Emma Reynolds MP: speeches

Speeches

• 1 Jul 2025 · Economic Growth: Rural Areas · Hansard source

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  The Government have committed £2.7 billion per year to support sustainable farming and nature recovery, supporting the rural economy. We have also confirmed investment of £1.9 billion over four years into digital connectivity as well as £2.3 billion of local government transport funding for smaller cities, towns and rural areas.

• 1 Jul 2025 · Supporting Economic Growth · Hansard source

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  I welcome what my hon. Friend said. The Government are supporting the rural economy with over £2.7 billion a year for sustainable farming and nature recovery. We are investing £1.9 billion to improve digital connectivity, which will be important to the small businesses and others that she mentioned. As I said to the previous question, we will set out a small business strategy later this year.

• 22 Apr 2025 · Retail Investment · Hansard source

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  Such great cross-party working—do not tell anyone else about it! It is really good to work with the hon. Gentleman. I remember fondly—well, not that fondly—being a shadow Minister and having very good, if different, working relationships with the Ministers who I shadowed. I very much welcome the constructive way in which he has contributed to the debate and I look forward to Thursday, when we will debate the Bank Resolution (Recapitalisation) Bill. I thank my hon. Friend the Member for Buckingham and Bletchley for securing this debate and I also thank all the hon. Members who spoke. It has been a very constructive and interesting debate, certainly from my perspective, and I thank all hon. Members for their contributions. The Government are determined to make the UK’s retail investing environment more attractive and to boost the UK’s investment culture, and I will reflect carefully on the points raised.

• 8 Apr 2025 · Investment: Regulatory Policies · Hansard source

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  This is a whole-of-Government approach, and we have secured 60 commitments from key regulators to improving the business environment. The Government are streamlining regulation and stripping back its duplication, to ultimately deliver a regulatory system that encourages new investment, innovation and growth.

• 11 Feb 2025 · Bank Resolution (Recapitalisation) Bill [ Lords ] (First sitting) · Hansard source

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  Growth and competitiveness are fundamental priorities for this Government. Financial and economic stability are essential for growth and lie at the heart of the Bill. Risks to financial stability arising from bank failures, and the disruption they cause to continuity of critical services, can be seriously detrimental to growth and competitiveness. It is an obvious point, but one of the principal ways in which the authorities can impact economic growth is by maintaining financial stability. Amendment 4, tabled by the hon. Member for Wokingham, seeks to ensure that the Bank of England considers competitiveness and growth when using the new mechanism in the Bill. It does so by introducing a new objective that the Bank of England would need to consider alongside the special resolution objectives. This objective would be to facilitate the international competitiveness and growth of the UK economy, subject to aligning with relevant international standards. The Government resist the amendment because we believe that, while well-intentioned, it may have profound consequences. I should start by noting that the aim of the Bill is to enhance the resolution regime, but in a way that avoids making more fundamental changes to the regime and the way in which the Bank of England exercises its resolution powers. As I said to the hon. Member for Dorking and Horley previously, this is more of a significant tweak than an overhaul, which it certainly is not. That is because the Government consider that, broadly, the regime works well, as demonstrated by the successful resolution of Silicon Valley Bank UK. The Government believe that attaching a new objective such as this to the use of the mechanism in the Bill could complicate matters for the Bank of England in using the mechanism alongside its stabilisation powers. This is the key argument: we know that, when managing a firm failure, the Bank of England may need to take a decision at pace in a highly complex and uncertain environment. That is distinct from the regular policymaking of the Prudential Regulation Authority and the Financial Conduct Authority, which of course have a secondary growth and competitiveness objective—for which there is cross-party support—but one that is applicable in the context of their general rule-making and policymaking roles. It would be quite different to say that this objective should apply to the Bank of England when taking urgent crisis management action in relation to an individual distressed or failing firm. That reflects the different nature of the decisions that regulators take compared with the resolution authority, which has to act quickly and decisively in a crisis. It is therefore important that the Bank of England, as the resolution authority, has a clear and unambiguous basis on which to make such decisions. The Government believe that the special resolution objectives already provide that. As Members will appreciate, it is important to strike the right balance between ensuring that the Bank of England can respond quickly and flexibly to a firm failure, and that any impacts on growth and competitiveness are properly considered. The Government believe that the existing framework strikes the right balance. I would add that the question around how the Bank of England and others support growth and competitiveness is a complex matter, and it is not one that the Government believe should be, or can be, addressed in the Bill. I hope that I have provided a helpful explanation of the Government’s view on this issue, and I respectfully ask that the hon. Member for Wokingham withdraws his amendment.

• 30 Jan 2025 · Finance Bill (Fourth sitting) · Hansard source

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  I thank the hon. Lady for her intervention, but I am not entirely sure that I follow the logic. The purpose of CBAM, as I have said, is to ensure that if a product is produced using carbon in another country, we do not have leakage across the border. The overall impact will vary depending on the sector’s exposure to CBAM imports relative to the overall input costs and the extent to which it can substitute them. CBAM imports make up only a small proportion—about 1%—of average UK industry input costs. CBAM liabilities are expected to be small initially, and reliance on inputs of goods within scope across the economy is limited overall. I am not sure that I follow the logic that imposing CBAM on imported fertilisers will somehow have the effect that the hon. Lady suggests. The UK emissions trading scheme is the UK’s primary carbon pricing mechanism. The scheme was established to increase the climate ambition of the UK’s carbon pricing policy while protecting the competitiveness of UK businesses. The UK CBAM will be implemented only in sectors where it will effectively mitigate carbon leakage risk and where delivery is deemed feasible. Other sectors that give rise to carbon leakage will be considered for future inclusion.

• 30 Jan 2025 · Finance Bill (Fourth sitting) · Hansard source

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  I welcome the Opposition’s support for the clause. For quite some time there has been cross-party support for the CCA scheme. I welcome what the shadow Minister said about the Opposition’s support for the extension of that scheme for energy-intensive industries. The shadow Minister asked me about the UK chemicals industry. As he said, it is a very valuable sector of our economy. It is obviously included in the climate change agreement scheme, which exists to ensure that businesses for which energy makes up a larger proportion of their operating costs, and that are at higher risk of carbon leakage, are supported to make changes to their processes to reduce their energy intensity. The example he provided is concerning, but we have introduced measures to help such industries to cope with the fact that they are energy intensive. I hope that answers his question. I do not know whether the Chancellor has met representatives of the sector, but I am happy to write to him on that. The hon. Member for Inverness, Skye and West Ross-shire spoke about the cost of energy for people in his constituency. As I said, the rates on kerosene are frozen, which is why we are not uprating the rates on LPG. That will go someway towards helping those in rural areas. I declare an interest: I am not on the gas either, so we also rely on this form of energy.

• 30 Jan 2025 · Finance Bill (Fourth sitting) · Hansard source

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  It is a great pleasure to serve under your chairmanship, Ms Vaz. The clause makes changes to the main rates of the climate change levy, or CCL, with effect from 1 April 2026. The Government are increasing the main rates of CCL on gas, electricity and solid fuels by the retail prices index to maintain the incentive for businesses and the public sector to be more energy efficient. Since 2001, the CCL has encouraged businesses and the public sector to be energy efficient by adding a tax on the non-domestic supply of energy. The Government have announced a national mission to make Britain a clean energy superpower and accelerate our journey to net zero, and improvements in energy and resource efficiency will play a significant role in reducing industrial emissions in the 2020s. Delivering on this mission will help to make the UK energy independent, protect billpayers, create good jobs and tackle the climate crisis. The previous Government followed a trajectory of rebalancing the gas and electricity rates over a five-year period to reflect that electricity emissions are progressively lowering due to the increasing contribution of renewable and lower-emission energy in electricity generation. The CCL rates for electricity and gas equalised in April 2024, and at the autumn statement 2023, under the last Government, rates were frozen for the year 2025-26. Now that the rebalancing has been achieved, uprating the main rates on gas, electricity and solid fuels from April 2026 will continue to provide an incentive for energy efficiency. At autumn Budget 2024, this Government also announced that the main rate of CCL on liquefied petroleum gas will continue to be frozen. This is to ensure better consistency between LPG and other portable fuels—for example kerosene, which is zero rated under fuel duty—for commercial premises not connected to the gas grid. The changes made by the clause will increase CCL rates on gas, electricity and solid fuels by RPI with effect from April next year. Non-domestic energy supply users will see an increase on their CCL bill of around 0.025p per kWh of gas or electricity supplied. The rate on solid fuels will increase by 0.2p per kg. However, participants of the climate change agreement scheme are eligible to pay reduced CCL rates in return for meeting negotiated energy-efficiency and carbon targets. The CCA scheme enables energy-intensive industries to receive discounts of up to 92% on their CCL bill. The new six-year scheme, announced on 16 October, will provide an estimated £1.9 billion of relief to 2,600 businesses in 53 industrial sectors over its lifetime. Overall, we expect a reduction in greenhouse gas emissions as a result of the clause compared with freezing the rates. In conclusion, the changes made by the clause will help to incentivise businesses to improve their energy efficiency, thereby progressing the Government’s climate objectives, which are vital for the UK’s long-term economic prosperity and energy security. I commend the clause to the Committee.

• 30 Jan 2025 · Finance Bill (Fourth sitting) · Hansard source

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  The clause will enable the commissioners for HMRC to prepare for the introduction of the UK carbon border adjustment mechanism and allow information to be disclosed for the purposes of developing the CBAM. The Government are committed to reaching net zero by 2050. As we make progress to decarbonise, we must ensure that the effect of our efforts is not undermined by carbon leakage. I am sure that hon. Members know this, but for the benefit of the Committee, let me define carbon leakage: it is the movement of production and its associated emissions from one country to another to avoid higher decarbonisation efforts and costs. The best solution to carbon leakage risk would be international co-ordination on decarbonisation and carbon pricing. However, many countries do not yet have domestic carbon pricing mechanisms. Consequently, introducing the UK CBAM will reduce the risk of carbon leakage by placing a carbon price on carbon-intensive goods imported into the UK from 2027. The new tax will enable a charge to be placed on the carbon emissions found in highly traded carbon-intensive goods imported into the UK from the aluminium, cement, fertiliser, hydrogen, iron and steel sectors. A comparable carbon price will be placed on those goods, based on what they would have incurred if they had been produced in the UK under our domestic emissions trading scheme.

• 30 Jan 2025 · Finance Bill (Fourth sitting) · Hansard source

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  Obviously kerosene is zero rated, but the effect of the clause is to increase the main rates of CCL on gas, electricity and solid fuels by RPI. That is in line with what we announced at the Budget, and takes forward those measures, so hopefully it will come as no surprise to hon. Members. Question put , That the clause stand part of the Bill.

• 23 Jan 2025 · High Streets: Autumn Budget 2024 · Hansard source

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  I congratulate the hon. Member for Harpenden and Berkhamsted (Victoria Collins) on securing the debate and thank her for sharing her story of working in her mum’s gift shop. It was very moving to hear that she has had direct experience of working in a shop on the high street. I also thank her for her survey of local small businesses on her seven high streets, which is an impressive number. She outlined very well the importance of the businesses there; I think she said that there are 197 retail, hospitality and leisure businesses, employing some 6,000 people. I thank her for sharing those statistics, and the feedback from those businesses. I share the hon. Member’s passion for the regeneration of our high streets. I think it is a concern for Members across the House. High streets are focal points of economic activity, but most importantly—she said this in her speech—they are often a key part of the unique character of our communities. We know that high street businesses are contending with a range of challenges. She listed some of them, but I will list a couple: changing consumer shopping habits and the rise of online shopping, and a series of economic headwinds, including the pandemic, which we know was particularly difficult for small, independent businesses on the high street. The Government are committed to reforming Britain’s economy to bring about a decade of national renewal. Creating an environment in which our high streets are able to flourish is critical to that commitment. In her speech, the hon. Member recognised the Government’s dire economic inheritance from the Conservatives, none of whom are in the Chamber. We had some very difficult decisions to make in the Budget, but it was necessary to wipe the slate clean to deliver the economic stability that high street businesses need.

• 16 Dec 2024 · Inflation: Pensioner Living Standards · Hansard source

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  We will not reconsider that decision, because as a result of the £22 billion black hole that we inherited from the Conservative party, we have had to take tough decisions in a very tight fiscal environment. However, my hon. Friend has given me the opportunity to remind people that they have until Saturday to make a pension credit claim, which can be backdated and will passport them to winter fuel payments and other related benefits.

• 16 Dec 2024 · Winter Fuel Payment: Pensioner Poverty · Hansard source

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  The Government remain absolutely committed to supporting low-income pensioners. We are supporting them through the household support fund, which local authorities can use to help people on the lowest incomes with their bills. The Minister for Energy Consumers, my hon. Friend the Member for Peckham (Miatta Fahnbulleh), has also raised £500 million from energy suppliers to help those most vulnerable consumers in debt. We also have the warm home discount and the warm homes plan to help those on low incomes to heat their homes.

• 11 Nov 2024 · Topical Questions · Hansard source

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  I would suggest a number of things: the warm home discount scheme is available for those on low incomes, including pensions; we have extended the household support fund that local authorities can and should use to help people on low incomes; and in the longer term, the warm homes plan will help to make homes across the country more energy efficient and cheaper to heat. I will also say that thanks to the Government’s commitment to the triple lock, pensioners will be about £1,900 better off over this Parliament.

• 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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  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.

• 10 Sept 2024 · Winter Fuel Payment · Hansard source

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  I thank my hon. Friend for his intervention. For those just above the threshold, we have extended the household support fund. I urge hon. Members to work with me, the Secretary of State for Work and Pensions and the Deputy Prime Minister, who have written to local authorities to encourage them to ensure that those just above the threshold who are struggling get the support they need with bills. [ Official Report, 8 October 2024; Vol. 754, c. 4WC.] (Correction) Obviously, that is discretionary, but we encourage local authorities to use that. In addition, the Minister for Energy Consumers has met with the 15 largest energy providers and urged them to give all the support they can to those who are either likely to get into debt, or who are already into debt on their fuel bills. Support is available. There is also the warm homes discount, which is available to a larger cohort than those on pension credit. That will go live in October; again, I encourage hon. Members to join us in urging those struggling with their bills to apply for the warm homes discount, which is worth £150. There are measures that the Government are taking. We are absolutely determined to boost the uptake of pension credit. It is a national scandal that up to 880,000 eligible pensioners are missing out on pension credit thanks to the previous Government. That is worth on average £3,900 per year, but obviously depends on personal circumstances. If people apply for pension credit and are successful, it passports them to all sorts of other benefits. My hon. Friend the Member for Great Grimsby and Cleethorpes (Melanie Onn) rightly said that pensioners eligible for the savings credit part of pension credit are also eligible for pension credit, and therefore will be passported to receive winter fuel payments. It is quite a complex area, because it depends on whether someone is on the old or new state pension. Gordon Brown, when he was Chancellor, introduced the savings credit precisely to help the cohort of people that hon. Members are concerned about. George Osborne, on taking office, cut that benefit and made it unavailable for younger pensioners, so the cut off is 2016. That is something that we have been left; as my hon. Friend the Member for York Central said, it is not a legacy that we have chosen. I hope to work with all hon. Members present, who are clearly concerned about their constituents, to boost the uptake of pension credit.

• 10 Sept 2024 · Winter Fuel Payment · Hansard source

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  No, I will not. Moreover, the warm home discount of £150 will help low-income pension households this year. That is critically important, because it is not just for the lowest-income pensioners on pension credit. It is for pensioners on low incomes who have high energy costs, and it will be open to application in October.