Rachel Reeves MP: speeches 2026

Speeches

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  Thank you, Mr Speaker. The energy companies came back at the end of last year with their revised plans, and the regulators are now considering those. Ahead of the autumn, my right hon. Friend the Energy Secretary will to decide whether it is legal to go ahead with them, but we made a commitment in our manifesto to honour existing licences. It is only because of the failure of the previous Government to consult that we are in this position in the first place. The shadow Chancellor says that if we cut the welfare bill we will be able to help people. Well, I am afraid the Conservatives had 14 years in office and he was the Welfare Secretary when the bill ballooned. Frankly, we will take no lessons from the Conservative party. It is only the Labour Government who can be responsive to the immediate challenges, because we have been responsible with the public finances. We are committed to our long-term energy security, and committed to making the right decisions in the national interest.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  I thank the right hon. Gentleman for what he said about heating oil. Obviously, a disproportionate amount of support has gone to Northern Ireland, given its greater reliance on heating oil, and we encourage local authorities to target the money at those who need it most. At the same time, to ensure that everybody is supported, the Competition and Markets Authority is doing an urgent review to make sure that price gouging is not going on. We acted in a matter of days on heating oil, because that was the right thing to do. When we froze fuel duty, we also took action on red diesel, but I am happy to ensure that the relevant Minister meets with the right hon. Gentleman to talk further about what needs to be done.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  That is a really important point. The previous Government had not done the contingency planning, so when the energy price shock came along, they said, “We are not going to provide any support.” In the end, they had a choice between doing nothing or providing blanket support. It was that blanket support that cost £78 billion. We have been working with the Department for Work and Pensions, local Government and others to ensure that we will be able to target support at those who need it most, but that is in addition to taking £150 off everyone’s energy bills already. We are doing the work. The prices come down in April for the following three months, and we are a long way off the winter, when 78% of gas is used by households.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  I thank my hon. Friend for that question. It is great to see that investment in the gas networks coming into Peterborough, supported by him. That is in stark contrast to the Conservatives, who got rid of our gas storage facilities, stalled on nuclear and stalled on renewables. As a result, they left us more vulnerable to an energy price shock.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  I thank my hon. Friend for that question. That is why we have the energy profits levy and the electricity generator levy—so that we can claw back any excess profits. It is also why we believe in an active and strategic state, including through empowering our regulators, like the Competition and Markets Authority, to ensure that the price gouging we have seen in the past cannot happen after the conflict in the middle east.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  The Conservative party once believed in fiscal discipline, but that has gradually eroded over time. It is because of the fiscal rules that I introduced that we have been able to invest in Sizewell C and in small modular reactors. That was not possible under the fiscal rules of the previous Government. I would also say that borrowing fell in the last year. That did not happen in the last few years of the previous Conservative Government.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  That statement revealed only that the shadow Chancellor is utterly out of his depth. In the past 20 months, we have had six cuts in interest rates. We have more than doubled the fiscal headroom compared with the headroom that I inherited from the Conservative party. For the first time in six years, our deficit is less than 5% of GDP, and wages have increased by more than inflation in every single month that I have been Chancellor of the Exchequer. Compare that with the record of the previous Conservative Government, who oversaw the only Parliament on record in which people were poorer at the end of it than they were at the beginning. I prefer my record to their record any day of the week. The shadow Chancellor says that we should act. Well, we have acted, but what he fails to mention is that his party supported our being involved in this conflict. Whereas we have called for de-escalation, the Leader of the Opposition said that we should be a participant in this conflict. The damage that that would have done to our economy would have been immense, yet the Conservatives make no apology for that. The Leader of the Opposition said yesterday about the Prime Minister: “If he’s creating a support package, that’s going to be done with taxpayers’ money.” She thinks that we should be doing things that are not going to cost taxpayers money. The shadow Chancellor says that we should do more and put in more money, but the Leader of the Opposition says that we should not do anything. Where does the Conservative party now sit on the £53 million of support that we gave on heating oil? That was using taxpayers’ money to support those who needed it most. It was the right thing to do, but now the Leader of the Opposition seems to suggest that it was the wrong thing to do. The shadow Chancellor asked a few specific questions. On the cheaper fuel finder that we have introduced, more than 90% of retailers have signed up to it, and of that 90%, all of them are updating their prices regularly. Along with the Competition and Markets Authority, we are chasing down the final few that have not submitted their prices. On small modular reactors, the Conservatives say they supported it. They had 14 years, and they put not a single penny into it. The same is true of Sizewell C. They cannot say that we should spend less money and at the same time say that we should support Sizewell C and small modular reactors, because everything has to be paid for. On fiscal capacity, we have more than doubled the headroom compared with what I inherited from the Conservatives. It was less than £10 billion when I became Chancellor of the Exchequer; it is now nearly £24 billion because of the actions that I have taken. The shadow Chancellor says that we have not built contingency, but the exact opposite is the case. The shadow Chancellor asks about Rosebank and Jackdaw. It was because of the failure to do the work properly that they were challenged in the courts. One month after the previous Government left office—because they were kicked out—the courts came back and said that we had to reconsider scope 3 emissions. The energy companies Shell and Equinor resubmitted their plans at the end of last year. [ Interruption. ] The regulators—

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  My hon. Friend is right, but I would say it is worse than that in Scotland, where there is the legacy of two awful Governments: the Conservatives made people poorer, while the SNP Government fail to back our nuclear sector, which could deliver cheaper bills for people in Scotland.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  The two-child limit for universal credit will be lifted from next week, and food banks have said that that will reduce reliance on them from families with children. That is a very good thing, but there is more that the Government could do to try to bring down food inflation, including getting a sanitary and phytosanitary deal with the EU, which would bring down prices in the shops. We are committed to achieving that this year. It is opposed by the Conservatives and Reform because of their ideological dislike of the European Union, but it is the right thing to do to reduce food inflation for all our constituents.

• 24 Mar 2026 · Middle East: Economic Update · Hansard source

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  I thank the right hon. Gentleman for that question. When he became Chancellor, it was on the back of lots of promises that there would be no support for energy bills. He and others recognised that that position was not sustainable, but work had not been done on how to introduce a targeted system, so the choice was a binary one between blanket support or no support. The right hon. Gentleman took the right approach then by ensuring that people’s energy bills did not go through the roof; however, a targeted approach would be more appropriate, because under the previous approach, the top third of families got more than a third of the benefit. That is not right or sensible—all it does is drive up inflation, interest rates and taxes in the future. It is not the fault of the former Chancellor that that approach was taken, but we are using this period, when energy prices are actually falling because of the approach I took in the Budget, to ensure that we are in a position to take a targeted approach in the autumn.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  The Renters’ Rights Act 2025, which will come into force in the next month or so, will make a big difference to my hon. Friend’s constituents and to all our constituents who are contending with living in the private rented sector—particularly with issues such as evictions, but also with mid-term rent increases. At the same time, we have put £39 billion into our social and affordable homes programme so that more people can get a council house or a social home rather than living in the private rented sector. We are also getting rid of the two-child limit, which the Trussell Trust says will reduce demand for food banks.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  Stability is the most important thing that we can do to get interest rates and inflation down, and tackling the cost of living—especially given the global headwinds—is my top priority. At the Budget, we took money off energy bills and froze prescription charges and train fares. The Government’s cheaper fuel finder scheme is now online, and it shows petrol prices at forecourts across the country. Yesterday, some petrol retailers charged almost 180p per litre, while others were charging less than 130p per litre. This Government will not tolerate price gouging, and I will be meeting with petrol retailers this week to raise concerns and to get prices down at the pumps for all our constituents.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  There are two things going on with heating oil. First, we have the conflict in the middle east, which we are trying to de-escalate, and secondly, we have price gouging. The way to deal with that is to ensure that customers are treated fairly and companies are not ripping off their customers. That is why we have asked the Competition and Markets Authority to look at the issues around heating oil, but we have to get to the root of the problem, which is that vessels are not flowing through the strait of Hormuz, and some businesses are using this crisis as an opportunity to rip off consumers. Rather than throwing public money at something when that is not the solution, let us deal with price gouging and getting the oil flowing.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  We absolutely recognise the pressures facing families. Bringing stability back to the economy is the No. 1 thing that we can do for working families. There have been six cuts in interest rates since the general election, which has seen the average cost of servicing a mortgage come down by about £1,300 a year. The Renters’ Rights Act will come into force shortly to give greater rights to people in the private rented sector. The free childcare offer, which is now fully funded, ensures that parents with children aged between nine months and five years get free childcare if they are in work. From next month, the end of the two-child benefit limit will lift 450,000 children out of poverty.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  In April, people will get £150 off their energy bills and prescription charges in England will be frozen as will rail fares. At the same time, we are getting rid of the two-child benefit cap, which will lift 450,000 children out of poverty, but the most important thing we can do for the price of petrol, diesel and heating oil is de-escalate the conflict in the middle east and get vessels moving again through the strait of Hormuz. That is why this Government are putting such efforts into de-escalating this crisis.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  First, everybody gets support with their electricity bill, regardless of how they heat their home. However, I do recognise the unique issues around heating oil; we had representations from the Labour group of rural MPs over the weekend, and my colleague the Financial Secretary to the Treasury is going to meet all MPs with an interest in this area tomorrow. I very much urge the right hon. Gentleman to come to that meeting, but the most important thing this Government are doing is trying to de-escalate the crisis in the middle east, because that is the way to get prices down for all our constituents, whether for heating oil or at the pumps.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  Some people have short memories, haven’t they, Mr Speaker? I remember the Conservatives freezing those thresholds on a number of occasions. We said in our manifesto that we would not increase the headline rates of national insurance, VAT and income tax that working people pay, but I did say clearly at the Budget last year that we would have to ask everyone to make a greater contribution, because of the downgrade in productivity, which is a result of the mismanagement of the economy by the last Government over 14 failed years.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  In my first Budget, I changed a number of taxes to ensure that the wealthiest are paying their fair share. We increased capital gains tax, reduced the number of tax loopholes, introduced VAT and business rates on private schools, extended the energy profits levy and got rid of the exemptions for private equity. In the Budget last year, I did more than any Chancellor has ever done to take children out of poverty. In the course of this Parliament alone, more than half a million children will be lifted out of poverty. I am proud to be the Chancellor who has delivered that.

• 10 Mar 2026 · HMRC Approved Mileage Rates · Hansard source

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  The price of petrol today is 8p per litre lower than if I had followed the plans that were left to me by the previous Conservative Government. From April, it will be 11p per litre lower. Of course, we keep these things under review, but oil prices today are 24% lower than they were yesterday, so things are very volatile at the moment. That is why, as I said yesterday, the most important thing we can do to address the cost of living challenges people face is to de-escalate the conflict in the middle east, which is exactly what this Government are attempting to do.

• 10 Mar 2026 · HMRC Approved Mileage Rates · Hansard source

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  I genuinely thank my hon. Friend for all he has done to draw attention to this important issue. I am also grateful for representations from the trade union Unison, given that this particularly affects low-paid workers, including care workers like Gemma. We have a standard Treasury policy of keeping all taxes under review ahead of fiscal events, but as I say, this is one area that I will be keeping a very close interest in.

• 10 Mar 2026 · HMRC Approved Mileage Rates · Hansard source

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  I am grateful to my hon. Friend for raising this important issue. While the approved mileage allowance payment rates have not changed since 2011, I recognise that motoring costs have evolved significantly, and it is an important issue for many people who claim motoring expenses. We are, therefore, looking at the issue and will consider the matter further in the usual way, as part of a future fiscal event. Through steps such as freezing fuel duty, we are taking wider action in the meantime to ensure that people pay the lowest price possible at the pump, whether or not they use the approved mileage allowance payment.

• 10 Mar 2026 · Topical Questions · Hansard source

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  I absolutely agree with my hon. Friend. The price gouging that we see is totally unacceptable, which is why we have already asked the Competition and Markets Authority to look at this. Whether we are talking about petrol at the pumps or heating oil, there is no excuse for any business to use this as an opportunity to rip off customers.

• 10 Mar 2026 · Topical Questions · Hansard source

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  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.

• 10 Mar 2026 · Topical Questions · Hansard source

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  In the Budget last year, we introduced the Kernow growth fund to support the Cornish economy because of its specific strengths around critical minerals, defence and clean energy. The National Wealth Fund and the wider Government will do everything we can to unlock the huge opportunities that we know exist in Cornwall.

• 10 Mar 2026 · Topical Questions · Hansard source

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  I totally reject the premise of that question. The fiscal rules that I introduced as Chancellor have unlocked £120 billion for capital investment. We will be spending £50 billion more on day-to-day spending by the end of this Parliament, but at the same time, we are bringing debt down, bringing the deficit down, bringing inflation down, and bringing interest rates down for all our constituents. Economic stability is the way to grow our economy and make working people in all our constituencies better off, and if we forget that, it is ordinary working people who pay the price.