Rachel Reeves
MP for Leeds West and Pudsey · Labour · United Kingdom
“I thank my hon. Friend for his question and his work on the Treasury Committee. On pensions reform, through the Mansion House accord and Sterling 20, we have got pension funds to commit to investing more in British businesses, both through British venture schemes and in British infrastructure.”
“I thank my hon. Friend for her question. As Members will know, this Government are working on plans with our NATO allies for a multilateral defence mechanism. We have already signed a treaty agreement with Finland and the Netherlands, and we are working closely with Scandinavian, Baltic and eastern European countries.”
“At a time of great global uncertainty, it is more important than ever that we deepen ties with our closest allies and biggest trading partners, whose values we share, and whose interests are bound to ours.”
“Today the Government have responded to the covid counter-fraud commissioner’s recommendations in a report that I commissioned, which confirms that the Conservative Government left the door open to more than £10 billion of pandemic fraud.”
“As I just said, the DIP will be published before the summit. It will involve more money spent more effectively, and it will meet the scale of the challenges we face. Frankly, I will take no lectures from the Conservatives, who left our armed forces, in the words of their former Defence Secretary, “hollowed out”.”
“I thank my hon. Friend for bringing the story of Darren and Nicole to this House. I hope that they and their children will benefit from the change I made to the two-child limit for universal credit, as well as from the rolling out of free breakfast clubs to all primary schools, and the introduction of free school meals for all children wh…”
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“That is why we are backing Sizewell C and small modular reactors— neither of which were funded by the previous Government, but both of which were funded at the spending review, because this Government are backing Britain’s energy security. This Labour Government are backing the industries of the future, such as carbon capture and storage—not funded by the Conservatives, but funded in the spending review, because we back Britain’s energy security. Through the National Wealth Fund, we are investing in floating offshore wind and our docks—not funded by the Conservatives, but funded in the spending review, because we back Britain’s energy security. In 14 years the Tories did nothing. They failed when we needed new nuclear. They stood by and allowed the loss of gas storage facilities at Rough.”
“I thank the shadow Chancellor for his questions. The Government believe that the best way that we can protect families and businesses from this conflict is through de-escalation. We heard nothing in the shadow Chancellor’s response about what the Conservatives’ view is on de-escalation. We believe that it is important that we get back to the negotiating table and do not escalate this conflict, but I am not sure that that is the view of the Conservatives. We know that commitment to greater energy security can help guard against shocks. After inaction and delay from the Conservatives while they were in government for 14 years, this Labour Government are committed to investing in and building new nuclear.”
“It would not be right to disclose that sort of information. As I said, we will provide all the support that is needed for our operations in the middle east.”
“Finally, as I said in my statement, the Competition and Markets Authority has an important role in ensuring that markets are functioning properly on heating oil, on petrol forecourts and for small businesses. We will ensure that it fulfils that role so that people are not overcharged for the energy they use.”
“As I said, the Financial Secretary to the Treasury will meet relevant MPs this week. The hon. Lady walked with her colleagues through the Lobby to oppose the Budget measures, which included freezing fuel duties, so it is a bit rich of her now to say that she wants us to cut fuel duty. On ensuring that homes are properly insulated, at the spending review last year I announced £15 billion for the warm homes plan, which is focused on lower-income families. The hon. Lady is absolutely right that contracts for difference are crucial in weaning ourselves off imported oil and gas. We are in a better place because of the CfD auctions we have been holding and the energy infrastructure we have been building, and which we can build because of the Planning and Infrastructure Act 2025, which Opposition parties opposed.”
“The hon. Lady talks about energy security, but she has never once acknowledged her party’s failure when they were in government. In 2010, her then party leader Nick Clegg justified opposing new nuclear energy on the grounds that it would take until 2022 to become operational. Well, 2022 has been and gone, but what is here is another example of Britain paying a high price today for the choices of the Opposition parties. I turn to the hon. Lady’s specific questions. We announced at the Budget that we will take £150 off bills—that will come in in April and continue until June—by taking the failed energy company obligation levy, over which the last Government presided, off bills. People on heating oil also use electricity in their homes and will benefit from reductions in their energy bills from April.”
“I thank my hon. Friend for that question. We have already signed off commitments to both Sizewell C—a publicly funded nuclear power station—and small modular reactors, which we will build with Rolls-Royce in north Wales. The purpose of the Fingleton review is to ensure that we can build those quickly and cheaply, as—more than ever—the current situation demands.”
“The right hon. Gentleman’s point about it being too early to tell the impact is really important. Of course we will take the necessary actions to protect consumers and businesses, but the most important thing we can do at the moment is to de-escalate the conflict and work with Lloyd’s of London and countries around the world to get those vessels flowing through the strait of Hormuz. That is absolutely key for containing the rises in energy prices. On defence spending, the Conservative manifesto committed to getting to 2.5% by the end of the Parliament. We are going to get to 2.6% by April next year, and we have made further commitments to 3% and then 3.5%. Obviously, we have a spending review coming up next year where these decisions will be taken in the round.”
“We are building new nuclear in England and we are building new nuclear in Wales. We would love to build new nuclear in Scotland, but that will be possible only with a Labour Government in Scotland. On renewables, auction round 7 was very successful, and auction round 8 will take place later this year. My hon. Friend is absolutely right: we need to wean ourselves off imported oil and gas and be more secure with our energy supplies here in the UK.”
“As the former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), said, it is too early to know the impact of this. The key is de-escalation and getting vessels flowing through the strait of Hormuz. The hon. Lady will have heard me say that heating oil is uniquely affected. People who use heating oil will get the benefits in their electricity bills, but I urge her to attend the meeting on Wednesday to put the case of her constituent to the Financial Secretary to the Treasury.”
“The point about price gouging is really important, and that is why we have today instructed the Competition and Markets Authority to ensure that heating oil and petrol retailers, for example, are not taking advantage of this situation to line their own pockets rather than thinking about the consumers they serve.”
“I have huge respect for the hon. Gentleman, who is on the Treasury Committee, but his party has opposed every increase in taxes that we have brought in to better fund our public services, including higher defence spending. Like me, he will be looking at what is happening in the financial markets. I am not convinced that this is the time to unleash more borrowing on the markets. That is what Liz Truss tried, and look where it got us.”
“The energy profits levy is still in place, and the higher prices go, the more windfall tax is paid. There is also the electricity generator levy, whereby if electricity prices go up because they are, in some cases, outside of contracts for difference and linked to gas prices, we will recoup money there. That is obviously important because if the situation goes badly, we will need to be able to better support consumers. That is why the EPL and the EGL were brought in in the first place, and why they are important parts of the architecture we have.”
“However, as I said in my statement, I met North sea oil and gas leaders last week to talk about how we can support them during this time to ensure that we have access to the reserves we need.”
“The right hon. Gentleman is absolutely right. The best way to reduce prices for businesses and families in all our constituencies is to de-escalate and ensure that vessels can get through the strait of Hormuz, and that is our focus. But what this crisis, as well as Russia’s illegal invasion of Ukraine, shows us is that we have to wean ourselves off oil and gas. We are better placed now than we were when Russia invaded Ukraine because we get more of our electricity through contracts for difference than we did then, and we are less reliant on gas prices to set our overall energy prices, but this shows that we need to do more to invest in both nuclear and home-grown renewables so that we are not so reliant on imports.”
“We are in a better position than we were when Russia invaded Ukraine for two reasons. The first is our macroeconomic situation. For the first time since 2019, our deficit is below 5% of GDP. It came down by 1 percentage point of GDP just this year, and the OBR has forecast that it will fall every year, which gives us a bit more of a buffer. Of course, I set out how the headroom against the fiscal rules—both the stability rule and the investment rule—had increased at the spring forecast compared with the Budget. The other way we are better prepared is that more of our electricity comes from contracts for difference, which are not linked to the volatile and rising gas prices. That means that bills will be less affected, but I come back to the point that de-escalation will have the greatest impact on my hon.”
“With respect to the hon. Lady, on 1 April, energy prices will fall by an average of £117 thanks to the action that I took in the Budget, and will be frozen at that point until the end of June. As the former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), and other Members have said, the most important thing we can do now is de-escalate the crisis. If she really believes in energy security, she should back Labour’s plans to invest in nuclear energy, as well as the jobs that it would create in Scotland.”
“I thank my hon. Friend for that important point. Five-hundred businesses will benefit from an increased discount through the supercharger, taking it from 60% to 90%, from April. Next April, the British industry competitiveness scheme comes in, and it will benefit around 7,000 businesses. Of course, we will continue to consider how we can support our energy-intensive industries if the situation in the middle east continues.”
“I have huge respect for the right hon. Gentleman and the time he spent at the Treasury. As he knows, the previous Government committed to reaching 2.5% by the end of this Parliament. We are committing to bringing that forward, and by April next year we will be spending 2.6% of GDP. We will set out the defence investment plan based on our strategic defence review. Of course, the previous Government did not even bother to do a strategic defence review.”
“As I set out in my statement, we put £15 billion into the warm homes plan at the spending review last year, to better insulate people’s homes and help them to move to cheaper forms of energy. However, I recognise the immediate problems relating to heating oil, which is why I have asked the Competition and Markets Authority to consider price gouging, and why the Financial Secretary to the Treasury will meet MPs on Wednesday. I hope that my hon. Friend will be there on behalf of his Bishop Auckland constituents.”
“Almost every household uses electricity to turn on the lights. They will benefit from some of the changes that will come in on 1 April. Some 4% of households in Great Britain, and more than 60% in Northern Ireland, rely on heating oil. We recognise the unique situation here. The increase in the price in the past few days does not reflect market conditions, which is why we have asked the Competition and Markets Authority to look urgently at extortionate prices. We are also ensuring that supply remains stable. Enough heating oil is available, and we do not want people to be priced out of it.”
“We made changes to the national policy planning framework a few days into this Government, and at the end of last year we passed the Planning and Infrastructure Act 2025, which makes it easier to build a range of infrastructure from housing to data centres and, crucially, energy infrastructure. That Act was opposed by the Opposition parties, who need to explain why they are against building the grid connections that will help us to benefit from cheaper energy.”
“I recognise the concerns about businesses. As well as the supercharger, the British industrial competitiveness scheme is coming in next year, and we are monitoring the situation carefully to see what else might be necessary. De-escalation is so important. There is no reason why this conflict has to go on for months and months—nobody wants that, it is in no one’s interest, and we must quickly get vessels flowing through the strait of Hormuz. That is why I am meeting Lloyd’s of London later today, to work through what insurance products can be introduced, and it is why G7 Finance Ministers talked on the call this afternoon about how we can guarantee the safety of vessels flowing through the strait.”
“I thank my hon. Friend for that question, and the group of rural Labour MPs for contacting me over the weekend with their stories and suggestions. That is why the Financial Secretary to the Treasury will be meeting MPs on Wednesday this week. The National Wealth Fund and British Business Bank are already investing heavily in renewables, and we increased their budget for them to do so. I also recognise the important opportunities in Cornwall, not just the South Crofty tin mine in my hon. Friend’s constituency, but other energy projects, including geothermal energy, and I have asked the National Wealth Fund to look again at those opportunities.”
“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.”
“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.”
“I can confirm that there are no financial impediments to warships going to the middle east. Money is available through the special reserve for personnel and contracts for all our operations in the middle east.”
“As my hon. Friend knows, we have increased the funding available to both UK Export Finance and the National Wealth Fund to invest and support our defence industry. I also support the work that she and my hon. Friend the Member for York Outer (Mr Charters) are doing in ensuring that the financial services sector also lends to defence businesses, including scale-up businesses.”
“The meeting with the Financial Secretary to the Treasury will be open to all MPs and is taking place on Wednesday this week, and I urge the hon. Gentleman to attend that meeting. We are aware of the unique situation with heating oil. That is why I have instructed the Competition and Markets Authority, but I am also keen to hear directly from MPs.”
“I thank my hon. and gallant Friend for his question and for his contribution to the debates last week. He knows how important it is to de-escalate, because it is our armed services personnel who would be at the frontline of any escalation of the crisis. De-escalation is also in the interests of all our constituents, whether because of heating oil, the price paid at petrol pumps or mortgage rates. That is why this Government are putting all our diplomatic efforts into de-escalating this crisis and reopening the strait of Hormuz.”
“I have huge respect for the hon. Member. As the former Chancellor of the Exchequer, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), says, it is too early to know what the impact of this crisis will be. That is why I met with G7 Finance Minister colleagues today, which I am sure the hon. Member for North Dorset (Simon Hoare) welcomes. We discussed the release of the International Energy Agency’s strategic oil reserves, for example. What is needed to contain prices for all our constituents is to ensure that we have the oil and gas on the market that we need. That is why we are prioritising diplomatic routes to de-escalate this crisis.”
“In the spending review last year, I put in £1 billion for the community investment fund in local energy schemes to ensure that communities are more self-reliant for their basic energy needs. That is the lesson from Russia’s invasion of Ukraine, and it is also the lesson from this conflict in the middle east. We need to be more resilient and secure as an economy, and that is exactly what we are doing.”
“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?”
“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.”
“There are two things that are needed to effectively reopen the strait. The first is security for vessels passing through it, which will require cross-country action involving the US, of course, but also the UK and France. We all stand ready to do that, and that was one of the things we discussed on our G7 Finance Ministers’ call today. Once that is provided, we also need to ensure that appropriate insurance products are in place, and we are working on that with Lloyd’s and the US Administration. We are the global leader in maritime insurance, so we have an important role to play to ensure those vessels are properly insured once they start to move again.”
“It is important that the players in the heating oil sector behave responsibly and do not seek to profiteer from the current conflict. It is their customers who will lose out, which is why we have instructed the Competition and Markets Authority to guard against price gouging. I know that my hon. Friend will attend the meeting with the Financial Secretary to the Treasury on Wednesday to make those representations, but the best thing we can do is de-escalate and get those vessels moving, in order to get that oil and gas flowing.”
“I said in my statement that despite what we did in last year’s Budget to take £150 off domestic energy bills, there is a unique situation with regard to heating oil. That is why I was pleased to receive representations on that topic over the weekend—the Treasury is working through those proposals—and it is why the Financial Secretary to the Treasury will meet MPs this week. The reason prices are going up, though, is the challenges in getting oil and gas out of the middle east. That is why it is so important to de-escalate, but it is wrong for anyone to profiteer off the back of this crisis.”
“I am sure that the relevant Minister—whether that is a Minister in the Department for Transport or the Economic Secretary to the Treasury—will meet my hon. Friend. It is important that everybody who wants to get home from the middle east is able to do so. We welcome the work that airlines are doing with the support of the Government to get people home, but it is also important that people are not ripped off for that.”
“It was, of course, the hon. Lady’s party that introduced the energy profits levy in the first place, and it did so for a good reason. Many of the questions today have been about the impact on prices, and the way that support was given to consumers during the Russia-Ukraine crisis was through money from the energy profits levy being used to subsidise people’s bills. That is why we have the energy profits levy.”
“We are working closely with the Department for Business and Trade and the Department for Environment, Food and Rural Affairs, as well as business, to understand the different parts of industry that will be affected by protracted conflict. That is just another reason why it is so important to de-escalate. That is exactly what we are seeking to do, and it is also why we are working with G7 allies focused on reopening the strait of Hormuz, because that is the best thing we can do to bring down prices and ensure that supply continues to flow.”
“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.”
“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.”
“We published the strategic defence review earlier this year, and in the spending review last year, the biggest uplifts in spending were at the Ministry of Defence and the Department of Health and Social Care. The previous Government said that they would get to 2.5% at the end of the next Parliament. We will get to 2.6% by April next year, and that money is already being spent. The right hon. Gentleman does not need to worry about that.”
“I am pleased that since I became Chancellor, the Bank of England has cut interest rates six times, and we have been able to take £150 off energy bills and freeze prescription charges and rail fares. My hon. Friend’s constituency contains Rolls-Royce, which will benefit from small modular reactors and also from the increased defence spending that is already going in.”
“I recognise that there are significant challenges in some areas of Wales, as indeed there are in Northern Ireland, and I urge the hon. Gentleman to attend the meeting with the Financial Secretary to the Treasury. We have already had representations over the weekend about what is needed, and I want Members in all parties to be able to contribute to that, but the best way to reduce prices is to get that oil and gas flowing again, which is why it is so important to secure not only a military solution to get the strait of Hormuz open but an insurance solution, and I am working closely on that at the moment.”
“As some of her colleagues have mentioned, those energy prices are unlikely to persist after what Iran has done.”
“I am in no doubt about how great the rewards can be if we stay the course. The forecast today confirmed that the choices this Government have made are the right ones: stability in our public finances, interest rates and inflation falling, living standards rising, more children lifted out of poverty, more appointments in our NHS, more investment in our infrastructure, a growing economy, and more money in the pockets of working people. These are the right choices, this is the right plan, and I commend this statement to the House.”
“Every additional patient treated in an NHS hospital, every child lifted out of poverty, and every breakfast club in every school is because of the choices that we have taken and because I have the right plan for our country. Let this House be in no doubt: every pound that we have invested, every pound in the pockets of working people, and every pound that we have secured in this forecast today can be wiped out by a change of course. We must reject a return to austerity, protect our public services and invest in Britain’s future. We must reject the temptation of easy answers and reckless borrowing, protect family finances and get the cost of living down. We must reject the political instability that would put at risk all the progress that we have made. My plan is the right one.”
“My plan is rebuilding it. Already, because of the action that I have taken, we are expected to spend nearly £4 billion less on debt interest next year than was forecast in the autumn. If we stay the course and stick to our plan, and our debt interest returns to the G7 average—where it was before the Conservatives wrecked things with Liz Truss’s mini-Budget—we will have £15 billion a year more for the priorities of working people and to make working people better off. That is the prize on offer. That is the prize within our grasp. This is the right plan—a plan that is more necessary than ever before in a world of uncertainty. It is a plan for a stronger and more secure economy; inflation and interest rates falling; resilient public finances; and in every part of Britain working people better off.”
“That means investment in our communities with Pride in Place; investment in our schools to fix crumbling classrooms and give every child the education that they deserve; and investment in our NHS, to bring waiting lists down and with a record cash settlement. I have never accepted that we have to choose between social justice and fiscal responsibility, because there is nothing progressive, nothing Labour, about spending £100 billion a year—that is £1 in every £10 of what the Government spend—just paying the interest of the debt racked up by the Conservatives. After their disastrous mini-Budget, our debt interest rate soared towards the highest in the G7. From my Budget to this forecast, while average yields rose for the rest of the G7, yields on UK Government debt fell. The Tories squandered Britain’s credibility.”