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

When I became Chancellor, I extended the energy profits levy on gas and oil to 78%. We will be able to bring in money as a result of that. We have also increased the electricity generator levy by 10 percentage points to help to decouple gas and electricity prices. Because of the measures I took in my Budget last year, I was able to take £150 off people’s energy bills. I recognise the impact of the cost of living on families, pensioners and businesses, which is why I have introduced a further range of measures today, particularly targeting and helping families, energy-intensive industries, and those who drive a lot for work.

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