While the chancellor was focusing on the economic impact of the war in the Middle East and potential petrol price gouging on the forecourts, a number of questions from MPs focused on plans to virtually abolish salary sacrifice before the end of the parliament.

Chancellor Rachel Reeves and junior minister for the Treasury and DWP, Torsten Bell (pictured), were in the sights of MPs during the Pension Schemes Bill debate and later at Treasury questions.

Two days in a row, Conservative MP, and shadow economic secretary to the Treasury, Mark Garnier, criticised government policy on salary sacrifice, repeating the same question to the minister, saying the approach ‘actively disincentivises saving into private pension schemes, people will increasingly rely on the support of the state’.

‘I asked the minister yesterday and he dodged the question. I will ask him the question again…will the government abandon salary sacrifice caps? Yes or no.’

In a lively debate, Bell called the question ‘just a bit sad’, stating Garnier had ‘let himself down’.

Hearing the question again for the second time in 24 hours, Bell said: ‘On the question of salary sacrifice he raises, I would just say that any responsible government should be looking at the effectiveness of all tax reliefs.

‘Salary sacrifice for pensions if it had not been reformed, the cost would have risen to £8bn over the course of this parliament. That is the cost of the entire Royal Air Force.

‘If the party opposite wants to be treated like a serious party committed to fiscal discipline, then it’s time to grow up.’

Questions for the chancellor focused on the impact of the Middle East war on the UK economy, and as she had told MPs yesterday after the G7 Finance Ministers meeting, Rachel Reeves warned energy companies over price rises, telling MPs: ‘This government will not tolerate price gouging.’

Harriet Baldwin MP asked: ‘With her fuel duty freeze coming to an end in September… will she review that decision if petrol prices are significantly higher after today.’

The chancellor replied: ‘Yesterday some petrol retailers charged almost 180 pence per litre while other were charging less than 130p, this government will not tolerate price gouging.

‘I will be meeting with petrol retailers to get prices down.’

The price of heating oil used in homes off of-the-grid in many rural parts of the country. Andrew Griffith MP said one supplier had ‘raised its price from 57p a litre to £1.25’.

Reeves said: ‘First you’ve got the conflict in the Middle East which we are trying to de-escalate, and secondly, you’ve got price gouging.

‘The way to deal with that is to ensure customers are treated fairly and that companies are not ripping off their customers. That is why we’ve asked the Competition & Markets Authority to assess heating oil prices.’

The Strait of Hormuz is closed to all ships and containers due to the war, and is a vital trade route providing essential access to 20% of the world’s oil supplies.

The chancellor said: ‘Vessels aren’t flowing through the Strait of Hormuz, and some companies are using this as an excuse to rip off consumers.

Pictured: Torsten Bell junior minister for the Treasury and DWP