Rachel Reeves MP: speeches

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Speeches

23 Jun 2026 · Economic Strength · Hansard source
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In my two Budgets, I have raised an additional £30 billion through taxes for more wealthy people, whether that is through the changes to the non-dom rules, VAT and business rates on private schools, taxes on private jets, the high-value council tax surcharge or, indeed, the increases in capital gains tax. Combined, that is an extra £30 billion secured for our public services, to stabilise our public finances and get debt down as a share of our economy by asking those with the broadest shoulders to pay more.
23 Jun 2026 · Economic Strength · Hansard source
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I am incredibly proud of my record as Chancellor of the Exchequer: the fastest growing country in the G7 within the EU, wages rising faster than inflation every single month since I became Chancellor, record investment coming into the United Kingdom, rolling out free breakfast clubs and free school meals, 500,000 children lifted out of poverty, creating the National Wealth Fund and leveraging in private sector investment. Those things are only possible because of the decisions I have made as Chancellor. As a result, for the first time since 2019, Government borrowing was less than 5% of GDP—a far change from the mess I inherited from the Conservatives.
23 Jun 2026 · Economic Strength · Hansard source
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I thank my hon. Friend for his question and his work on the Treasury Committee. On pensions reform, through the Mansion House accord and Sterling 20, we have got pension funds to commit to investing more in British businesses, both through British venture schemes and in British infrastructure. Those changes were secured by the Pension Schemes Act 2026 taken through Parliament by the Under-Secretary of State for Work and Pensions, my hon. Friend the Member for Swansea West (Torsten Bell). That, for the first time ever, requires investment in UK businesses and in infrastructure. We are also making reforms to how our ISA system works so that for people under the age of 65, after investing £12,000 in cash, any additional money has to be invested in stocks and shares, helping start-up and scale-up businesses grow and stay in Britain.
23 Jun 2026 · Economic Strength · Hansard source
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Since I became Chancellor, our economy has grown by 2.3%—the fastest growth among European G7 economies in that period. Over that time, we have progressed our strategy for stronger and more secure growth through fiscal stability by bringing in an additional £120 billion in public investment, by crowding in private investment through the National Wealth Fund and the British Business Bank, because I changed our fiscal rules; and by removing structural barriers to growth, including through big reforms to our planning and pensions systems and through progress on reducing regulatory burdens, particularly on smaller businesses.
23 Jun 2026 · Cost of Living: Falkirk · Hansard source
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We timed the great British summer savings so that they start on the first day of the Scottish school holidays and continues to 1 September, when children in England, Wales and Northern Ireland return to school. We hope that the scheme has a big impact on families around the country, alongside the free bus travel in England in August. We did not start the war in the middle east, we did not join it, and I have been clear about my views on it, but the war is clearly having consequences here at home. We will continue to monitor the situation and take every action necessary to support families.
23 Jun 2026 · Cost of Living: Falkirk · Hansard source
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The Government remain dedicated to raising living standards for people in Falkirk and across the UK by driving economic growth and bearing down on inflation, which I know continues to squeeze household budgets. Measures announced in my Budget last year are already taking effect: raising the national living wage and the national minimum wage; maintaining the triple lock on pensions; and extending free school meals to more families. Our great British summer savings package builds on that, reducing VAT on a whole range of summer attractions, including, I believe, Airthrill in my hon. Friend’s constituency.
23 Jun 2026 · Transport Infrastructure: North-west England · Hansard source
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This Government are committed to improving transport connectivity right across the north of England, and we know that part of how we can deliver that is by recognising that decisions about local transport are better made locally. That is why we are giving mayors and local leaders the powers and the funding to make decisions locally; through the transport for city regions fund alone, there will be £4.1 billion for Greater Manchester and the Liverpool city region between 2027 and 2032, and there will be further devolution through the integrated settlements.
23 Jun 2026 · Transport Infrastructure: North-west England · Hansard source
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This Government, for the first time, have backed Northern Powerhouse Rail with actual money in the spending review. The programme will improve connections between key cities—Liverpool, Manchester, Bradford, Leeds, Sheffield and York. We have not yet taken a decision on the type of station that we will deliver at Manchester Piccadilly, but I recognise my hon. Friend’s preference for an underground station. I recently met Bev Craig, the leader of the city council, to discuss how the Government can support Manchester’s ambition for an underground station at Manchester Piccadilly.
23 Jun 2026 · Household Budgets · Hansard source
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As my hon. Friend knows, we are investing £3 billion in local bus services to both improve the service for passengers and freeze bus fares until at least March next year. This summer there will be unlimited free travel for children aged between five and 15 in his Cannock Chase constituency and across the country. I also give a special shout-out to my mayor, Tracy Brabin, for the beautiful Weaver Network of electric buses, manufactured in Northern Ireland and Yorkshire, and serving the people of West Yorkshire.
23 Jun 2026 · Household Budgets · Hansard source
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The Government recognise that energy costs, inflation and global pressures continue to squeeze household budgets. That is why we have taken careful, targeted action through the great British summer savings package which launches on Thursday, cutting VAT on summer activities so that adventure parks, soft play centres, cinemas and theatres will be cheaper, alongside the work we are doing to maintain the triple lock and to lift children out of poverty.
23 Jun 2026 · Household Budgets · Hansard source
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The measures I took in my Budget last year took £150 off energy bills by getting rid of some levies altogether and moving others to general taxation. If we look at the most recent inflation numbers, inflation in the UK was 2.8% last month, which compares to 3.2% in the eurozone and 4% in the US. Food inflation was at its lowest rate for 17 months.
23 Jun 2026 · Green Book Wellbeing Guidance · Hansard source
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The Treasury published the Green Book supplementary guidance on wellbeing, which helps officials to assess how their policies and projects affect the wellbeing of citizens, in 2021. In February, this Government published an update to the Green Book that reaffirms the importance of considering wellbeing. Most importantly, my new Green Book will support fairer and more balanced decisions on investment in every part of the country, including outside London and the south-east, across urban, rural and coastal communities, so that projects have a better chance of securing Government funding.
23 Jun 2026 · Green Book Wellbeing Guidance · Hansard source
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I will ensure that the relevant Minister meets my hon. Friend and others to discuss how we can make further enhancements to the Green Book. Something that has held Britain back for too long is that projects outside London and the south-east, including in rural and coastal communities, have missed out on funding because of the way in which the Treasury used to evaluate those projects. I have changed those rules so that we can make investments in all parts of the United Kingdom.
23 Jun 2026 · Support for Industry · Hansard source
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The hon. Gentleman makes an important point about making sure that we get the balance right. We are supporting steel made in Britain, which the previous Government neglected; we are backing it through the nationalisation of the steelworks in Scunthorpe and more support for Port Talbot and Sheffield, but I also recognise the challenge that some British companies will face. This is why, for example, as is shown by the work that we are doing with the EU on the upcoming EU-UK summit, we want a steel alliance, to reduce tariffs on steel.
23 Jun 2026 · Support for Industry · Hansard source
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We are cutting electricity costs for up to 10,000 businesses through the British industrial competitiveness scheme, and expanding the supercharger scheme. We are also strengthening key supply chains and protecting jobs through the steel strategy, the new £350 million critical chemicals resilience fund, and the £120 million in support for our ceramics sector.
23 Jun 2026 · Support for Industry · Hansard source
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I thank my hon. Friend, and other MPs who speak for constituencies with automotive businesses, for their representations. As she said, we are bringing forward the review of the zero emission vehicle mandate, so it will now take place this year—a year earlier than planned. In that, we will look at a slower phase-in of those targets to bring us closer, for example, to where the EU is. Automotive is the crown jewel of British manufacturing. We must not let targets damage our sector; that would lead to money being paid out to foreign companies, such as those in China, that produce more electric vehicles. That is why we have made the changes, and why we are having the review.
23 Jun 2026 · Support for Industry · Hansard source
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Our steel strategy protects the UK steel industry, so that more orders can come to British Steel and other steel manufacturers in the UK. We will not allow our steel sector to be undercut by cheap foreign imports.
23 Jun 2026 · Topical Questions · Hansard source
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With all respect, the Liberal Democrats backed that referendum 10 years ago, and they were part of the Government who legislated for it. Unlike the Liberal Democrats, the Labour party actually sticks to its manifesto commitments.
23 Jun 2026 · Topical Questions · Hansard source
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When the Conservatives were in office, in the last Parliament they borrowed more than the G7 average every single year. This year we are borrowing less than the G7 average and have brought down Government borrowing to 4.2% of GDP in the most recent data. We have brought forward our fiscal rules so that they kick in two years earlier, and we are meeting those fiscal rules, to ensure that we have sustainable public finances—a far cry from those that I inherited.
23 Jun 2026 · Topical Questions · Hansard source
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In the first quarter of this year we were the fastest growing economy in the G7. Since I became Chancellor, we have had growth of 2.3%, which is the second fastest rate of growth in the G7. We are growing our economy by bringing investment and stability back to the UK, and businesses are following our lead by investing in our country.
23 Jun 2026 · Topical Questions · Hansard source
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When we were in opposition, I promised the biggest wave of insourcing in a generation, and we are now working in government to deliver exactly that. The Government Property Agency contract that expires in 2028 will come back in house, so people working at around 40 locations across government in London and around the country will find that instead of being employed by an outsourcing company, they will be employed directly by the Government. They will have the same terms and conditions as other civil servants, making a huge difference to them and their families.
23 Jun 2026 · Topical Questions · Hansard source
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Let’s talk about my record: six cuts in interest rates; wages rising faster than inflation; trade deals secured; investment delivered; support for our energy-intensive industries; half a million children lifted out of poverty; record investment in our national health service; more money for local transport infrastructure right around the country; the biggest uplift in defence spending since the end of the cold war; and an economy that has constantly beaten the forecasts—an economy that is growing, and an economy where inflation has come down. Compared with the disastrous 14 years when the Conservatives were in office, I would take our record any day.
23 Jun 2026 · Topical Questions · Hansard source
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This Government have the right economic plan—the fastest growth in the G7 at the start of this year, the second fastest rate of growth in the G7 since the election, and inflation lower than forecast, with food inflation at its lowest level for 17 months despite the disruption in the middle east. Wages have risen faster than prices in every single month since I became Chancellor. I am tackling the cost of living challenges with rail fares, prescription charges and fuel duty frozen, and with money off energy bills. Our economic plan is the right one, and I will continue to deliver for the British people.
23 Jun 2026 · Topical Questions · Hansard source
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I have not only visited my hon. Friend’s constituency, but I went to school there and I am well aware of many of the pubs in Beckenham and Penge. This summer, from this Thursday, the great British summer savings programme will benefit businesses in Beckenham and Penge and around the country. VAT rates on children’s food in restaurants, pubs, cafés and bars will be cut, and children’s entertainment venues in Beckenham and Penge and around the country will also see cuts in VAT.
23 Jun 2026 · Topical Questions · Hansard source
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I thank my hon. Friend for that question and for the representation that he and other MPs representing ceramics constituencies have made. It was a real honour for me to meet the impressive force of nature that is Sharon Yates when I visited Dunoon, a ceramics business in Staffordshire, a couple of months ago. I pay tribute to her and the campaigning trade union, GMB, Ceramics UK and all campaigning Labour MPs on their efforts. As a result, they have been heard, and our £120 million package of support for ceramics announced earlier this year will give a positive future for the sector.

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