Middle East: Economic Update

Debate between Tony Vaughan and Rachel Reeves

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

It is important to understand the extent of the impacts on Northern Ireland. When we made the announcement in the Budget, we made money available for Northern Ireland to have its own scheme, recognising the slightly different energy market there. The Financial Secretary to the Treasury, who is leading on this work at the Treasury, will meet his opposite numbers in the Northern Ireland Executive to ensure that we understand the challenges there and what we can do to best support people.

[Tony Vaughan (Folkestone and Hythe) (Lab)]

I thank the Chancellor for her statement, which underlines the importance of new nuclear to boost our energy security. Many of us who back new nuclear also care deeply about nature. Dungeness in my constituency is both a nationally important habitat site and a vital location for new nuclear. Does the Chancellor agree that we urgently need a reformed framework for habitat protection—along the lines proposed by the Fingleton review—so that we can safeguard the environment and welcome new nuclear back to places such as Dungeness?

[Rachel Reeves]

I thank my hon. Friend for his pragmatic approach. We will be responding to Fingleton in the next few days and then legislating as quickly as possible to make it cheaper and quicker to build the energy infrastructure that we know we need.

UK-China Economic and Financial Dialogue

Debate between Tony Vaughan and Rachel Reeves

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

We have committed to having just one Budget a year to provide businesses with the certainty they need to invest, so we will have an update from the Office for Budget Responsibility in March. I also give the commitment that, as I have already said, the fiscal rules mean we will balance day-to-day spending with tax receipts, and we will get debt down as a share of GDP within the forecast period. We will continue at all times to meet those fiscal rules.

[Tony Vaughan (Folkestone and Hythe) (Lab)]

I congratulate the Chancellor on unlocking £1 billion of value for the UK economy that would not have been unlocked if she had not gone to China. However, does she agree that the Government’s much-needed decision to thaw UK-China relations is now reaping dividends while also allowing us to press China on difficult issues, including human rights and labour standards?

[Rachel Reeves]

My hon. Friend is exactly right. We managed to secure tangible benefits for the UK economy and British exporters. At the same time, we were able to raise difficult issues that we would not have been able to raise if we were not engaged. That is the benefit of engagement: we get the economic gains and we can raise those tricky issues.