Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 9 March 2026

Debate

Middle East: Economic Update

Contribution

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.

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