Middle East: Economic Response

Debate between Phil Brickell and Rachel Reeves

Thursday 21st May 2026 Commons Chamber

[Rachel Reeves]

We are helping to keep prices down in the supermarkets, and to reduce the cost of lunch at a café or restaurant when families have a day out. Having met my hon. Friend’s kids out on the campaign trail in Aldershot, I think that a couple of days out not delivering leaflets would be very much in order.

[Phil Brickell (Bolton West) (Lab)]

I congratulate the Chancellor on this ambitious and comprehensive package of measures, supporting families across Bolton West. As a long-standing proponent of a fairer taxation system, I thank her for the measures she has put forward to close the tax loopholes that have been used by oil and gas firms to structure their affairs and avoid paying hundreds of millions of pounds into the Exchequer. That money will finance this package of proposals to support families. She mentioned the Competition and Markets Authority. Can she say a little more about what engagement she envisages having over the coming months to make sure that we do not see profiteering, going forwards?

[Rachel Reeves]

Closing tax loopholes has been a feature of the first two Budgets I have delivered as Chancellor—for example, the loophole whereby private schools did not pay VAT or business rates. I increased the energy profits levy and the tax on private jets, and there has been a range of other measures to ensure that those with the broadest shoulders pay their fair share of tax. The Competition and Markets Authority is already, at my behest, carrying out a review of heating oil to make sure that customers using heating oil are treated fairly. We are introducing the fuel finder to ensure that customers can always get the best deal when filling up their car with petrol.