Middle East: Economic Update

Tom Hayes Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

The reason we have the energy profits levy and the electricity generator levy is to ensure just that. If the hon. Lady is really serious about energy security and investing in low-carbon energy, I really do not understand why her party opposes planning reforms so that we can build grid infrastructure, as well as both small modular reactors and new nuclear in Suffolk. All those things add to our energy security and reduce our reliance on fossil fuels. Why do the Greens oppose them?

[Tom Hayes (Bournemouth East) (Lab)]

I respect the Conservatives who are calling for de-escalation, but they need to have a word with their leader, who wanted to sign Britain up to a war of choice with changing goals and no clear timescales, thereby contributing to the chaos and the worsening cost of living crisis. The Chancellor has a plan, and we are seeing inflation, interest rates and Government borrowing falling as a result. Will she commit to keeping to that plan to keep bringing down borrowing so that the country can live more within its means and get rid of the awful inheritance left by the Conservatives?

[Rachel Reeves]

Last week’s spring forecast from the Office for Budget Responsibility showed inflation coming down, borrowing coming down and debt coming down. Our economy is fundamentally strong, but we all need to see a de-escalation of this conflict and the reopening of the strait of Hormuz to ensure that our constituents continue to benefit from falling energy bills and falling interest rates. That is why we are so focused on the diplomatic efforts.