadful situation?
Rachel Reeves
My hon. Friend is absolutely right that the best economic policy is diplomatic policy; it is reopening the strait of Hormuz, and de-escalating this conflict. That is why the Prime Minister hosted, with France, the coalition meeting last Friday, and why, when I met the US Treasury Secretary last week, we committed to doing more to increase the sanctions and the economic pressure on Iran. My team of Treasury officials met US Treasury officials last week to work out what more can be done, following the excellent work that our two Treasuries have already done together to increase economic pressure on Iran.