Spring Forecast

Callum Anderson Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

Our country will continue to rely on oil and gas from the North sea for many years to come, but I encourage the hon. Lady to read the documents properly. The reason why the money from the energy profits levy—just that levy, not all the other taxes paid —falls is because oil and gas prices have fallen sharply since last year’s Budget. Of course, oil and gas prices have increased hugely in the last couple of days. The increase in oil and gas prices was the reason why the Conservative Government introduced the energy profits, and they used that money to take money off people’s bills—[Interruption.] The hon. Lady needs to go back and do her homework—that is just the money from the energy profits levy and the amount reflects the lower energy prices. As some of her colleagues have mentioned, those energy prices are unlikely to persist after what Iran has done.

[Callum Anderson (Buckingham and Bletchley) (Lab)]

The OECD and the International Monetary Fund have both recognised the importance of the Government’s fiscal discipline, which is important given the increasingly volatile global economic environment. Will the Chancellor set out more actions that she has taken with others across Government to control public spending, so that the Government can prioritise the long-term investments that boost our global competitiveness and dynamism, and fulfil our defence spending requirements?

[Rachel Reeves]

By controlling public spending, we can get the cost of borrowing down, as we saw in the most recent public finance numbers. They showed the biggest ever January surplus—in fact, the biggest ever surplus—on the Government national accounts, meaning that we have more money to spend on people’s priorities because we are controlling spending and bringing in the tax revenue that is needed. That is the first time that has happened, and it is because of the choices that we have made as a Government.