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 thank the hon. Lady for those questions. I am not sure whether she welcomes the changes around the foreign branch exemption, which is what will pay for the policies announced today by ensuring that companies pay their fair share of tax in the UK. Unless we can say where the money will come from, all that results is higher inflation and interest rates in the future. That is why I have always been clear that everything I will announce will be fully costed and fully funded. On food, the hon. Lady cannot both say that she welcomes help with the cost of living, and then be a bit uncertain about tariff reductions. We have focused the tariff reductions on food products and agrifoods that we do not produce in significant quantities in the UK. We work very closely with the Department for Business and Trade in identifying those sectors. On indoor and outdoor summer activities, I have had enough family holidays in the UK to know that there are plenty of days when it rains. I am sure that the leader of the Liberal Democrats, the right hon. Member for Kingston and Surbiton (Ed Davey), will be visiting a soft play centre soon.

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