Rachel Reeves MP: speeches

Speeches

• 20 May 2025 · Topical Questions · Hansard source

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  I very much agree, but what is truly extraordinary is that the Conservatives, Reform and the Scottish National party have voted against or abstained on the Planning and Infrastructure Bill, and they do not support any of the trade deals that we have secured to support working people in our country.

• 20 May 2025 · Topical Questions · Hansard source

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  The only reason that we have been able to grow the economy and get those cuts in interest rates, which help working families in Canterbury and right across our country, is because we have returned stability to our economy. That means never making a policy commitment without being able to say where the money comes from, which is what got our country into a mess under the previous Government. We have set out the policies that we needed to put investment into the NHS and secure our public finances.

• 20 May 2025 · Topical Questions · Hansard source

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  The Conservative party is a good example of that. The cost of the Conservative party went up, and its number of MPs shrank.

• 20 May 2025 · Topical Questions · Hansard source

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  In our manifesto, we set out that we would not increase taxes on working people—that is, the income tax, national insurance or VAT that they pay. That is why we also reversed the previous Government’s decision to increase fuel duty, which would have had a disastrous effect on working people in our country. We will set out all other tax policy at the Budget.

• 20 May 2025 · Topical Questions · Hansard source

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  As my hon. Friend knows, sometimes the UK carbon price has been higher, but sometimes it has been lower than in the EU. This deal will ensure a bigger market that, on average, brings prices down. We are confident that the deal secured yesterday will bring more good jobs and bring down bills for consumers.

• 20 May 2025 · Topical Questions · Hansard source

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  This Government are securing economic growth. Last week, the numbers published showed that the economy grew by 0.7% in the first quarter of this year, including an 8% increase year on year in investment spending. We are now the fastest-growing economy in the G7. Since the general election, there have been four cuts in interest rates, 200,000 jobs created and three trade deals secured. Britain’s economy is stronger, but I will continue to do everything in my power to ensure that working people are better off.

• 20 May 2025 · Topical Questions · Hansard source

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  As the hon. Lady knows, when I became Chancellor last year, we inherited a £22 billion black hole in the public finances—not in some year in the future, but in the financial year that we were already three or four months into. This meant that we had to make difficult and urgent decisions to put our public finances back on a firm footing—because, unlike the Conservatives, I will never play fast and loose with the public finances.

• 20 May 2025 · Economic Growth: South Yorkshire and Derby · Hansard source

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  Kick-starting economic growth is this Government’s No. 1 mission. From the next financial year, South Yorkshire combined authority will receive a single flexible funding pot through its integrated settlement, and the East Midlands combined authority will benefit from a new advanced manufacturing and logistics park, unlocking up to £1 billion of investment. Both areas will benefit from £240 million of investment towards trailblazers to tackle economic inactivity.

• 20 May 2025 · Economic Growth: South Yorkshire and Derby · Hansard source

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  We will shortly publish a financial inclusion strategy, as well as extending the household support fund to support some of the most vulnerable. There are huge opportunities in Derby, as my hon. Friend knows. I was at Rolls Royce in Derby just last week. What we are doing on trade deals, particularly with the US, hugely supports our aerospace sector, along with the increased spending on defence to 2.5% of GDP, which helps to invest in Great British firms and, indeed, in Great British steel.

• 20 May 2025 · Economic Growth: South Yorkshire and Derby · Hansard source

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  Although I will not get into detailed discussions about one individual company, last year the Government set out the £2.5 billion steel fund in the Budget to preserve and grow steel manufacturing in the UK. In the trade deals we have secured with the US and with the EU in the last couple of weeks, we have reduced tariffs on steel exports, which will be good for the British steel industry.

• 8 Apr 2025 · National Wealth Fund: Regional Growth · Hansard source

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  The Chief Secretary is working closely with mayors, including Oliver Coppard, to understand their priorities for the places that they represent for the purpose of the spending review in June, and will continue that work. At the same time, as the hon. Member for Grantham and Bourne (Gareth Davies) pointed out, we are backing the airport at Doncaster, bringing more good jobs to South Yorkshire.

• 8 Apr 2025 · National Wealth Fund: Regional Growth · Hansard source

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  The national wealth fund has had constructive meetings with all our mayors, and we have given a mandate to the national wealth fund to work with mayors on tailored offers for their communities. I am meeting Mayor Andy Burnham later today to take forward that shared objective to ensure that growth is generated everywhere and felt in all parts of our country.

• 8 Apr 2025 · National Wealth Fund: Regional Growth · Hansard source

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  I visited Stockport with my hon. Friend and the Mayor of Greater Manchester last year to see the regeneration work happening there, linking new investment in housing with transport infrastructure. I thank my hon. Friend for his leadership. Last month, alongside the increase in defence spending to 2.5% of GDP, we also set the national wealth fund’s strategic direction, with a focus on support for the defence sector through dual-use technology, creating more good jobs in all parts of the country, including Stockport.

• 8 Apr 2025 · National Wealth Fund: Regional Growth · Hansard source

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  The Office for Budget Responsibility has revised growth upwards from next year, and expects the economy to be bigger at the end of the forecast period than it thought at the time of the Budget last year. We are using the national wealth fund, the British Business Bank and UK Export Finance to support businesses throughout the UK, and we were recently able to announce significant investment at Thales in Belfast to create jobs in the defence industry there for the export of goods to Ukraine.

• 8 Apr 2025 · National Wealth Fund: Regional Growth · Hansard source

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  My right hon. Friend the Chancellor of the Duchy of Lancaster has set out new reforms for procurement rules to enable just that. We want more British businesses to win contracts. We want more small businesses in Britain to win contracts—businesses in all parts of the economy, including in food and farming. In farming, we gave a record settlement of £5 billion in the Budget last year to support this important part of our national economy.

• 8 Apr 2025 · Topical Questions · Hansard source

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  Because of the decisions that we made in the Budget last year, we were able to provide a record settlement for Scotland, Wales and Northern Ireland. It is a shame that the SNP MPs are not in the Chamber today. It is now the SNP’s responsibility to spend that money wisely and invest in public services. We are bringing down NHS waiting lists in England and Wales; the same cannot be said of Scotland.

• 8 Apr 2025 · Topical Questions · Hansard source

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  The first duty of any Government is to keep the nation safe. That is why we are increasing defence spending as a share of GDP to 2.5%—the biggest sustained increase in defence spending since the end of the cold war. Derby has a vital role to play within the UK’s defence sector, particularly in nuclear engineering and aerospace, as demonstrated by the landmark £9 billion deal with Rolls-Royce, which will create up to 1,000 jobs in the city and protect thousands more.

• 8 Apr 2025 · Topical Questions · Hansard source

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  We inherited the settlement made by the previous Government, as the hon. and learned Member will know. There is a summit between the UK and the EU on 18 May where we will be looking to reduce the barriers to trade between the whole of the United Kingdom and the European Union. We recognise the specific issues around Northern Ireland, particularly in regard to the response to the tariffs, and we will continue to work with the Executive there to ensure that we get the best outcome for the people of Northern Ireland.

• 8 Apr 2025 · Topical Questions · Hansard source

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  My hon. Friend is doing great work supporting local businesses in Burnley, including the digital marketing start-up Door4, which I know he has been championing.

• 8 Apr 2025 · Topical Questions · Hansard source

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  Hear, hear. I had better declare an interest as a proud Member of Parliament for Leeds West and Pudsey. West Yorkshire combined authority is receiving £830 million for transport spending through round 1 of the city region sustainable transport settlement. That includes £200 million for the development of a mass transport system. For too long Leeds has lacked this. This Government will put that investment in and get those trams running.

• 8 Apr 2025 · Topical Questions · Hansard source

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  Trade issues are for the Secretary of State for Business and Trade, but I will say this. There are rightly concerns about global trade imbalances, but the response of the United States by putting tariffs on all countries—including the UK, which does not have a trade surplus—is a disproportionate response to a genuine problem of global trade imbalances.

• 8 Apr 2025 · Topical Questions · Hansard source

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  Yesterday, the Prime Minister announced reforms to speed up clinical trials to ensure that the best new drugs can come to this country, benefiting from our NHS. On the issue of mental health treatment, I agree with my hon. Friend about the importance of addressing that, both for the health and wellbeing of individuals and because of the economic benefit that he speaks to. I am happy to arrange a meeting with the relevant Minister.

• 8 Apr 2025 · Topical Questions · Hansard source

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  The support that we announced yesterday on the phase-out of internal combustion engine cars was very much welcomed by the automotive sector. It will give much more flexibility around the allowances and around plug-in hybrid vehicles. All of that is welcome, but we are keeping a watching brief as well as trying to ensure that there are new markets for cars made in Britain in other countries around the world by securing more trade deals.

• 8 Apr 2025 · Speaker’s Statement · Hansard source

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  Thank you, Mr Speaker. As you say, I would like to make some brief remarks on the current economic situation. The United States decision to impose tariffs has had, and will continue to have, huge implications for the world economy. These implications have been reflected in the reaction we have seen in global markets in recent days, which the financial authorities have of course been monitoring closely. This morning, I spoke to the Governor of the Bank of England, who confirmed that markets are functioning effectively and that our banking system is resilient. I know, too, that this is an anxious time for families, who are worried about the cost of living—we have your backs. British businesses are worried about what a changing world will mean for them—we have your backs, too. This Government are clear-eyed that our response to global change cannot be to watch and wait, but instead to act decisively, to take the right decisions that are in our national interest, protecting working people. All the decisions that we make as a Government will be underpinned by the stability of our non-negotiable fiscal rules. A trade war is in nobody’s interests. That is why we must remain pragmatic and cool-headed, and pursue the best deal with the United States in our national interest. That remains our priority. It was part of the discussion that I had with US Treasury Secretary Scott Bessent last week. But we have been clear that nothing is off the table. That is why we will continue to back British businesses during these uncertain times, particularly in industries that are most affected, as we rebuild our industrial base here in Britain. We showed that backing yesterday when the Prime Minister and I announced new measures to give British car makers certainty and stability, and to support them on the transition to electric vehicles. We have put forward plans to support our life sciences sector by cutting back the time it will take to set up clinical trials in the UK. It is why we are working with our international allies to reduce barriers to trade right across the world. Over recent days I have had discussions with my counterparts in Canada, Australia, Ireland, France and Spain, and with the European Commission. We will pursue those talks in earnest. Tomorrow, I will hold talks with the Indian Government as part of our two nations’ economic and financial dialogue, as we seek to secure a new trade deal with India. Finally, we must go further and faster in our mission to kick-start economic growth. I know that the challenges facing the global economy, and their potential impact, could be profound. As a Government, we must step up to that challenge to deliver security for working people through our plan for change, which is underpinned by stability, reform and investment—prioritising the builders, not the blockers; reforming our public services, not defending the status quo; investing in our long-term infrastructure, not cutting it for the short term. Security for working people, renewal for Britain—that is our focus, and that is what this Government will deliver.

• 8 Apr 2025 · Speaker’s Statement · Hansard source

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  I thank the hon. Lady for those questions. This is a time for pragmatism and cool heads, not to rush a response. We are working closely with business. My right hon. Friend the Secretary of State for Business and Trade announced in the House last week a call for evidence on the response that businesses are looking for. Ratcheting up barriers to trade and ratcheting up tariffs will not be in our country’s interests, whether in terms of inflation or, indeed, for supply chains. We need to have cool heads and think about the national interest, not give knee-jerk reactions. We are very much focused on doing deals with other countries around the world. There is the EU-UK summit on 18 May. We are hosting the economic and financial dialogue with Minister Sitharaman, who is coming to London today for those conversations, and those discussions are ongoing with a number of countries. Of course, any treaties would be brought forward for ratification by this House. In terms of buying British, I think everyone will make their own decisions. What we do not want to see is a trade war, with Britain becoming inward-looking, because if every country in the world decided that they wanted only to buy things produced in their country, that would not be a good way forward. Our country has benefited hugely from access to global markets, and we will continue to want to be able to do that, because that is in our national interest, for working people and businesses in this country.