Middle East: Economic Update

Lord Bishop of Norwich Excerpts

Thursday 26th March 2026 Lords Chamber

[Lord Livermore (Lab)]

I am grateful to the noble Lord for his question. I know he has a great deal of expertise in the specific sectors that he mentioned. Of course, the Treasury and the Department for Business and Trade are constantly monitoring the impact of this crisis on those sectors and we will take action if necessary. It is not currently our intention to take the specific measures that he mentioned but, as I say, we will be reviewing and monitoring those sectors very closely.

[The Lord Bishop of Norwich]

My Lords, I welcome this Statement and join the Chancellor speaking in the other place in paying tribute to our Armed Forces. In particular, I welcome support for those families and households hardest hit; however, I share the concern of the noble Baroness, Lady Kramer, for small businesses, and extend that with a question around what we are doing to support the charitable sector: for example, from my recent experience, in the transport costs associated with food banks, in heating warm hubs and so on. We have a responsibility to care for those who care for others, and I ask what the Government are doing to support that work.

[Lord Livermore (Lab)]

I am grateful to the right reverend Prelate for his question and I agree with him and the noble Baroness, Lady Kramer, on the importance of small businesses to our economy. As the Chancellor said, we do not yet know what the full impact of this conflict will be, so we must be agile in responding appropriately at each moment. It remains the case that the best way to protect families and businesses, large and small, and charities, which the right reverend Prelate mentioned, is by the rapid de-escalation of this conflict.

He mentioned transport costs and we have already taken action: we have extended the fuel duty cut of 5p and have pushed out the cheaper fuel finder, empowering people to avoid rip-off prices. We are chasing down the last few filling stations, so that we can reach 100% compliance with that. He will also know that, when wholesale kerosene prices more than doubled overnight, we stepped in within a matter of days with £53 million of support for those who needed it most. From next week, households will benefit from £150 off their energy bills, thanks to the action that we took in the Budget. Also, the price cap is giving households certainty on their bills until July, ahead of the winter months when people use 78% of their gas.