Middle East: Economic Update

Debate between Tom Hayes and Rachel Reeves

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.

Oral Answers to Questions

Debate between Tom Hayes and Rachel Reeves

Tuesday 27th January 2026 Commons Chamber

[Rachel Reeves]

I was at Primark just ahead of the Budget, where we announced that we were going to take action on low-value imports. That was welcomed by Primark and many other retailers who are undercut by foreign importers that do not pay customs duty on what they bring into the country. Far from working against business, we are working in conjunction with business to grow our economy. Our economy exceeded expectations for growth last year, and I am confident that it will do the same this year too.

[Tom Hayes (Bournemouth East) (Lab)]

The Conservatives may want to talk down Britain, but Bournemouth is building again, with a £350 million expansion at J. P. Morgan Chase following the Chancellor’s visit, a £100 million expansion planned by AFC Bournemouth, a £50 million airport upgrade, £26 million invested in Bournemouth and Poole College, £500 million provided for the Royal Bournemouth hospital development, and new land at Wessex Fields to build key worker housing and medical research facilities. Will the Chancellor continue to prioritise stability, bringing down costs, and the free trade that we need in our world, so that we can continue to protect and expand these investments into Bournemouth?

[Rachel Reeves]

I thank my hon. Friend for that question. He did not mention the beautiful Bournemouth pier, which we visited together in August and where we enjoyed a very nice ice cream, but he did mention J.P. Morgan, which has announced record investment in its Bournemouth campus. It is employing a shedload of apprentices on that campus, helping it to grow its business, and after this year’s Budget, J. P. Morgan has announced a new building in Canary Wharf. [Interruption.] Maybe Opposition Front Benchers do not like apprentices, but this Government do, which is why we are backing them.

Oral Answers to Questions

Debate between Tom Hayes and Rachel Reeves

Tuesday 4th November 2025 Commons Chamber

[Rachel Reeves]

We will set out all our Budget measures at the Budget.

[Tom Hayes (Bournemouth East) (Lab)]

How will the Government help to fund the green infrastructure that we need, as through the coastal energy partnership that I helped to set up in Bournemouth, with Great British Energy taking on early stage project development and the National Wealth Fund making those critical long-term investments?