Middle East: Economic Update

Perran Moon Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

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.

[Perran Moon (Camborne and Redruth) (Lab)]

Tens of thousands of homes across Cornwall are still totally reliant on heating oil, so I am delighted that the Chancellor has confirmed that the Financial Secretary to the Treasury will be meeting rural MPs, whose constituents are disproportionately affected by the crisis. Does she agree that in order to accelerate away from a fossil fuel-led economy, the British Business Bank, National Wealth Fund, and Great British Energy need to take a more dynamic attitude to risk when supporting renewable energy projects?

[Rachel Reeves]

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.