Emma Reynolds MP: speeches

75 published records · newest first.

Speeches

7 Sept 2026 · Economic Growth · Hansard source
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I can absolutely do that. May I thank my hon. Friend for the work he does to further the cause of co-operatives and mutuals? When I was Economic Secretary, I very much enjoyed working with the sector, because building societies often offer more innovative products—to first-time buyers in particular—and do sterling work.
7 Sept 2026 · Economic Growth · Hansard source
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As the Chancellor set out this morning, we are determined to speed up infrastructure provision. Frankly, compared to other countries, we are just too slow at building high-speed rail and other types of rail. We are determined to press ahead and ensure that we speed up infrastructure provision, so that we can develop other areas. I also have an interest in the Cambridge-Oxford growth corridor, because my constituency is not very far away.
7 Sept 2026 · Economic Growth · Hansard source
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I can reassure the hon. Gentleman; the east midlands and the west midlands are really important. The changes that the Chancellor outlined to the discount rate today will benefit places such as his constituency, because they will ensure that we value the longer-term benefit of regional investment projects more fairly. As we have said, we will drive growth in every postcode and that includes his constituency.
7 Sept 2026 · Economic Growth · Hansard source
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With permission, I will make a statement on the Government’s plan to deliver good growth in every postcode. At the G20 in North Carolina last week, the Chancellor and I met Finance Ministers from leading economies to discuss our shared economic challenges. Global instability, conflict and trade frictions are continuing to drive up inflation and interest rates around the world. While these shocks are international in nature, their impact is also being felt here in the UK—from the cost of the weekly family shop to the cost of Government borrowing. Britain has shown resilience in the face of these pressures and the economy is now turning a corner: our growth was the fastest in the G7 in the first half of this year, Government borrowing fell to its lowest level in six years last year and interest rates have been cut six times since the general election. We are building on our strengths—our world-class universities and our world-leading sectors, such as life sciences, defence, technology, creative industries and financial services—and, because of the choices that this Labour Government have already taken, we are in a stronger position today to capitalise on the opportunities for growth across our economy. In the context of a more uncertain world, we must continue to make responsible choices. Fiscal discipline will underwrite every promise this Government make. Both the Prime Minister and the Chancellor have made clear their commitment to meeting the fiscal rules, with a buffer against uncertainty. We will address the long-term pressures on our public finances to put debt on a sustainable downward path. As the Chancellor said earlier today, there is nothing progressive about spending £1 in every £10 on debt interest. In his statement to this House last week, the Prime Minister laid out a clear diagnosis of what has gone wrong in our economy: political power was centralised, the economic fundamentals were privatised or outsourced, and our country was de-industrialised. The solution is a fundamental shift in the way our country works. No. 10 North and the Treasury are working together to build a stronger, more strategic centre of government and a more active state. Together, we will support the ambitions of local leaders and exert public influence and direction over the essentials, including transport and housing. We will devolve power and resources to local leaders. London is of course an economic powerhouse, but if our city regions could emulate the success of second cities in France and Germany, growth in our country could be transformed. The Chancellor has instructed public investment institutions to focus on regional growth. To build on our high growth areas, the Oxford-Cambridge corridor and the northern growth corridor, he has today announced a new £150 million northern scale-up fund, delivered by the British Business Bank, to back the most innovative and fast-growing firms from Liverpool to Newcastle. The new Northern 500 will also bring together 500 of the north’s most ambitious mid-sized businesses into a single growth community, focused on scaling, investment and productivity. The National Wealth Fund will establish new strategic partnerships with South Yorkshire, the Liverpool city region, the north-east and Cardiff, giving those areas support to build their investment pipelines. At the Budget next month, the Government will go further, with a road map for fiscal devolution—a permanent transfer of power and resources from Whitehall to our regions. This plan will drive economic growth and productivity in three key areas: supporting investment, boosting innovation and getting more people into good jobs. First, I will turn to investment. Business investment has increased by nearly 5% since the general election, but in a highly competitive world we must do more to reduce the barriers that firms face. The Government will tackle the thicket of consultation, litigation and administration that is holding up private investment, including by extending our reforms of judicial review from energy to all major infrastructure. We will bring an end to the consultation culture across Government, supported by new guidance from the Attorney General on legal risk to give Ministers confidence to make decisions. As the Chancellor has set out, we will make further changes to the Treasury’s Green Book, reducing the discount rate from 3.5% to 3%, to ensure that the Treasury rulebook does not go against key regional infrastructure projects and that places across the country get a fairer hearing in spending decisions. Work is already under way to progress place-based business cases in Plymouth, Birmingham, Liverpool and Port Talbot, and at the Budget we will publish guidance to allow more areas to do the same. The second driver of growth is innovation. The UK has a fantastic record on innovation. We are world leaders in frontier technologies, quantum computing, nuclear fusion, space technology and AI. But too often, ideas born here have to go elsewhere to find the capital they need to scale. Today we are setting out a new ambition to double the number of unicorns in this country. The Government will identify and back these high-potential firms, providing them with the necessary capital to scale. New cross-economy sandboxing powers will also enable firms to test frontier technologies safely. Building on the important work already taking place in defence and sovereign AI, the Chancellor will work with Government Departments to earmark new, dedicated funds to back British innovation. The third vital driver of growth is jobs. Our objective is to get more people into good, highly skilled jobs, and to make the most of the untapped talent that exists across the country. That is why, two weeks into office, the Prime Minister set out a bold new plan to transform technical education, and why, this autumn, Alan Milburn will set out his full recommendations to Government on how to address the blight of youth unemployment. This is our moral duty—not only our fiscal duty—because it cannot be right that so many young people are stuck on benefits. The plan for growth is underpinned by fiscal discipline. It will hand power to local leaders and unlock the potential of our regions. It will build a strong, strategic centre of Government and enable greater public direction and influence over the essentials. It will back British business, goods and exports, creating wealth and prosperity in all parts of the country. It is a plan to build hope and optimism across our economy, and to drive good growth in every postcode. I commend this statement to the House.
7 Sept 2026 · Economic Growth · Hansard source
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Sometimes it is necessary, in order to fund improvements in our national health service and to fill the £22 billion fiscal black hole that we inherited.
7 Sept 2026 · Economic Growth · Hansard source
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I absolutely agree. As the Chancellor stressed this morning, and as the Prime Minister has repeatedly said, this Government will drive good growth in every postcode. My hon. Friend is right that the situation in London is not simple; it is an economic powerhouse, but there are high levels of poverty in many parts of London. I assure her that we will focus on Barking and other parts of London, too.
7 Sept 2026 · Economic Growth · Hansard source
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I thank the right hon. Member for his question. We were once parliamentary neighbours, so I understand the concern that he is expressing. Over the weekend, I spoke to the Business Secretary about this issue. We are holding a consultation, which will be a quick one.
7 Sept 2026 · Economic Growth · Hansard source
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It is money that already sits with the British Business Bank, but the change is the focus on the north, on scale-up businesses, to ensure that we unleash their growth potential. We are not announcing new funding; we never said we were.
7 Sept 2026 · Economic Growth · Hansard source
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I thank the Chair of the Treasury Committee for her question, and I agree with her: public financial institutions must make independent decisions about the businesses that they support. The Chancellor has talked today about new strategic priorities for the NWF, and that is also the right thing to do. That goes in parallel with what my hon. Friend was saying. On oversight of mayoral strategic authorities, my hon. Friend is right that if we are going to devolve more power and, critically, more resources, there should be more oversight. The First Secretary of State has talked about the role of others, including Members of this House, in holding mayoral strategic authorities to account when they receive those new powers.
7 Sept 2026 · Economic Growth · Hansard source
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As I said to the hon. Member for Glastonbury and Somerton (Sarah Dyke), we take the economic success of rural communities really seriously. We are improving connectivity, whether digital connectivity or local transport connectivity, to ensure that the areas are more successful, but there is obviously more to be done.
7 Sept 2026 · Economic Growth · Hansard source
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As I said in response to the shadow Minister, the Business Secretary is working closely with the chief executive and leadership of the company. Jaguar Land Rover employs 30,000 people in different parts of the country. We supported the company last year in the wake of its cyber-attack. We are supporting automative with £4 billion in capital and research and development funding to manufacture zero-emission vehicles. My thoughts are with the workforce; this is a very difficult time. As I understand it, the company has said that, by and large, this will be done by voluntary redundancy as much as possible, and over two years.
7 Sept 2026 · Economic Growth · Hansard source
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I would disagree, because the mayoral strategic authorities are about local authorities coming together in a combined authority and working together across the borders of the west midlands—an area I know extremely well. This is about driving growth and driving good decisions across the region.
7 Sept 2026 · Economic Growth · Hansard source
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The Prime Minister is clear that the hospitality sector is close to his heart. It is one that he worked closely with when he was Mayor of Greater Manchester. Earlier this summer we announced the business rate reductions for pubs, social clubs and live music venues, and we will go further in the Budget.
7 Sept 2026 · Economic Growth · Hansard source
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I profoundly believe that we have to drive a win-win. We can deliver good infrastructure and good jobs and limit the number of consultations, and have an eye to the impact on the environment. I will come back to my hon. Friend on her specific question.
7 Sept 2026 · Economic Growth · Hansard source
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Can I say gently to the hon. Lady that Scotland has rightly had plenty of devolution, but that does not mean that the two decades of SNP Government have been successful?
7 Sept 2026 · Economic Growth · Hansard source
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I do not believe in trashing nature and the climate either, but if we want to tackle climate change, we cannot stop every renewable project from going ahead, which is what the Greens would have us do, just as they would prevent the building of new nuclear power.
7 Sept 2026 · Economic Growth · Hansard source
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The hon. Member will know that rural communities are close to my heart, given my previous ministerial role and because I have a semi-rural constituency. There is huge potential in rural communities. The Prime Minister visited rural Cornwall in his first few weeks in the job. We will do more, and we are doing more, to improve local transport and rural connectivity, including the £2 cap on bus fares. She is right to say that there is great potential, which we must realise.
7 Sept 2026 · Economic Growth · Hansard source
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The right hon. Gentleman is right to raise this issue. As I have said, we have given strategic steers to the public financial institutions to ensure that they are focusing on regional growth, and that is also about opening up opportunities for the kinds of businesses that he has mentioned.
7 Sept 2026 · Economic Growth · Hansard source
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May I reassure my hon. Friend? One of our trailblazer projects in the place-based business cases is with Birmingham, which is obviously the beating heart of the west midlands.
7 Sept 2026 · Economic Growth · Hansard source
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I am sorry, Madam Deputy Speaker.
7 Sept 2026 · Economic Growth · Hansard source
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As I outlined to the hon. Member for Glastonbury and Somerton (Sarah Dyke), it is right that we focus on rural communities as well as urban areas and city regions. I will convey that message to the Chancellor, but I will not be writing the Budget right now.
7 Sept 2026 · Economic Growth · Hansard source
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We are working in close partnership with business, and the hon. Gentleman is right to say that we have to unleash talent and business investment in his own constituency and elsewhere, but as I said to the Chair of the Treasury Committee, the way that the public financial institutions work is by independently assessing the potential of firms and then backing them. That is what the Chancellor was talking about today. We set the strategic priorities and those independent economic organisations assess projects for their potential.
7 Sept 2026 · Economic Growth · Hansard source
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What the right hon. Gentleman is observing underlines the need for the Government to stick to our fiscal rules. The Chancellor is right to say that fiscal discipline is the bedrock of our economic security and national security. That is why we have committed to meeting those fiscal rules. In fact, we are meeting one of them early.
7 Sept 2026 · Economic Growth · Hansard source
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No, that is not the truth.
7 Sept 2026 · Economic Growth · Hansard source
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The Green Book discount rate is a tool of economic analysis. It does not change the cost of the deal.

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