We are monitoring the situation and preparing for every eventuality. The International Monetary Fund expects the UK to be the fastest growing European G7 economy cumulatively over this year and next. A rapid de-escalation of the conflict remains the best way to protect consumers from rising bills. We continue to act on the cost of living, with £117 on average off energy bills from 1 April, £53 million to help with the cost of heating oil, and freezing both rail fares and prescription charges.

We have lifted 450,000 children out of poverty by getting rid of the two-child limit in universal credit from this month. We are expanding free childcare for children aged between nine months and five years to help parents with costs. Additionally, we have reduced energy bills by £117, frozen rail fares and prescription charges, and provided support for heating oil users.

Baker Hughes is a prime example of how this conflict impacts businesses and families here. We have defended our Gulf allies against unprovoked attacks by Iran, working closely with them on rebuilding their infrastructure. In Britain, the supercharger scheme and British industrial competitiveness scheme are aiding companies in managing energy costs.

Fuel duty was never lower at any point under the previous Conservative Government or, indeed, the Conservative-Liberal Democrat Government. We are keeping under review what happens from September, but it is important to note that in the first three months of this year, revenues from fuel duty were no higher than they were just a year ago.

When we froze fuel duty and extended that freeze, that also impacted red diesel. As we keep under review what happens to fuel duty, we will do the same for red diesel. I think there are two crucial issues. The first is protecting supply, which is why de-escalating this conflict—not ramping it up, as the Tories and Reform would do—is so important, so that we can reopen the strait of Hormuz. The second is prices and costs. That is why we have introduced the British industrial competitiveness scheme to help businesses with energy costs and the supercharger.

I congratulate the right hon. Gentleman on running his fourth London marathon this week for a cancer charity. I know that cause is dear to his heart. He makes an important point. I understand why people are calling for immediate support, but the previous Government's untargeted support—I understand why the former Chancellor did what he did—cost more than £100 billion in total and it meant that interest rates, inflation and taxes have ended up being higher than they needed to be. We managed to reduce Government borrowing by £20 billion last year. The budget deficit is below 5% for the first time since 2019. Sticking to fiscal responsibility is not just good for the public purse; it is also good for ordinary families and businesses.

I thank my hon. Friend for standing up for the people of South Ribble and the issues that matter to them. Since the general election, there have been six cuts in interest rates, which is the best way to help people with the cost of living, especially if they have a mortgage. Before this conflict began, unemployment was falling, the economy was growing, the deficit was coming down and interest rates had gone down six times. I will continue to focus on the cost of living, because that is the thing that matters most to all our constituents.

Last time she stood up in the Chamber, the hon. Lady said that she wanted a 10p cut in fuel duty; now it is a 12p cut. What she has failed to explain is how on earth she is going to pay for any of those policies. As a former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), has just explained, untargeted support will result in higher inflation, higher interest rates and higher taxes, which would hurt people in St Albans and around the country rather than helping them with the cost of living.