Middle East: Economic Response

Debate between Tracy Gilbert and Rachel Reeves

Thursday 21st May 2026 Commons Chamber

[Tracy Gilbert (Edinburgh North and Leith) (Lab)]

I welcome the measures that my right hon. Friend has announced today, which will help ease the cost of living pressures on families in my constituency, and on its very many businesses and attractions—and in time for the Scottish school summer holidays. She is always welcome for award-winning fish and chips in my constituency.

Earlier this year, the Government set out welcome plans to break the link between the wholesale price of gas and the cost of electricity. Can my right hon. Friend provide an update on those plans and tell us how that will help reduce bills over the long term?

[Rachel Reeves]

I am sure that my hon. Friend’s constituents in Edinburgh North and Leith will benefit from being able to enjoy attractions in the Scottish school holidays. People from the other nations and regions of the UK, or from further afield, will also be able to enjoy the attractions of Edinburgh this summer.

On the specific issue of delinking gas and electricity prices, this is both a short-term and long-term measure. In the short term, we have increased the electricity generator levy by 10 percentage points to bring in more money this year. We are renegotiating contracts to move electricity prices on to contracts for difference in order to have greater certainty about electricity prices, so that the gas price does not set the electricity price so frequently, giving greater stability of energy prices to businesses and families.

Oral Answers to Questions

Debate between Tracy Gilbert and Rachel Reeves

Tuesday 20th May 2025 Commons Chamber

[Rachel Reeves]

The only reason that we have been able to grow the economy and get those cuts in interest rates, which help working families in Canterbury and right across our country, is because we have returned stability to our economy. That means never making a policy commitment without being able to say where the money comes from, which is what got our country into a mess under the previous Government. We have set out the policies that we needed to put investment into the NHS and secure our public finances.

[Tracy Gilbert (Edinburgh North and Leith) (Lab)]

T2. Last month, Firth Ports officially opened the Charles Hammond berth at the port of Leith, in a £100 million private investment to create Scotland’s largest renewables hub. Will my right hon. Friend join me in welcoming that investment in Leith and set out how she is working with Cabinet colleagues to ensure that green manufacturing and supply chain jobs are created in Scotland?