Middle East: Economic Update

Sorcha Eastwood Excerpts

Monday 9th March 2026 Commons Chamber

[Rachel Reeves]

We are working closely with the Department for Business and Trade and the Department for Environment, Food and Rural Affairs, as well as business, to understand the different parts of industry that will be affected by protracted conflict. That is just another reason why it is so important to de-escalate. That is exactly what we are seeking to do, and it is also why we are working with G7 allies focused on reopening the strait of Hormuz, because that is the best thing we can do to bring down prices and ensure that supply continues to flow.

[Sorcha Eastwood (Lagan Valley) (Alliance)]

I welcome the Chancellor’s statement this afternoon. As she has outlined, Northern Ireland is uniquely exposed, with up to 70% of people across Northern Ireland reliant on home heating oil. Instead of meeting me, does she have plans this week to meet the Minister for the Economy and my ministerial colleagues in the Northern Ireland Executive to see how we can best support our people?

[Rachel Reeves]

It is important to understand the extent of the impacts on Northern Ireland. When we made the announcement in the Budget, we made money available for Northern Ireland to have its own scheme, recognising the slightly different energy market there. The Financial Secretary to the Treasury, who is leading on this work at the Treasury, will meet his opposite numbers in the Northern Ireland Executive to ensure that we understand the challenges there and what we can do to best support people.