Spring Forecast

Anna Gelderd Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

I am meeting representatives of the North sea oil and gas sector tomorrow because of the huge volatility we are seeing in oil and gas prices. Since the Budget, the OBR forecasts show a sharp fall in oil and gas prices, but we have seen some of that reverse in the past few days. If that continues, it will put pressure on the bills that all our constituents pay. It is important that we get the right balance between taxing profits and making sure that our constituents can fill up their car and pay their gas and electricity bills.

[Anna Gelderd (South East Cornwall) (Lab)]

I warmly welcome that the UK will now, thanks to these Labour choices, spend £3 billion less per year on debt interest up to 2030. My constituents need to feel that in their daily lives, so will the Chancellor further outline how we will unlock the ability to tackle living standards by spending less to service debt? How might that support local infrastructure?