Rachel Reeves

Rachel Reeves

Labour — Leeds West and Pudsey

Speaking in the House of Commons on 21 May 2026

Debate

Middle East: Economic Response

Contribution

I agree with my hon. Friend that we will take no lessons from the Conservatives on inflation, when it reached more than 11% when they were last in office. On VAT in the leisure sector, we are making the changes from 25 June right until 1 September to help boost the hospitality sector but also, crucially, to help families during the summer. Our expectation is that this will cost taxpayers money, but it is funded through the changes that we are making around the foreign branch exemption, so companies cannot book losses overseas to avoid paying their fair share of corporation tax here in Britain.

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