Middle East: Economic Update

Debate between Rachel Reeves and Richard Tice

Tuesday 21st April 2026 Commons Chamber

[Rachel Reeves]

I thank my hon. Friend for the interest that he has in this really important area. We are doing a number of things on this front. The Planning and Infrastructure Act, which passed through Parliament at the end of last year despite the opposition of the Conservatives and the Greens and the indifference of the Liberal Democrats, will enable us to build the infrastructure to get energy from offshore wind to people’s homes and businesses, as well as investment in battery technology so that we can store energy. My hon. Friend will also have heard the announcement last week that we will enable differential pricing at different times—for example, to be able to get free electricity in some cases at weekends, when the demand for energy is lower. Those are some of the things we are doing to better balance demand and supply on the grid, and I would be very happy to meet him to discuss the matter further.

[Richard Tice (Boston and Skegness) (Reform)]

Is the Chancellor aware that the price of gas in the US is 10% lower than at the start of the war, while here in the UK it is 30% higher? That proves that if we produce what we consume, there is actually a domestic price of gas. Will she have a word in the shell-like ear of the Secretary of State for Energy Security and Net Zero and tell him to get on and approve the licences at Jackdaw and beyond, including onshore? That would mean more gas, more production and lower prices.

[Rachel Reeves]

I think that the hon. Gentleman has just said that he is in favour of fracking. If so, I look forward to campaigning against him on that.

Spending Review 2025

Debate between Rachel Reeves and Richard Tice

Wednesday 11th June 2025 Commons Chamber

[Rachel Reeves]

We saw in the by-election last week how desperate the people of Scotland are for change, after two decades of SNP so-called leadership. We are investing in training and apprenticeships in this spending review, and I very much hope that the SNP will match that investment in Scotland.

[Richard Tice (Boston and Skegness) (Reform)]

The Chancellor supposedly inherited a black hole, and she has dug a crater into which public confidence and business confidence are plunging. The truth is that 250,000 jobs have disappeared since the blunder Budget. Despite all the noise we hear from those on the Government Benches, the reality is that Government spending is completely out of control. Inflation is up, unemployment is up, Government borrowing is up and the cost of Government borrowing is up. The only things that are going down are jobs and GDP. I have some good news for the Chancellor, however. The 10 councils that we control are already identifying savings of hundreds of millions of pounds. She may want to learn some lessons. That is why Reform is leading in the polls.

[Rachel Reeves]

I noted recently that the hon. Member said on a podcast that he wanted to cut Government spending by £300 billion, but that would mean getting rid of the whole of the NHS and the whole of the defence budget. We have increased spending by £300 billion to invest in our schools, our hospitals, our transport and our defence. I know that Reform is soft on defence, soft on workers’ rights and wants to privatise our NHS. I do not think those are the priorities of the British people.

UK-China Economic and Financial Dialogue

Debate between Rachel Reeves and Richard Tice

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

We are working closely with the Scottish Government to ensure that there is a bright future for the people of Grangemouth, because deindustrialisation should not be the future for communities, including in Scotland.

[Richard Tice (Boston and Skegness) (Reform)]

The data in September and October shows that the economy is falling. It is going down and the currency markets and bond markets are selling off and expressing their clear concern that there is no growth and that the economy continues to fall. If the Chancellor is so confident, will she confirm to the House when the economy will start growing again?

[Rachel Reeves]

Growth is the No. 1 mission of this Labour Government, but the truth is that it is not possible to turn things around quickly after 14 years of lacklustre growth and declining living standards under the Conservatives. We are leaving no stone unturned, which is why last week in China we secured £600 million-worth of tangible benefits for the UK economy, helping great British businesses exporting overseas.