Rachel Reeves MP: speeches

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Speeches

8 Apr 2025 · Speaker’s Statement · Hansard source
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I thank the right hon. Gentleman for that response and for his offer to work constructively. I know from my time as shadow Chancellor that those moments when we can work constructively together in the national interest, whether in response to covid or in supporting Ukraine against the aggression of Russia, are when this House is at its best. The shadow Chancellor asked for further details in a number of areas. Discussions are ongoing across a range of Government Departments, including the Treasury, with the United States, and I will be meeting US Treasury Secretary Scott Bessent shortly. Beyond tariffs, we are discussing a range of different areas, but the focus is on reducing tariff and non-tariff barriers to trade, with a particular focus on those sectors that are subject to the higher tariffs. Although the 10% tariffs are lower than those for many other countries around the world, and we welcome that, the additional tariffs on cars, on steel and potentially on life sciences pose a real challenge to our country, because those are some of our biggest export markets. That is why we made the announcements yesterday, and in those sectors—automotives, life sciences and steel—we will continue to take the action that is necessary, working in partnership with business and trade unions, to make sure we are addressing those issues. We are also using institutions such as the British Business Bank, the National Wealth Fund and UK Export Finance to help businesses through these times. The shadow Chancellor also mentioned concerns around dumping. We are working with colleagues around the world to understand those implications, but our first priority is not to create more trade barriers but to reduce the ones that exist today.
8 Apr 2025 · New Homes: Affordability · Hansard source
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The key thing we need to do is build the homes our country desperately needs. That is why I put £600 million of investment into creating 60,000 additional places for people to learn the construction skills we need, and into good jobs, paying decent wages and building the homes we need. That is also why we are reforming the planning system, so that we can actually get those homes built. We are backing the builders, not the blockers, which is what the Conservatives did.
8 Apr 2025 · New Homes: Affordability · Hansard source
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I would be very happy to arrange a meeting for the hon. Lady with the relevant Minister to discuss some of those specific issues around retirement properties. She makes a really important point. We need to make it easier for people to downsize to free up those properties, including in the private sector, so that more homes are available for families.
8 Apr 2025 · New Homes: Affordability · Hansard source
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The Prime Minister and the Deputy Prime Minister have set out our ambitions to build 1.5 million homes during this Parliament as part of our plan for change. At the spring statement I announced steps towards that ambition, with an additional £2 billion investment in social and affordable housing next year as a down payment on further investment at the spending review in June.
8 Apr 2025 · Economic Growth · Hansard source
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Growth is the No.1 priority of this Government. That is why in the autumn Budget and the spring statement we unlocked an additional £113 billion for capital spending, compared with the plans that we inherited from the previous Government. Yesterday we announced significant support for the automotive sector and life sciences, and ahead of the spending review in June we have announced the roll-out of an additional 60,000 places in construction skills so that we can build the homes and infrastructure that our country desperately needs.
8 Apr 2025 · Economic Growth · Hansard source
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It is incredibly important to retain cool heads at this moment. The tariffs have been imposed, and we are working closely with our friends and counterparts in the United States to reduce the impact from those, not just in the UK but around the world as well. As I said in my opening remarks, at the same time we are looking to secure better trading relationships with some of our biggest trading partners around the world. Of course, as we did yesterday, we are looking at some of the sectoral responses, including on life sciences, automotives and steel, but the fiscal rules are very important for giving our country the stability it needs. We saw what happened when the previous Government lost control of the public finances: it resulted in interest rates going through the roof, meaning higher costs for businesses and for working families. We will not make those mistakes. That is why the fiscal rules are non-negotiable and stability for this Government is sacrosanct.
8 Apr 2025 · Economic Growth · Hansard source
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The hon. Gentleman is jumping the gun somewhat. We delivered the spring statement just two weeks ago, in which we were able to restore the fiscal headroom after the change in global bond yields. We will set out the Budget in the autumn, moving to one fiscal event a year, which is very different from the multiple Budgets we had from the previous Government. We have set the spending totals for the spending review and we will be setting out the departmental allocations on 11 June.
8 Apr 2025 · Economic Growth · Hansard source
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I will follow up on that issue. The smallest businesses—those that employ the equivalent of four people on the national living wage—will be paying no national insurance at all from this April. Up to 1 million of the smallest businesses will be paying less or the same national insurance as they were paying previously.
8 Apr 2025 · Economic Growth · Hansard source
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The Chief Secretary to the Treasury is working closely in a constructive way to bring together clusters of colleagues to discuss some of the pressing issues that span Departments and that no one Department can address on its own, whether that is reform of special educational needs and disabilities provision for early years, or tackling issues around homelessness and the cost of temporary accommodation. We are working cross-Government to address some of those cross-cutting issues.
8 Apr 2025 · Economic Growth · Hansard source
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Impressive. We will be considering all such schemes as part of the spending review, but I agree with the hon. Gentleman that we need to go further and faster to grow our economy. That is why we are spending £113 billion more on capital investment in this Parliament, compared to the plans that we inherited, which means that we can upgrade more roads, rail lines and energy infrastructure, and build the 1.5 million homes our country needs too.
26 Mar 2025 · Spring Statement · Hansard source
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I was pleased to note in my statement that Thanet has already come forward with plans to build affordable housing under the affordable housing plan, for which I set out more money. Opposition parties that abstain or vote against the Planning and Infrastructure Bill are voting against homes for our constituents and jobs for our young people. On the Government side of the House, we back the builders, not the blockers. We back opportunities for young people and housing for our constituents. It is a shame that those parties do not do the same.
26 Mar 2025 · Spring Statement · Hansard source
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At the Budget last autumn, we increased taxes by £40 billion without asking working people to pay more. We did that by abolishing the non-dom tax status, increasing the rates of capital gains tax, tightening the rules around inheritance tax and, yes, by asking businesses to pay more as well. We have already raised taxes to put more money into our health service, reduce NHS waiting lists and provide free breakfast clubs at primary schools. Today’s spring statement shows that we can grow the size of our economy through planning reforms and therefore ensure more money for our public services. The Government’s No. 1 priority is growth, so I am so pleased that the OBR has said that by the end of this Parliament the economy will be bigger than that we inherited it from the Conservatives.
26 Mar 2025 · Spring Statement · Hansard source
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The OBR has not taken into account any of the package of measures to get people back into work or looked at any behavioural effects of people making that switch into work. It said in that document that it will spend the summer looking at the entirety of the package, including the efforts we are making with a huge package to get people back into work. I am confident that that personalised, targeted support will get more people into work and lift them out of poverty, so that they can support their families and so that the economy can benefit from their contribution.
26 Mar 2025 · Spring Statement · Hansard source
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Today, as part of the transformation fund, we have set aside £150 million next year for redundancy costs for a voluntary exit settlement, which shows how serious we are about reducing the size of the civil service, after it increased to record levels under the Conservative party.
26 Mar 2025 · Spring Statement · Hansard source
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As the hon. Gentleman will know, our Prime Minister and President Trump discussed these issues when our Prime Minister was at the White House recently. We continue to work on those plans. The most important thing is that we protect our national security and can continue to operate out of that important base.
26 Mar 2025 · Spring Statement · Hansard source
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The key point in what the right hon. Gentleman says is that cumulative growth is lower from 2023 to the end of the forecast. Of course, this Government did not come into power in 2023; we came into power in July 2024. The OBR numbers show that the economy is bigger because of the changes we have made—it is just a difference in the dates. I look forward to coming to the Treasury Committee next week, and I am sure I will take more questions from the right hon. Gentleman then.
26 Mar 2025 · Spring Statement · Hansard source
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With specific reference to agricultural property relief, people will not pay extra tax unless they have a farm worth around £3 million. More than two thirds of farms are not affected at all by the changes in that relief. For those who do pay the tax, it is at half the rate that anybody else pays, and they can pay it, interest-free, over a period of 10 years. That is very different from the inheritance tax bills that anybody else pays.
26 Mar 2025 · Spring Statement · Hansard source
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I know that the shadow Chancellor has not been in his role for very long, but at least he is not misquoting Shakespeare today. If this was a Budget, it would be the Leader of the Opposition responding. I am glad that she is still in her place, but I know she will want to get back to her office for a lunchtime steak soon. The right hon. Gentleman talks about Budgets. Let me remind the Conservative party that the only emergency Budget we have seen in recent years was in response to their party’s disastrous mini-Budget—a mini-Budget that crashed the economy, sent mortgage bills spiralling and left a £22 billion black hole in our nation’s finances. Conservative Members may have forgotten about the damage that they did to our country, but the British people never will. As always, the shadow Chancellor talked a lot, but he did not offer a single alternative. He says he opposes our tax rises, but he cannot tell us whether he would cut the NHS to reverse them. He says he wants economic growth, but Conservative Members abstained on the very planning reforms that the OBR has said will kick-start growth. Mr Speaker, you do not change the country by abstaining or by sitting on the fence; you change the country by leading and by taking action, and that is what this Government are doing. The shadow Chancellor says he wants businesses to trade, but he does not want us to talk to the second largest economy in the world or, indeed, our biggest trading partners in the European Union. He simply is not serious. Four months into the job, and he has got no clue. The right hon. Gentleman wants to talk about growth, but he does not say anything about the fact that the OBR has upgraded growth next year and every single year after. He talks about pensioners, but he forgets that it is his party’s policy to scrap the triple lock, which we are protecting and which will mean the state pension rising next month by over £400. He talks about wages, but he forgets the fact that we are boosting wages by boosting the national living wage from next month. The shadow Chancellor says nothing about living standards or this morning’s fall in inflation, because the last Parliament was the worst on record, and the OBR has today revised up its forecast for family finances. Working people are always better off with Labour. The right hon. Gentleman is learning something, because at least this time he has asked a couple of questions, so let me respond to them. He asked what the markets should make of this. What the markets should see is that, when I have been tested with a deterioration in the headroom, we have restored that headroom in full. That is one of the choices that I made. He says that it is a sliver of a headroom. Well, it is 50% more headroom than I inherited from the Conservative party. When I was left with a sliver of headroom, I rebuilt it after the last Government eroded it. That is the difference that we have made. While they left the public finances and the public services in a mess, we wiped the slate clean, which means that we have the flexibility now to increase defence spending, as the leader of the Labour party has done. The Conservatives had 14 years to increase defence spending, and now they lately come to the party. The shadow Chancellor mentions welfare reform and his time at the Department for Work and Pensions. What a legacy: one in eight young people not in education, employment or training, and 1,000 people a day going on to personal independence payments. The OBR says today that welfare spending as a share of GDP will now start falling—a far cry from what we had under the Conservative party. The shadow Chancellor speaks about employment. The OBR says that employment will increase, that wages will increase and that living standards will increase. What a change, after 14 years of the Conservative party. The world is changing, and no one can be in any doubt about it, but the Conservative party is stuck in the past—divided, out of touch and carping from the sidelines. Conservative Members have no plan: no plan to kick-start growth, no plan to fix our public services and no plan to keep our country safe. The only plan for change they are working on is a plan to change their party leader, and we cannot blame them for that. If the Opposition have no plan, let me remind them about ours. The minimum wage up, real wages up, house building up, NHS investment up, investment in our schools up, investment in our roads up, defence spending up—and every single one of those policies is opposed by the party opposite. They are opposed by the Conservatives, opposed by Reform, opposed by the SNP, opposed by the Liberal Democrats and opposed by the Greens. It is the anti-growth coalition in action. They are the blockers. We are the builders—securing Britain’s future, protecting working people and delivering change.
26 Mar 2025 · Spring Statement · Hansard source
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My hon. Friend speaks passionately about expanding opportunities for her constituents in Barking. The changes to the apprenticeship levy and the growth and skills levy are about ensuring that more people, including her constituents, can access apprenticeship courses and foundation courses. Just this weekend, we were able to announce an additional 60,000 places on construction courses to help people get jobs that pay a decent wage and offer security. That is what the Government are all about.
26 Mar 2025 · Spring Statement · Hansard source
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I am sure that the relevant Health Minister will be willing to meet with the hon. Lady to talk about that. Because of the investment that we put into our national health service at the Budget last year—more than £20 billion of additional funding—we are able to start to rebuild our NHS and reduce waiting lists. Indeed, we have done that now for five months in a row.
26 Mar 2025 · Spring Statement · Hansard source
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I will not make any apologies for putting more money in defence. This Labour Government take the defence of our country seriously, and so we should. We are the party that created NATO, and the leadership of the Labour party today will always defend our country.
26 Mar 2025 · Spring Statement · Hansard source
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It is really difficult to understand what the Conservative party want. Do they want to reduce the cost of admin and bureaucracy, or do they want to carry on with everything the way it was? We want to change things. That is why the transformation fund that I set out today includes £150 million for a voluntary exit scheme. We want more money on the frontline, not in the back office in a bloated bureaucracy that was left by the Conservatives.
26 Mar 2025 · Spring Statement · Hansard source
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I thank my hon. Friend for that question. One of the reasons we have put an additional £13 billion into capital spending over the forecast period is to invest in the infrastructure that our country needs, including transport infrastructure, which I know my hon. Friend, as Chair of the Transport Committee, has a keen interest in. She is absolutely right: we do need to look more at how we can leverage in private sector funding for a whole range of projects, including the lower Thames crossing.
26 Mar 2025 · Spring Statement · Hansard source
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At the Budget, we put record investment into our farming sector, after being left plans by the previous Government that did not even involve their using all their farming budget. We are determined to give farmers the support that they need.
26 Mar 2025 · Spring Statement · Hansard source
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My hon. Friend speaks about a constituent who is in work. I am sure that she and others will welcome the work that Charlie Mayfield has done on ensuring that people with sickness and disability can stay in work. We know that the best place for people is in work—for both their physical and mental health—and that too often when people drop out of the labour market they really struggle to get back into it. Alongside the targeted support to get people back into work, we are determined to work with businesses and ensure that more people with sickness and disability can stay in work, contributing to their family finances and to the wider economy.

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