Emma Reynolds MP: speeches

Speeches

• 29 Oct 2024 · Pension Credit: Processing of Applications · Hansard source

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  I am very pleased to say that there has been a 152% increase in the number of pensioners who are applying for pension credit. That is good news, and is a result of the pension credit awareness campaign that we have been running since early September. We are putting in place all the resources we can to process claims as quickly as possible.

• 29 Oct 2024 · Topical Questions · Hansard source

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  The Chancellor launched the landmark pensions review in July, which I am leading and which is looking at measures to drive more UK pension investment into the UK economy, boosting growth but also improving pension savers’ outcomes. I know that there is interest in this agenda across the House.

• 29 Oct 2024 · Topical Questions · Hansard source

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  We are not hiding the figures. If I had had the chance, I would have said that 455,000 pensioners are paying the higher rate of tax and that 39,300 are paying the additional rate. Many wealthy pensioners have said to me that they do not need the winter fuel payment— [ Interruption. ] The right hon. Gentleman says that, but there are a number of—

• 29 Oct 2024 · Topical Questions · Hansard source

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  The hon. Gentleman is urging me to comment on the Budget, but he will have to wait until tomorrow.

• 29 Oct 2024 · Cost of Living: Support for Pensioners · Hansard source

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  The Government did an equality analysis on the change, which was published in September. I recommend that the hon. Gentleman take a look at it. It was such a long question that I have forgotten what he asked. On application forms—

• 29 Oct 2024 · Cost of Living: Support for Pensioners · Hansard source

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  More than 12 million pensioners will be protected by this Government’s commitment to the triple lock, with the new full state pension expected to increase by around £1,700 over the course of this Parliament. Pensioners also benefit from free eye test, free NHS prescriptions and free bus passes.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  The agreements were reached in the lead-up to the summit and at the summit itself. I am glad that the hon. Gentleman joins us in congratulating the new Government on securing £63 billion of shovel-ready investment. I lost count of the number of Prime Ministers, Chancellors and Home Secretaries we had under his Government. I was working in the private sector at the time, and I often heard from businesses that said they did not have the stability, or even the predictability, of Government policymaking.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  Perhaps my hon. Friend would like me to intervene?

• 17 Oct 2024 · International Investment Summit · Hansard source

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  The shadow Secretary of State is being generous to a point. I suggest kindly that in 2010 the outgoing Labour Government did not leave a £22 billion in-year hole in the public finances, as the Conservative Government bequeathed to us.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  I will not have a cross-Chamber discussion with the hon. Gentleman. I am sure he will make a contribution to the debate. This Government are determined to increase the number of good, well-skilled jobs, to embrace the opportunities of technology and innovation, and to improve productivity across the country. At the international investment summit, we demonstrated that the UK has tremendous strengths. We have a dynamic, ambitious and globally connected economy that has long been at the forefront of global exploration, invention and innovation. We have a global language, a central time zone and a renowned legal system. We have a high-spending consumer market that benefits from an open economy. We have trade deals with over 70 countries, and we have world-class talent supported by our globally recognised higher education system, with four of the world’s top 10 universities. One of my favourite moments of the summit was a panel chaired by our fantastic Secretary of State for Culture, Media and Sport on the creative industries and sport. I was delighted to have a photograph with Gareth Southgate, which I showed to my boys when I got home. In all seriousness, Gareth Southgate talked about how the Premier League was once just an idea and how it has been built and marketed into a world leader, creating great investment into our economy. I am sure the whole House will support that sentiment—

• 17 Oct 2024 · International Investment Summit · Hansard source

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  The shadow Secretary of State is demonstrating that from a sedentary position—it is the first time I have said that in a debate for some time. When we took over from the last Government, we recognised that there were issues we needed to address to improve the UK’s competitiveness. That is why we have already announced a series of steps to improve our business environment, such as driving through planning reform to get Britain building, removing the ban on onshore wind farms and giving the green light to key solar and data centre projects. We are also undertaking a pensions investment review, which the Chancellor has asked me to lead, to harness the potential of our £2 trillion pension industry to unlock new capital for our innovative businesses, to drive growth and to improve outcomes for future pensioners. We have launched Skills England to boost the nation’s skills and fill job vacancies by bringing together businesses, trade unions, mayors, universities, colleges and training providers. We are also resetting our relationship with our closest partners in the European Union.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  I wonder whether she would be tempted to tell us about her favourite pub in Bournemouth—or whether there are any bears around.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  Indeed, I did. Business wants the Government to take a pragmatic approach, not an ideological approach, to our relationships with our main trading partners, and that is exactly what our new Government are doing. I am pleased to report that we are not resting on our laurels; far from it. On Sunday, the Business Secretary announced the launch of an industrial strategy advisory council, which will be chaired by Clare Barclay, the CEO of Microsoft UK. The Business Secretary also announced our modern industrial strategy Green Paper, setting out eight growth-driving sectors: advanced manufacturing; clean energy industries; creative industries; defence; digital and technology; financial services; life sciences; and professional and business services. This is not about picking winners; it is about building on the UK’s unique strengths and untapped potential to enable our already world-leading services and manufacturing industries to adapt, grow and seize the opportunities to lead in new and emerging industries. At the summit, the Prime Minister set out the Government’s commitment to a pro-growth approach to competition and regulation, to create a dynamic business environment that will strengthen our foundations and help deliver our growth mission and industrial strategy. As investors made clear, they have a choice of where to invest. We must not rest on our laurels; we must make sure that we forge ahead with these policies, because we need investors to make a positive choice to invest in our country. As one private sector speaker said at the summit, we do not want investors just to invest; we want them to place a big bet on investing in the UK. The Chancellor also confirmed two new innovative measures to ensure that our public finance institutions can better catalyse billions of pounds in private investment. We turbocharged the UK Infrastructure Bank to become the national wealth fund, which will have £27.8 billion to catalyse investment that would not have otherwise taken place. We have also launched the British Business Bank’s new pathfinder British growth partnership, a vehicle to crowd pension fund investment and other institutional investment into venture capital funds and innovative businesses. We have committed to bringing forward a tax road map, long demanded by businesses across the economy, at the Budget. This will give businesses the certainty and predictability to plan for the future. As the Chancellor has already made clear, we will cap the rate of corporation tax at 25% for the duration of this Parliament. Gone are the days when a Government—the previous Government —would announce a decrease in corporation tax, then announce an increase and then, months later, reverse the decision again at the next fiscal statement. We want to ensure that businesses have predictability. We have also said that we will maintain our capital allowances offer, with full expensing and a £1 million annual investment allowance. We will also reform and turbocharge the Office for Investment, which will sit under our new joint Treasury-Department for Business and Trade Investment Minister, Poppy Gustafsson, the founder and former CEO of Darktrace. This is a clear demonstration of the Government’s commitment to better serving the needs of investors and breaking down the silos between Departments, which have too often prevented transformative Government policy. We are determined to drive the transformational investments that the country so desperately needs to fulfil its economic potential. Such measures, introduced within just 100 days, show that this Government are not just about warm words; we mean business, in every sense of the phrase. This week’s summit was a major vote of confidence in the UK’s economic future and in this Government’s commitment to realising it. The investments and partnerships forged at the summit will have lasting impacts, driving growth, innovation and sustainability for years to come. It was not just a one-off event; it was a first milestone in our ongoing work to build a deep and meaningful partnership with business, drive economic growth and create good jobs for working people up and down this country at all levels of society. As we move forward, let us work together across the House to ensure that the benefits of these investments are felt by all our citizens across every region of our great nation. Before I finish, I want to say that the particular highlight of the summit for me was the evening reception at St Paul’s, at which His Majesty the King was present and at which many of us were delighted to hear Elton John, who had some very warm words to say about our new Government. He said something like, “We’ve been in the doldrums for the last few years, but now we have a new Government under the leadership of a new Prime Minister and things are looking up.” As the Chancellor made clear in her closing speech at the summit, since taking power this Government have put unlocking private investment at the heart of everything we do. Our investment summit demonstrated our commitment to growth and that the UK is once again open for business.

• 17 Oct 2024 · International Investment Summit · Hansard source

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  I beg to move, That this House has considered the International Investment Summit. I am delighted to open this debate on the Government’s inaugural international investment summit, which we hosted at the Guildhall in London on Monday. Leaders of the world’s biggest companies, from Alphabet and BlackRock to Goldman Sachs and Novo Nordisk, came from all corners of the globe to meet Government Ministers and to listen to what our new Government had to say. Our message at the summit was clear: the UK is open for business once again. We have turned the page on the stagnation and instability of the previous Government, and in just over 100 days, this Government have put growth front and centre of our agenda and reassured investors that we will create the very best conditions for them to invest and to grow their businesses, restoring the economic stability and confidence for which businesses have been crying out for too long. The Prime Minister and the Chancellor made it clear that the UK has an enormous amount to offer, as did all the high-profile investors who spoke at the summit, including esteemed business figures such as Larry Fink, Eric Schwartz, Ruth Porat and more. We have made clear our commitment to growth and restored economic stability, and we have given businesses the confidence that they need for the long term. Businesses are safe in the knowledge that the UK at last has a Government whose central mission is to grow the economy and stimulate private investment, thereby ending the chaos and churn of the last 14 years. As both the Prime Minister and the Chancellor have set out, increasing investment into the UK is the Government’s No. 1 priority to drive growth. Our mission-driven approach allows us to think in terms of years, not weeks, and to commit to the hard yards required to break down the silos that have too often prevented effective government and got in the way of real growth-driving change. This is about ambitious policymaking for the long term, not sticking-plaster politics. As the Chancellor said earlier this week: “If the challenge is growth, investment is the solution.” I am delighted to say that, as a result of the stability dividend introduced by this Government, we announced a record-breaking £63 billion of shovel-ready investments across the country—more than at any previous summit, and more than double the total of last year’s summit—from global companies such as Eli Lilly, ServiceNow, Holtec and many others.

• 7 Oct 2024 · Topical Questions · Hansard source

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  As I said previously, the ombudsman took six years to consider this complex case. We are looking into it very seriously, but I cannot make any announcements today. The right hon. Gentleman will have to wait for our announcement on this issue.

• 7 Oct 2024 · Topical Questions · Hansard source

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  I thank the hon. Member for his question. I have looked into this issue, which has a long and complex history, and I would be very willing to meet him to discuss it in more detail.

• 7 Oct 2024 · Winter Fuel Payment: Medical Conditions · Hansard source

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  I thank my hon. Friend for that question. I will meet him and any other Members of this House who have concerns on this matter.

• 7 Oct 2024 · Winter Fuel Payment: Medical Conditions · Hansard source

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  I welcome the hon. Gentleman to his place. Pensioners with a long-term health condition or disability may be eligible for disability-related benefits, such as disability living allowance or attendance allowance, and these benefits also provide for an additional amount in pension credit for those on low incomes.

• 7 Oct 2024 · Winter Fuel Payment: Medical Conditions · Hansard source

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  This is a decision that we neither wanted nor expected to make, but when we came into office there was a £22 billion black hole in the public finances. There are mitigations in place. We have extended the household support fund and the hon. Gentleman’s council will receive an extra £3.9 million. We are increasing the state pension. Through the triple lock, the state pension will increase by £1,700 in this Parliament. We will also deliver the warm home discount scheme, and I hope he will join me in making sure that every pensioner who is eligible for pension credit receives it, which will passport them to the winter fuel payment.

• 7 Oct 2024 · Pension Credit · Hansard source

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  We were pleased to see 160 local authorities respond positively to our call for action. They are working with us to drive the boost in uptake of pension credit. Apart from the national campaign that we have been running, we will bring together the administration of housing benefit and pension credit in a way that the former Government failed to do.

• 7 Oct 2024 · Pension Credit · Hansard source

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  The winter fuel payment was once described as the “largest benefit paid to pensioners…regardless of need, giving money to wealthier pensioners when working people on lower incomes do not get similar support.” Those are not my words, but the words of the Tories’ 2017 manifesto.

• 7 Oct 2024 · Pension Credit · Hansard source

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  We have been running a national campaign since September across a range of channels, including print and broadcast media, to encourage pensioners to check their eligibility and make a claim, and we will continue to work with external partners, local authorities and devolved Governments to boost the take-up of pension credit.

• 7 Oct 2024 · Women’s State Pension Age: Compensation · Hansard source

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  I was the first Minister for eight long years to meet Women Against State Pension Inequality campaigners to hear their experiences directly. However, we do need time to carefully consider the ombudsman’s report and evidence before we can outline our approach.

• 7 Oct 2024 · Women’s State Pension Age: Compensation · Hansard source

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  The ombudsman’s report is a serious report that took six years to complete and deserves serious consideration. We are carefully reviewing the details of that complex report and will come to a conclusion in the round.

• 7 Oct 2024 · Women’s State Pension Age: Compensation · Hansard source

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  The ombudsman took six years to look into what is a serious, significant and complex set of cases. We need time to look at that seriously, and we are doing precisely that.