Middle East: Economic Update

Debate between Rachel Reeves and Sarah Dyke

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

As I set out in my statement, we put £15 billion into the warm homes plan at the spending review last year, to better insulate people’s homes and help them to move to cheaper forms of energy. However, I recognise the immediate problems relating to heating oil, which is why I have asked the Competition and Markets Authority to consider price gouging, and why the Financial Secretary to the Treasury will meet MPs on Wednesday. I hope that my hon. Friend will be there on behalf of his Bishop Auckland constituents.

[Sarah Dyke (Glastonbury and Somerton) (LD)]

Since the outbreak of the conflict in the middle east, heating oil prices have increased by over 100%. That is a harsh reminder that relying on volatile fossil fuel markets leaves households financially vulnerable. Many rural households are off the gas grid, so constituents such as Julian from East Lambrook are not protected by the energy price cap. Does the Chancellor agree that that is unfair on rural communities, and will she take steps to develop a mechanism to protect those householders from damaging global fossil fuel price shocks?

[Rachel Reeves]

Almost every household uses electricity to turn on the lights. They will benefit from some of the changes that will come in on 1 April. Some 4% of households in Great Britain, and more than 60% in Northern Ireland, rely on heating oil. We recognise the unique situation here. The increase in the price in the past few days does not reflect market conditions, which is why we have asked the Competition and Markets Authority to look urgently at extortionate prices. We are also ensuring that supply remains stable. Enough heating oil is available, and we do not want people to be priced out of it.

Oral Answers to Questions

Debate between Rachel Reeves and Sarah Dyke

Tuesday 1st July 2025 Commons Chamber

[Sarah Dyke (Glastonbury and Somerton) (LD)]

Jackie from Street suffers with Crohn’s disease, fibromyalgia and mental health issues. She worked for most of her life until ill health made it impossible. Under the reforms, she will lose her entitlement to personal independence payment and employment and support allowance, plunging her into poverty. Can the Chancellor give Jackie the reassurance she needs that she will not be left in poverty?

[Rachel Reeves]

Yes, I can absolutely give my assurance to Jackie, and to other people who are currently claiming PIP, that they will see absolutely no change in their entitlement. That is what my right hon. Friend the Secretary of State for Work and Pensions announced to the Chamber yesterday: everybody who is currently on those benefits will see no change whatever. The Timms review, which will be co-produced with disabled people and those who represent them, will build a new system for the future.

Spring Statement

Debate between Rachel Reeves and Sarah Dyke

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

I was pleased to be able to announce in the Budget last year a 6.7% increase in the national living wage, as well as a record increase in the youth rate of the minimum wage. That will help lift working people—working families—out of poverty. That comes alongside our Employment Rights Bill, which will ensure greater security for those who go out to work.

[Sarah Dyke (Glastonbury and Somerton) (LD)]

Growth is not the word on the lips of farmers, whose confidence in the Government is at a low ebb following the family farm tax, the abrupt closure of the sustainable farming incentive, and now possible departmental cuts, which could reduce the farming budget further. Charlie from Upton Bridge farm in Long Sutton told me that he is contemplating leaving his ground fallow due to the risk of a failed crop putting his farm further into debt. Will the Chancellor assure farmers in Glastonbury and Somerton, and across the country, that following the spending review, the Government are still committed to championing British farming while protecting the environment?

[Rachel Reeves]

At the Budget, we put record investment into our farming sector, after being left plans by the previous Government that did not even involve their using all their farming budget. We are determined to give farmers the support that they need.