Middle East: Economic Update

Debate between Rachel Reeves and Brian Leishman

Tuesday 24th March 2026 Commons Chamber

[Rachel Reeves]

It took 200 days for the previous Government to act on heating oil, and it took us under two weeks. We have put in £53 million, and that money is allocated based on heating oil usage in different parts of the country. None of the £53 million will go to help my constituents in Leeds West and Pudsey because we do not use heating oil, but there will be support for Scottish and Northern Irish constituencies and many others, because it is the right thing to do.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

It is expected that food inflation will hit 4%. That means that a typical family’s annual grocery bill will increase by approximately £240. In Scotland, approximately 1 million people experienced food insecurity in the last year, and food insecurity is closely linked to access to and consumption of fruit and vegetables. The Chancellor said that she will meet with supermarkets, but what will the asks and demands be so that people can access nutritious and affordable food?

[Rachel Reeves]

The two-child limit for universal credit will be lifted from next week, and food banks have said that that will reduce reliance on them from families with children. That is a very good thing, but there is more that the Government could do to try to bring down food inflation, including getting a sanitary and phytosanitary deal with the EU, which would bring down prices in the shops. We are committed to achieving that this year. It is opposed by the Conservatives and Reform because of their ideological dislike of the European Union, but it is the right thing to do to reduce food inflation for all our constituents.

Oral Answers to Questions

Debate between Rachel Reeves and Brian Leishman

Tuesday 20th May 2025 Commons Chamber

[Brian Leishman (Alloa and Grangemouth) (Lab)]

To alleviate grinding penury for millions of people, the Chancellor could introduce an annual wealth tax on multimillionaires, which would raise approximately £24 billion per annum, yet she refuses to entertain the idea and considers cuts to welfare acceptable. Why do “tough political choices” always seem to impact the most vulnerable?

[Rachel Reeves]

At the Budget last year, we increased the rate of tax on non-doms, we increased capital gains tax, we increased the carried interest on bonuses and we introduced VAT on private schools. This Government are ensuring that the wealthiest pay their fair share, because that is a basic Labour principle.

Oral Answers to Questions

Debate between Rachel Reeves and Brian Leishman

Tuesday 21st January 2025 Commons Chamber

[Brian Leishman (Alloa and Grangemouth) (Lab)]

T4. The previous Conservative Government decided to back an INEOS project in Antwerp, with a £600 million loan guarantee. I have spoken with the current the Secretary of State for Energy Security and Net Zero and the Under-Secretary of State for Energy Security and Net Zero, my hon. Friend the Member for Rutherglen (Michael Shanks) about that, and I have been told that the Government have no plans to stop that money, even though INEOS plans to close the Grangemouth refinery, with the loss of thousands of jobs. Why is there £600 million for Antwerp and not Grangemouth, and why would the Government allow that to happen and not use the £600 million as leverage with INEOS, to avoid Scottish job losses?

[Rachel Reeves]

This Government cannot account for the decisions made by the Conservative party, but we have created the Office for Value for Money, to ensure value for money when we use taxpayer’s money.

UK-China Economic and Financial Dialogue

Debate between Rachel Reeves and Brian Leishman

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

There has been global volatility in markets. It is not reasonable to suggest that bond yields in the United States, Germany and France have risen because of decisions made by this Government. I think the hon. Member should just get real.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

I thank the Chancellor for her statement. In regard to raising money for public services, an annual wealth tax on the multimillionaire and billionaire class would certainly achieve that. However, that is a conversation for another day—on to China. My right hon. Friend and I have had discussions regarding the closure of the Grangemouth refinery, in which PetroChina—part of the Chinese state-owned China National Petroleum Corporation—is heavily involved. If the refinery closes, thousands of jobs will be lost. This is not just a constituency issue for me. It will impact all of Scotland, as our fuel and national security will be severely weakened. Did the Chancellor speak about the issue with her Chinese counterparts, and if not, will she do so?

[Rachel Reeves]

We are working closely with the Scottish Government to ensure that there is a bright future for the people of Grangemouth, because deindustrialisation should not be the future for communities, including in Scotland.

Oral Answers to Questions

Debate between Rachel Reeves and Brian Leishman

Tuesday 3rd December 2024 Commons Chamber

[Rachel Reeves]

We have published the detail of how that money is raised, but the numbers from His Majesty’s Revenue and Customs are very clear: only a quarter of estates will pay any additional tax. At the moment, the vast majority of agricultural property relief is enjoyed by a very small number of very large and very expensive estates. That is not affordable, and it will not continue.

[Brian Leishman (Alloa and Grangemouth) (Lab)]

I declare an interest: I am a member of Unite the Union. The Grangemouth refinery costs £100 million a year to run, and its economic contribution to Scotland exceeds £400 million per annum. Unite has a credible plan to save the refinery and prevent thousands of job losses. Will the Treasury consider the plan, and meet me, Unite and the refinery owners to discuss its viability and Government intervention for the public good?

[Rachel Reeves]

I am happy to arrange a meeting between my hon. Friend and the relevant Minister.