Middle East: Economic Update - 9th March 2026

Here are the climate-related sections of speeches by MPs during the Commons debate Middle East: Economic Update.

Full text: https://hansard.parliament.uk/Commons/2026-03-09/debates/5DA573C7-B4B0-462E-BD48-EFAE52E3FCCA/MiddleEastEconomicUpdate

Rachel Reeves (Labour)

On energy bills, I urge the shadow Chancellor not to scaremonger. The £150 cut to energy bills that I announced in the Budget will continue, as has been confirmed by Ofgem. We removed the failed energy company obligation scheme, and we removed a number of levies from bills. On heating oil, those conversations will happen this week, and we are working closely with MPs and colleagues in Northern Ireland to make sure that things are working well. The Minister for Energy at the Department for Energy Security and Net Zero met the heating oil sector on Friday and spoke this morning to the Competition and Markets Authority. There is not currently a problem with supply, but if Members have individual issues around supply, they should make sure that they get in contact with DESNZ.

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14:32 Edward Leigh (Conservative)

When we are in the middle of a war, I am not sure that it achieves much to be overtly party political. The past is where we were; we are now in the present. Just to be helpful, I agree with the Chancellor on de-escalation and on defending our interests, not pursuing regime change, but the fact is that we have the highest energy costs in Europe. We are now in a crisis and potentially a war economy. I saw the Energy Secretary sitting next to her earlier. Whatever the good intentions on net zero, will she listen to the shadow Chancellor on North sea oil, because we are in this crisis now and have to meet it with every tool in the toolbox?

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Perran Moon (Labour)

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?

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17:29 Jonathan Davies (Labour)

I thank the Chancellor for her statement, because this is a worrying time for not just our national security, but our economy. I am pleased to hear about the work going on with the Competition and Markets Authority in respect of consumers of heating oil, but may I suggest that she has a conversation with her colleagues in the Department for Energy Security and Net Zero to expedite the £1 billion-worth of community energy investment coming through the local power fund and focus it as quickly as possible into rural areas such as mine in Derbyshire? If this is going to be a protracted conflict, that could make a difference.

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