Middle East: Economic Update

Debate between Torcuil Crichton and Rachel Reeves

Tuesday 21st April 2026 Commons Chamber

[Rachel Reeves]

In the past two weeks, we have announced up to 25% off energy bills for 10,000 manufacturers, starting this month. Today, we have announced tiebacks to exploit more of our energy resource in the North sea, which has been welcomed by OEUK, and we have announced an increase in the electricity generator levy to bring in money to help with the costs of energy. We are one of the few countries in the world where energy bills went down in April, because of the decisions that I made in my Budget. Since I became Chancellor, wages have risen by more than prices in every single month and interest rates have been cut six times. That is the difference we are making. It would be nice if the SNP used the record funding we have given it to cut NHS waiting lists, rather than seeing them rise and rise.

[Torcuil Crichton (Na h-Eileanan an Iar) (Lab)]

I thank the Chancellor for her statement and her nimble response to the energy shock, including support for heating oil consumers, who make up half the households in Na h-Eileanan an Iar. The future of energy security is not an either/or. We must pursue renewables with a community share in the wealth of wind, and we must use the tiebacks that she detailed to exploit existing licences in the North sea fully. Will the Chancellor encourage other Ministers to match her commitment by hastening the review of Jackdaw and Rosebank? That would not just ensure energy security, but send a message to workers that we are with them in the North sea and the wild Atlantic for years to come.

[Rachel Reeves]

My hon. Friend is absolutely right that we need a balanced energy policy. While some parties oppose renewables, some parties oppose nuclear and some parties—oh, they have gone—oppose any oil and gas, this Government have a balanced energy policy. We are investing in new nuclear—small modular reactors and Sizewell C; we are investing in renewables—solar and onshore and offshore wind; and we are ensuring a bright future for North sea oil and gas. That is why today we set out our policy and more detail on tiebacks. It is also why, in the not-too-distant future, the Energy Secretary, in a quasi-judicial way, will make a decision on Jackdaw and Rosebank after the courts quashed the previous Government’s decision.

Oral Answers to Questions

Debate between Torcuil Crichton and Rachel Reeves

Tuesday 10th March 2026 Commons Chamber

[Rachel Reeves]

The price of oil and gas is particularly volatile at the moment, given the conflict in the middle east. My understanding, as we came into the Chamber today, was that prices of oil were down by something like 25% on the day. The most important thing that all of us can do to deal with what is happening to prices at the moment is to support de-escalation. That is the Labour party’s policy, but I am not sure what the policy of the Conservative party is. None the less, that is the best way to get down both the price of petrol at the pumps and of heating oil. The North sea will play an important part of our energy mix for many years to come, which is why I met North sea oil and gas companies just last week to talk about what more they can do and how we can help.

[Torcuil Crichton (Na h-Eileanan an Iar) (Lab)]

T4. When it comes to the rising cost of living, may I ask the Chancellor to look again at the rural fuel relief scheme? The scheme is meant to give a 5p discount per litre on petrol and diesel in specific island rural communities, but I have checked and found that, in Stornoway in my constituency, petrol is 138.9p today, yet in the middle of Glasgow it is 129.9p—9p cheaper. The scheme works in reverse, with urban drivers having all the advantages of competition and choice. The scheme costs little, but inflation has reduced it by 35%. I ask the Minister to press the accelerator and go an extra mile.

Middle East: Economic Update

Debate between Torcuil Crichton and Rachel Reeves

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

The freeze in fuel duty—Reform opposed it. The energy profits levy—the right hon. Gentleman introduced it when he was in the Conservative Government. I will take no lectures from him and the Tory tribute act sitting up there.

[Torcuil Crichton (Na h-Eileanan an Iar) (Lab)]

I thank the Chancellor for her statement, for her support for the armed forces, and for acknowledging the anxiety of constituents abroad. Closer to home—at home, in fact—half of my constituents in Na h-Eileanan an Iar outside the town of Stornoway rely on heating oil to heat their homes. They face great uncertainty, with no guarantee of delivery, or of price on delivery. I hear what Money Saving Expert Martin Lewis fears regarding price gouging and price rises, so I welcome Treasury talks and hope that they will lead to further scrutiny and regulation of this unregulated industry. Otherwise, I will have to introduce the Financial Secretary to the Treasury to the old Lewis tradition of cutting peat for winter fuel.

[Rachel Reeves]

I recognise that my hon. Friend’s constituents will be affected more than most by worries about the delivery and price of heating oil. That is why I have instructed the Competition and Markets Authority to look at price gouging and why the Financial Secretary to the Treasury will be meeting my hon. Friend and other concerned MPs on Wednesday this week.

Oral Answers to Questions

Debate between Torcuil Crichton and Rachel Reeves

Tuesday 9th December 2025 Commons Chamber

[Rachel Reeves]

The Office for Budget Responsibility has produced an independent analysis and confirmed that it believes that 4% is the correct number, and the OBR continues to maintain that in its forecasts.

[Torcuil Crichton (Na h-Eileanan an Iar) (Lab)]

Has the Treasury made any assessment of the SNP’s plans to separate Scotland from its main market, the rest of the UK, which accounts for 60% of its trade? While I am at it, may I thank the Chancellor for the £820 million extra for the Scottish budget?