Before the meeting, Mr Adams said he was going to ask Mr Mandelson how he intended to revive the political institutions before Easter, the time agreed on as a target date by the British and Irish governments.
Addressing MPs later, Mr Davey said a lot of people were on out-of-date tariffs and "bringing them down is going to save some of those people, indeed some of the most vulnerable, money and that is the right thing to do".