Middle East: Economic Update

Debate between Rachel Reeves and David Chadwick

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

As my hon. Friend knows, we have increased the funding available to both UK Export Finance and the National Wealth Fund to invest and support our defence industry. I also support the work that she and my hon. Friend the Member for York Outer (Mr Charters) are doing in ensuring that the financial services sector also lends to defence businesses, including scale-up businesses.

[David Chadwick (Brecon, Radnor and Cwm Tawe) (LD)]

Almost two thirds of homes across Brecon, Radnor and Cwm Tawe are dependent on heating oil, the price of which is now surging thanks to Donald Trump’s decision to bomb Iran. Will the Chancellor reassure my constituents that help will be on the way from the Government?

[Rachel Reeves]

The meeting with the Financial Secretary to the Treasury will be open to all MPs and is taking place on Wednesday this week, and I urge the hon. Gentleman to attend that meeting. We are aware of the unique situation with heating oil. That is why I have instructed the Competition and Markets Authority, but I am also keen to hear directly from MPs.