Gareth Thomas MP: speeches

Speeches

• 29 Jan 2026 · Business of the House · Hansard source

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  Four year ago, the regeneration of Wealdstone—now entirely in my constituency—was poised to begin. Since then, the Conservative councillors who run Harrow council have cancelled or stalled key decisions, so much-needed affordable housing is nowhere to be seen, council offices are closed to the public, local services have been starved of investment, and Wealdstone High Street is under pressure. Might we have a debate on how to help failing councils lead regeneration initiatives better?

• 26 Jan 2026 · Armed Forces Bill · Hansard source

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  rose—

• 26 Jan 2026 · Armed Forces Bill · Hansard source

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  My right hon. Friend is making an extremely good speech. He will recognise that one way in which we have the backs of current military personnel, as well as of veterans, is by offering, through the Joining Forces partnership, access to a credit union for military personnel. Will he assure me that nothing in the Bill will prevent the further promotion of the benefits of credit union membership to even more military personnel, and will he or a Minister meet me to explore how we might promote the Joining Forces partnership even further?

• 20 Jan 2026 · Gaza and the West Bank: Humanitarian Situation · Hansard source

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  As my right hon. Friend has said, hundreds of thousands of displaced families in Gaza are living in torn tents and roofless homes, being exposed to the rain and freezing temperatures, with further storms due. What further steps will she take to persuade the current Israeli Government to allow in the materials necessary for more robust shelter, particularly—and immediately—for families with young children?

• 14 Jan 2026 · Banks (Financial Exclusion and Access to Finance) · Hansard source

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  I beg to move, That leave be given to bring in a Bill to require banks to measure and disclose their performance in reducing financial exclusion, including exclusion from affordable credit, and in improving access to finance for small- and medium-sized businesses; to establish a system for rating banks according to that performance; to require banks to cooperate with credit unions and community development finance institutions to address financial exclusion and improve access to finance for small- and medium-sized businesses; and for connected purposes. I declare at the outset that I am a member of the M4Money credit union. Dal Dhillon is a great Coventry entrepreneur who runs Dhillon’s Brewery, Dhillon’s Spire Bar and the Sky Blue Tavern, which, together, are helping to fire up Frank Lampard’s growing army of Coventry fans as they push for the holy grail of premier league promotion. When Dal wanted to expand his businesses, he hit a stumbling block that affects many growing businesses: accessing affordable finance. His application was rejected by a mainstream bank, so Coventry and Warwickshire Reinvestment Trust—a community development finance institution or community bank—stepped in. It is not for profit, accredited by the Financial Conduct Authority, community-focused and takes the time to understand the entrepreneur, their business and their ambitions. In essence, it is a proper community bank. Since 2010, CWRT has loaned more than £37 million, helping small and medium-sized enterprises overlooked by traditional lenders in their communities to start up, grow and thrive. Thousands of small and medium-sized businesses are sadly locked out of access to affordable credit at the moment, meaning, in short, that they cannot get fair banking. This holds back too many people in too many communities from turning strong ideas for new inventions or new services into more jobs, new high street ventures or just great commercial opportunities. For the entrepreneur who does not have a track record or assets, access to business finance and financial advice is a huge challenge. Indeed, the cost of business finance in the UK is higher than in other comparable countries. When in government, senior figures at one bank told me that the typical business client who received personal sit-down financial advice had a trading income of £10 million or more. According to the Federation of Small Businesses, which is concerned about access to the funding its members need and supports this Bill, nearly half of small businesses recently rated the overall availability and affordability of new credit for small businesses as poor. At the same time, millions of people across the UK do not have access to affordable credit when they need it most. More than 20 million adults are now classified as financially underserved—a 50% rise since 2016. One in three adults faces barriers to mainstream credit, often leaving them without safe or affordable options. Some 12.5 million people have no savings to fall back on in a crisis and almost 2 million have turned to illegal lenders in the past 12 months alone. As the team at the excellent London Mutual credit union pointed out to me when I visited last week, not having fair access to affordable credit can mean that people have to use payday loans, forcing those who can least afford it to put up with higher charges and interest rates—paying a poverty premium. It means it is harder to save, and more costly to buy key things like a fridge or to repair a broken boiler. In short, it is harder to pay for life’s unexpected costs. The financially underserved do not live far away; they are in all our communities. They are among our families, they are our friends, and they are certainly our neighbours. I welcome the work that my right hon. and hon. Friends on the Front Bench have put into establishing a financial inclusion strategy. My Bill seeks to build on that good work. We need to go further if the loan sharks are to feel that their opportunities are shrinking, and if we are to see credit unions doubling in size and community banks unlocking more of the business ambition in our country, especially in the most economically deprived areas. A fair banking Act would require the Financial Conduct Authority to analyse the performance of mainstream banks, according to their size, on the provision of equitable access to credit for individuals and small and medium-sized enterprises. It would create a published ratings system that showed which banks were doing well and which less so. Banks could improve their ratings by expanding their provision of affordable lending to underserved communities and businesses, and by creating partnerships with community banks or community development finance institutions. I am not interested in bashing Britain’s banks—they are critical to our economic future, and huge sources of wealth and jobs for British people and for all our communities—but I do think they could do more. There are fair banking requirements in other countries, most notably in the US, where most British banks already operate comfortably under them. There are of course differences between the financial services environment in the US and here in the UK. A UK fair banking Act would need to focus on small business lending and an individual’s ability to access affordable credit, and less so on mortgage lending, which is a key issue in the US. American fair banking requirements mean that British banks invest in left-behind communities in the US. They invest in and work happily with community banks or community development finance institutions—indeed, British banks are among the largest investors in US CDFIs. They do not lose money and there is often joint lending by CDFIs and banks. In the reports they have to publish they celebrate, for example, their work with women entrepreneurs and with black and ethnic minority businesses. The question for those British banks is why they will not back such requirements here. Why will they not do more with community banks and credit unions in the UK? To be fair, there is some investment in CDFIs from Lloyds and J. P. Morgan, but it is striking how many other major banks invest in CDFIs in the US but do not invest similarly here. As a result of US requirements, British banks are already used to working with the disclosure requirements that I envisage introducing through the Bill. The majority of the data needed for the disclosure requirements under the Bill will already be collected by the FCA in, for example, its consumer credit product sales data, so it would not be over-regulation. Following detailed research for the fair banking campaign, conservative estimates suggest that the requirements in the Bill could result in, for example, an increase in the level of annual lending here by CDFIs and credit unions from an estimated £250 million a year up to £3.3 billion a year. That would transform the prospects for thousands of entrepreneurs and financially underserved people in all our communities. There have been some suggestions that the measures in my Bill might overlap with existing laws and regulations, including the recently introduced consumer duty. Unfortunately, that duty applies only to people who are customers, so people who apply to banks and are turned down are excluded from it. Also, no mechanisms or metrics are currently in place, or being proposed, on measuring banks’ performance on expanding access to affordable credit as a whole. Specifically, there is no current framework for benchmarking banks’ actions on providing affordable credit or on working with credit unions and CDFIs. There is currently no mandate for banks to expand access to affordable credit, and no incentive for them to work with credit unions and CDFIs to do so. What the widespread exclusion from credit demonstrates is a major market failure. Current measures are not working and voluntary measures are not enough. The measures in my Bill would end that failure. Talent, and entrepreneurial talent in particular, exists everywhere in the UK. We need to give that talent the chance to flourish, and more affordable sources of credit are key to that. No one in crisis should be forced into punishing levels of debt or worse because the mainstream banking sector has locked them out. I am grateful for the support of the Federation of Small Businesses, Small Business Britain, Richard Marshall of Pall Mall Barbers, the Building Societies Association, the Association of British Credit Unions, the Co-op party, Responsible Finance and the excellent team at the Finance Innovation Lab. A fair banking Act is a common-sense, proportionate measure that could have transformative benefits for businesses and communities across the UK. I commend the Bill to the House. Question put and agreed to. Ordered, That Gareth Thomas, Dame Meg Hillier, Sarah Champion, Liam Byrne, Sarah Owen, David Burton-Sampson, Lloyd Hatton, Bill Esterson, Mr Tanmanjeet Singh Dhesi, Nick Smith, Anneliese Dodds and John McDonnell present the Bill. Gareth Thomas accordingly presented the Bill. Bill read the First time; to be read a Second time on Friday 27 February, and to be printed (Bill 363).

• 11 Dec 2025 · Business of the House · Hansard source

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  According to the UN, Sri Lanka, where many of my constituents are from, is experiencing one of its worst ever flooding disasters as a result of Cyclone Ditwah, which hit two weeks ago. Given that over 600 people have died already and over 2 million have been severely affected, and given the existing levels of hardship in Sri Lanka, may we have a statement on what more Britain could do to help, either directly or through the UN and the multilateral bank system?

• 9 Dec 2025 · Low-income Households · Hansard source

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  I commend the steps that my right hon. Friend took to support those on low incomes, both in the Budget and through the recently published financial inclusion strategy, but may I encourage her to go further on the issue of savings, given that a quarter of the people in the UK have little by way of savings and, indeed, one in seven have no savings at all? Will she encourage employers to work with local credit unions to help those who want to save automatically, and to save even a small amount from their pay packets, to do so?

• 2 Dec 2025 · Gaza: Humanitarian Situation · Hansard source

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  11. What steps her Department is taking to help improve the humanitarian situation in Gaza.

• 2 Dec 2025 · Gaza: Humanitarian Situation · Hansard source

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  More than two thirds of Gaza’s children—700,000—are living in tents, and are at high risk of preventable disease. Growing numbers are suffering malnutrition, diarrhoea and pneumonia. The Trump plan called for a minimum of 600 trucks of humanitarian aid to enter Gaza daily, but nothing like that number is yet getting in, so will my right hon. Friend step up the Government’s efforts to secure sustained access to Gaza for the United Nations Relief and Works Agency, and other critical UN humanitarian agencies?

• 1 Dec 2025 · Budget Resolutions · Hansard source

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  I commend the skill and courage of my right hon. Friend the Chancellor, who has faced the most difficult inheritance of any post-war Chancellor since Hugh Dalton in 1945. I welcome the cost of living measures, the cut in energy bills and the increase in the minimum wage, and the lifting of the two-child cap is very welcome too. In addition, I commend the work that my hon. and learned Friend the Economic Secretary to the Treasury has begun on tackling financial exclusion. My right hon. Friend the Chancellor has been particularly skilled at increasing capital funding, and I will campaign for more of it to be invested in Harrow, not least in council or co-operative housing. Indeed, the lack of new socially rented housing being built in Harrow by the Conservative-run council is a disgrace. Not one new council home that had not already been agreed has been built since the Conservatives took over control, making the housing crisis in my constituency much worse. More capital investment in schools in Harrow West is certainly needed. After 14 years of Tory neglect, there are classrooms that cannot be used, windows that cannot be shut, roofs that need fixing and sports facilities that need modernisation. Crucially, more investment is needed in our NHS too. Notably, a new intensive care unit at Northwick Park hospital is needed to ease pressure on the A&E unit and improve the quality of care. I welcome the explicit mention in the Budget of the role of co-operatives in our economy and the publication of the call for evidence on co-operative growth. Co-operatives and mutuals are rarely given the attention they merit, yet the opportunities for growth and, crucially, for the locally owned growth they generate are significant. I hope the Treasury will bring forward its own specific call for evidence on how credit unions, mutual insurers and building societies can expand to play their part in growing our economy. The standout issue for co-operatives is their ability to issue capital instruments that do not lead to de-mutualisation. This has been done successfully in Australia, where 600 million Australian dollars has already been raised to grow mutuals, notably in the elderly care sector. There is serious interest from co-operatives here in using similar capital instruments to invest in social care. The movement is vital for tackling financial exclusion, and for delivering jobs and better opportunities in our country’s most deprived neighbourhoods. The banking industry should partner with, and invest in the growth of, credit unions and community development finance institutions. Many British banks do so already in the US, where it is a requirement; they should do so in their own backyard too. The Government cannot double the size of the co-operative and mutual sector of our economy on their own. Businesses in the sector need to do that themselves, but greater interest, imagination and urgency from the Treasury—which, under the Conservative party, paid only passing attention—in tackling the finance, legislative and capacity challenges that the sector faces will be critical. My right hon. Friend the Chancellor, in the run-up to the Budget, rightly drew attention to the impact of Brexit and the dismal trade and co-operation agreement negotiated by the Conservative party. The OBR continues to estimate that the impact of Brexit has been a 4% hit to our GDP, with sustained damage to our tax revenues, to jobs and to family finances. In short, it has been an unparalleled act of economic self-harm, with the TCA easily the worst trade deal ever negotiated. I welcome the steps that the Government are taking towards a sanitary and phytosanitary deal to lower food prices and reduce border delays, and a youth mobility scheme and energy co-operation make obvious sense too. These will benefit growth, but I believe that we should go further and use the 2026 UK-EU summit to agree on the ambition of a more profound reset. With imagination and sustained business encouragement, a better deal to lower trade barriers could be possible. The recent EU-Swiss deal is interesting for the greater flexibility the EU has now shown to a close and serious partner. As we rebuild our country’s relationship with our allies across the channel, it is surely time, within our red lines, to be bolder in our ambitions to strip away the red tape that the Conservatives love about trade with Europe, particularly for goods exports. The needless rules, the different standards and the extra unnecessary checks they introduced in the TCA are making it harder for British businesses to sell into the EU. Mutual recognition of qualifications and easing business mobility restrictions are worth exploring too.

• 1 Dec 2025 · Budget Resolutions · Hansard source

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  I understand that the Department for Business and Trade, my former Department, is about to issue a call for evidence on exactly how to negotiate membership of that, and I very much look forward to its happening. If we are to get faster and more significant growth, we have to take the axe to more of the red tape that Boris’s trade deal introduced, so I urge my right hon. Friends to continue to be bolder and more ambitious for a deeper and more profound EU reset agenda. Lastly, I think we should consider in the coming months how to rebuild the fiscal space to fund the development assistance that gives us so much soft power. That assistance supports our security needs, and it is vital to the effectiveness of key parts of peacekeeping, global health and the empowerment of those whose prospects are being damaged by poverty, conflict and climate change. I look forward to supporting the Budget in the Division Lobby tomorrow.

• 27 Nov 2025 · Business of the House · Hansard source

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  Schools in Brent and Ealing, which neighbour my constituency in Harrow, are able to offer teachers an extra £1,000 to work in their schools because of the inner London weighting. Given that the cost of living in Harrow is little different from the cost of living in inner London, and given that my schools occasionally lose skilled teachers to schools less than half a mile away because of this now unfair pay differential, may we have a debate on how the School Teachers’ Review Body might improve pay for teachers and support staff in schools in Harrow?

• 25 Nov 2025 · Cancer Services: North-west London · Hansard source

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  Northwick Park hospital is the acute hospital serving my constituents. It benefits from having excellent cancer clinicians. They are determined to go ever further to improve the speed of diagnosis and the quality of support for those diagnosed with cancer, and are developing plans for a cancer centre for the hospital. As part of the roll-out of the national cancer plan, would my hon. Friend be willing to visit and meet those clinicians, and perhaps bring the Secretary of State’s chequebook with her?

• 25 Nov 2025 · Cancer Services: North-west London · Hansard source

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  3. What steps he is taking to improve cancer services in north-west London.

• 17 Nov 2025 · Parkinson’s Disease · Hansard source

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  I commend my hon. Friend the Member for Colne Valley (Paul Davies) for the way he introduced the debate. Given the time, I will focus on the particular challenges that the Parky charter, which I strongly support, addresses. Parkinson’s brings additional financial challenges for people with Parkinson’s and their families. In particular, I want to highlight the prescription charges faced by many people with Parkinson’s. England is the only part of the UK where people with Parkinson’s still pay for their prescriptions because the NHS medical exemption list has barely changed since it was created in 1968. To put that in context, that is the year that the Beatles’ “Hey Jude” was the UK’s biggest-selling single, and it was before Neil Armstrong walked on the moon. Medical knowledge was far behind what it is today, and it was a long time yet before I would be born. I gently suggest to the Minister that this is a very serious issue. People with Parkinson’s who cannot afford their prescription sometimes reduce their dose or skip medication, risking hospital admission and irreversible damage to their health. Many people with Parkinson’s already hesitate about taking medication—I think of my father, who had Parkinson’s—because they are worried about the side effects or have difficulty accepting their diagnosis. Having to pay for prescriptions simply creates an extra barrier or a reason not to start medication, but taking that medicine can significantly help with the day-to-day management of symptoms, and can prevent falls and hospital admissions.

• 4 Nov 2025 · Banking Services: Rural Areas · Hansard source

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  One way of improving access to banking in rural and, indeed, urban areas would be to increase the reach and role of community banks, or community development finance institutions. Given that CDFIs play a big role in American economic life and are backed to do so by the biggest banks, would it not be good if our biggest banks helped to fund their expansion here as well?

• 16 Oct 2025 · Business of the House · Hansard source

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  After two years of bombardment and siege, Gaza’s healthcare system has been decimated. I am sure the whole House welcomes the ceasefire, fragile as it is, the release of hostages, and that aid is beginning to increase somewhat. Will my right hon. Friend consider the case for a debate on the steps that Britain could take to support the rebuilding of Gaza’s hospitals, so that the most innocent in this awful conflict—children—can at least begin to get the healthcare support they so desperately need?

• 13 Oct 2025 · Community-led Housing · Hansard source

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  Redwood Housing Co-operative spans five floors of social housing in the iconic OXO Tower on the south bank of the River Thames. Given that Redwood is run by its tenants, charges some of the lowest rents in central London and offers some of the best views, should not every community have a Redwood?

• 13 Oct 2025 · Community-led Housing · Hansard source

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  9. Whether he plans to include community-led housing within the long-term housing strategy.

• 8 Sept 2025 · Indefinite Leave to Remain · Hansard source

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  My hon. Friend is making an excellent speech. I wonder whether she will allow me to register a concern on behalf of those from Hong Kong who live in Harrow, many of whom are making a very significant contribution to our community and are genuinely worried about these proposals.

• 3 Sept 2025 · Hospitality Sector · Hansard source

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  Only yesterday I sat down with some of Britain’s great publicans—award-winning Tommy Higgs and Mike Dove of the Three Horseshoes, Emma Gibbon from the Plough in Prestbury, Justine Lorriman of the famous Royal Dyche in Burnley, Matt Todd of the Wonston Arms, and the excellent Steve Alton of the British Institute of Innkeeping—to go through the details of the challenges they are facing, so I welcome the chance to underline the Government’s recognition of the importance of hospitality businesses in all our communities to the economic, cultural and social life of our country. In this debate we have heard many other examples of great hospitality businesses, notably in the excellent speeches of my hon. Friends the Members for Reading West and Mid Berkshire (Olivia Bailey), for Bournemouth East (Tom Hayes), for Welwyn Hatfield (Andrew Lewin), for Ealing Southall (Deirdre Costigan), for Gedling (Michael Payne), for Leeds North West (Katie White), for Hexham (Joe Morris), for Falkirk (Euan Stainbank), for Cumbernauld and Kirkintilloch (Katrina Murray), for Tipton and Wednesbury (Antonia Bance), for Stirling and Strathallan (Chris Kane), for Monmouthshire (Catherine Fookes), for Calder Valley (Josh Fenton-Glynn) and for Portsmouth North (Amanda Martin). Hospitality is a sector that contributes well over £50 billion to our economy and employs millions of people across the UK. It is particularly important for young people, who need to gain essential skills and experience to pursue successful lives. It is also often an entry point for those who want a second chance in life, and I pay tribute to Greene King for working with 65 prisons across the UK to provide inmates with hospitality training. It aims to hire 400 prison leavers by the end of this year. What all the contributions to this debate underline once again is that hospitality is truly the backbone of our high streets and the lifeblood of our communities. However, pubs, cafés, restaurants and hotels felt the full force of the headwinds unleashed by the economic incompetence of the Conservative party. We had 14 years of Britain’s hospitality entrepreneurs being let down. The Conservatives unleashed a cost of living crisis, and interest rates rose 14 times. We had double-digit inflation, with food prices driven higher by the disastrous Brexit deal that they signed. The Conservative party said that it was against red tape but made it ever harder for hospitality businesses to change and innovate. According to the British Beer and Pub Association, the last Government’s watch resulted in 10,000 fewer pubs. When both shadow Ministers held key roles in government, a total of 185,000 hospitality businesses closed their doors for good between 2017 and when they left office. We are turning the page on that grim period with an industrial strategy to boost the whole economy by driving business investment, productivity and innovation across the economy. Businesses across all sectors have welcomed this approach. Frankly, they welcome the marked departure from the permanent chopping and changing of policy that marked the 14 years when the Conservatives were in power. We had austerity, the disastrous trade deal with Europe, and then the revolving door of Prime Ministers and Chancellors. We are doing things differently by setting out comprehensive, research-backed and business-informed strategies to help businesses plan not just for the next 10 months, but for the next 10 years and beyond. Focusing on our core industrial strategy sectors will benefit the rest of the economy, too—for example, the creative industries are a key sectors that will help drive benefits and opportunity for the hospitality sector. It is a little rich for the Opposition to talk about omissions from the industrial strategy, when they gave up on having any kind of industrial strategy in their final years in office. All our work is complemented by our small business strategy: to back entrepreneurs, to invest in the high street, to improve access to finance, to open up overseas and domestic markets, and to build business capabilities. Inspired by the US’s Small Business Administration, we have launched our Business Growth Service, which will be the go-to place to get the advice and information that businesses and entrepreneurs need. We are determined to tackle the scandal of late payments, which the Conservative party never did. On business rates, let us remember what the Conservatives promised six years ago. In their 2019 manifesto, they said they would begin a fundamental review of the business rates system, but they never did. They were due to reduce business rates relief to zero from April this year. We stopped that—we have kept the relief—and we will deliver on our manifesto commitment to create a fairer business rates system that protects the high street, supports investment and drives growth. We will deliver permanently lower multipliers for retail, hospitality and leisure businesses, and I certainly agree with my hon. Friend the Member for Cumbernauld and Kirkintilloch that it is staggering that the Scottish Government will not commit to do the same. The Chancellor of the Exchequer had to take difficult decisions in the Budget last year to fix the £22 billion black hole in the public finances. The decisions she took were vital to help build the long-term stability that is essential for investment, creating jobs and, crucially, putting more money in people’s pockets. While I understand the sector’s concerns about the increase in national insurance contributions, we are protecting the smallest businesses by increasing the employment allowance to £10,500. Some 1 million employers, of which thousands are hospitality businesses, will pay no NICs at all, and more than half of employers will see no difference or will gain from this package. We are committed to reducing regulatory burdens to bring down the cost of food, which is why we negotiated a sanitary and phytosanitary deal with the European Union. It is also why we launched the licensing taskforce, with proposals to rebalance the licensing system to better support business growth, cultural vibrancy and public safety. We will bring forward further work in that space shortly. We have also introduced the hospitality support scheme to co-fund projects in line with Hospitality Sector Council priorities, including by supporting initiatives such as Pub is The Hub to encourage local investment, particularly in rural communities. Indeed, the Conservative party axed all funding to support pubs, including support for Pub is The Hub. Successful pubs, cafés and restaurants depend on people having the money in their pockets to go out and enjoy what are the best hospitality businesses in the world. Wages grew faster in the first 10 months of this Government than they did in the first 10 years of the Conservatives’ time in office. Disposable incomes are set to rise during this Parliament at twice the rate they did during the last Parliament. Business investment is up, almost 400,000 jobs were created in our first year in office, we have had five interest rates cuts and business confidence is rising. The Conservatives gave up on pubs; they gave up on entrepreneurs; they gave up on cafés, restaurants and hotels; they gave up on small businesses; and they gave up on high streets. They never had a strategy for growth, they certainly did not have a strategy to back hospitality, and they certainly have not offered any new ideas today. We do have a strategy for growth, and we will continue to work with the hospitality industry to address the challenges it faces. I urge the House to reject the motion. Question put.

• 17 Jul 2025 · Independent Retailers · Hansard source

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  I know that Northamptonshire has a thriving retail and wholesale sector, and I commend my hon. Friend for championing the jobs and businesses in his constituency. He rightly says that the Conservatives promised to reform business rates. What he did not say was that they promised many times to reform business rates and never did so. We have committed to permanently lower business rates for retail, hospitality and leisure businesses. The Government are committed to publishing soon an interim report that sets out further details on the direction of travel, and confirmation of our plans will come at the autumn Budget.

• 17 Jul 2025 · Independent Retailers · Hansard source

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  I welcome the establishment of Bababing in the hon. Member’s constituency. I recognise that difficult decisions had to be taken in the Budget. I am sure he has pointed out to the owners of Bababing that those difficult decisions were taken as a direct result of the £22 billion black hole that his party left us to tackle. Our small business strategy will set out a range of measures we are taking to support businesses, which I hope will help Bababing and other businesses in his constituency.

• 17 Jul 2025 · Independent Retailers · Hansard source

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  We have frozen the small business multiplier for 2025-26, protecting over 1 million ratepayers from bill increases, and we are creating a fairer business rates system that protects the high street and supports investment. Our forthcoming SME strategy will set out further plans to help businesses on the high street and beyond.

• 17 Jul 2025 · Capital and Export Finance: SMEs · Hansard source

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  We heard during our SME consultation that one of the biggest issues facing small and medium-sized businesses that want to scale up relates to access to finance. Indeed, since 2011, the stock of bank lending to SMEs relative to GDP has fallen by around 50%, which graphically demonstrates the significance of my hon. Friend’s point. We have been working closely with Treasury colleagues in particular, and when we launched the industrial strategy, we also launched a funding arrangement for the British Business Bank that will provide £4 billion of capital to our high-growth innovative businesses to ensure that they remain anchored in the UK and are able to scale up here.