We are monitoring the situation and preparing for e [1D [K every eventuality. The International Monetary Fund expects the UK to be the [3D [K the fastest growing European G7 economy cumulatively over this year and nex [3D [K next. A rapid de-escalation of the conflict remains the best way to protect [7D [K protect consumers from rising bills. We continue to act on the cost of livi [4D [K living, with £117 on average off energy bills from 1 April, £53 million to [K help with the cost of heating oil, and freezing both rail fares and prescri [7D [K prescription charges.

We have lifted 450,000 children out of poverty by g [1D [K getting rid of the two-child limit in universal credit from this month. We [K are expanding free childcare for children aged between nine months and five [4D [K five years to help parents with costs. Additionally, we have reduced energy [6D [K energy bills by £117, frozen rail fares and prescription charges, and provi [5D [K provided support for heating oil users.

Baker Hughes is a prime example of how this conflic [7D [K conflict impacts businesses and families here. We have defended our Gulf al [2D [K allies against unprovoked attacks by Iran, working closely with them on reb [3D [K rebuilding their infrastructure. In Britain, the supercharger scheme and Br [2D [K British industrial competitiveness scheme are aiding companies in managing [K energy costs.

Fuel duty was never lower at any point under the pr [2D [K previous Conservative Government or, indeed, the Conservative-Liberal Democ [5D [K Democrat Government. We are keeping under review what happens from Septembe [8D [K September, but it is important to note that in the first three months of th [2D [K this year, revenues from fuel duty were no higher than they were just a yea [3D [K year ago.

When we froze fuel duty and extended that freeze, t [1D [K that also impacted red diesel. As we keep under review what happens to fuel [4D [K fuel duty, we will do the same for red diesel. I think there are two crucia [6D [K crucial issues. The first is protecting supply, which is why de-escalating [K this conflict—not ramping it up, as the Tories and Reform would do—is so im [2D [K important, so that we can reopen the strait of Hormuz. The second is prices [6D [K prices and costs. That is why we have introduced the British industrial com [3D [K competitiveness scheme to help businesses with energy costs and the superch [7D [K supercharger.

I congratulate the right hon. Gentleman on running his [K fourth London marathon this week for a cancer charity. I know that cause is [2D [K is dear to his heart. He makes an important point. I understand why people [K are calling for immediate support, but the previous Government's untargeted [10D [K untargeted support—I understand why the former Chancellor did what he did—c [5D [K did—cost more than £100 billion in total and it meant that interest rates, [K inflation and taxes have ended up being higher than they needed to be. We m [1D [K managed to reduce Government borrowing by £20 billion last year. The budget [6D [K budget deficit is below 5% for the first time since 2019. Sticking to fisca [5D [K fiscal responsibility is not just good for the public purse; it is also goo [3D [K good for ordinary families and businesses.

I thank my hon. Friend for standing up for the people o [1D [K of South Ribble and the issues that matter to them. Since the general elect [5D [K election, there have been six cuts in interest rates, which is the best way [3D [K way to help people with the cost of living, especially if they have a mortg [5D [K mortgage. Before this conflict began, unemployment was falling, the economy [7D [K economy was growing, the deficit was coming down and interest rates had gon [3D [K gone down six times. I will continue to focus on the cost of living, becaus [6D [K because that is the thing that matters most to all our constituents.

Last time she stood up in the Chamber, the hon. Lady sa [2D [K said that she wanted a 10p cut in fuel duty; now it is a 12p cut. What she [K has failed to explain is how on earth she is going to pay for any of those [K policies. As a former Chancellor, the right hon. Member for Godalming and A [1D [K Ash (Sir Jeremy Hunt), has just explained, untargeted support will result i [1D [K in higher inflation, higher interest rates and higher taxes, which would hu [2D [K hurt people in St Albans and around the country rather than helping them wi [2D [K with the cost of living.