Rachel Reeves MP: speeches 2025

Speeches

• 11 Jun 2025 · Spending Review 2025 · Hansard source

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  Let me put that right: the people of Somerset will benefit from a 3% uplift in NHS spending; the people of Somerset will benefit from free school meals for their children if they are on universal credit; and the people of Somerset will benefit from stronger defences and stronger borders through the investment that we are making. This is a spending review for the whole country, including people in Yeovil in Somerset.

• 20 May 2025 · UK-India Free Trade Agreement · Hansard source

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  Steel is one of the sectors that will benefit particularly from the trade deals this Government have secured, freeing ourselves of tariffs on steel going into the US. Indeed, the deal we secured with the EU yesterday means that we avoid tariffs on steel being sold into European markets, as well as now being exempt from the European carbon border adjustment mechanism, which is good for steel and good for jobs right across Britain.

• 20 May 2025 · UK-India Free Trade Agreement · Hansard source

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  This deal is worth £5 billion to the UK economy, and it also benefits British workers being posted by their company to work in India. The Conservatives are now in the absurd situation of opposing the US deal, the India deal and the deal with the EU. They are simply not serious. The India deal reduces tariffs on Scotch whisky by more than half and brings into the UK more good jobs paying decent wages—the Conservatives seem to be against that.

• 20 May 2025 · UK-India Free Trade Agreement · Hansard source

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  The trade deal that we have secured with India adds around £5 billion to the UK economy. On social security contributions, if somebody who works for an Indian business is posted to the UK, or someone from a UK business is posted to India, they will not pay two lots of contributions: if you are paying into the Indian provident fund in India, you will not be paying national insurance contributions here; and if you are paying national insurance contributions here, you will not be paying into the Indian provident fund. On top of that, to come to the UK to work from India you will need to pay just over £3,000 for the NHS surcharge to be able to access those services and £769 in visa fees, contributing to the UK Exchequer.

• 20 May 2025 · Business Costs: Impact of Autumn Budget · Hansard source

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  According to PwC’s global CEO survey—that is just one of the surveys—Britain is the second-best place in the world in which to invest, and that is what this Government are doing. The shadow Chancellor simply is not serious, and his party is becoming completely irrelevant. He talks about jobs; 200,000 jobs have been created since the general election. He talks about economic growth; the UK is now the fastest-growing economy in the G7. He talks about business; we have secured three trade agreements which are backed by British businesses and British trade unions, and the Conservative party opposes every single one of them. No wonder even George Osborne has said that the shadow Chancellor has “no credible economic plan”. While the Conservative party plummets into irrelevance, this Labour Government will deliver in the national interest.

• 20 May 2025 · Business Costs: Impact of Autumn Budget · Hansard source

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  The Government considered all the policies in the autumn Budget carefully, in the context of the difficult fiscal inheritance that we had received from the Conservative party. The decisions to increase employers’ national insurance contributions and reduce the secondary threshold were taken to stabilise the public finances and ensure that money was available for our crucial public services, especially the national health service.

• 20 May 2025 · Business Costs: Impact of Autumn Budget · Hansard source

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  The money from national insurance—which, of course, only came in last month—is being used to fund investment in the national health service. Since the general election we have delivered 3 million additional NHS appointments, which benefits constituents in East Yorkshire and throughout the country. As for supporting business, the trade deal that we secured with the European Union was welcomed yesterday by the Confederation of British Industry, the Food & Drink Federation, the Institute of Directors and others, because it will add about £9 billion to the size of the UK economy.

• 20 May 2025 · Business Costs: Impact of Autumn Budget · Hansard source

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  The hon. Lady will know that in the Budget, at a cost of about £1.5 billion, we were able to extend business rates relief, which was due to end entirely under the plans we had inherited from the Conservative party. As she will also know, we are reforming the way in which business rates work so that there are permanently lower rates for hospitality and retail sectors, particularly on our high streets.

• 20 May 2025 · Public Spending: Value for Money · Hansard source

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  In January, I announced a review of the Green Book to ensure that it is supporting fair, objective and transparent advice on public investment across the country, and I am working closely with our mayors, particularly Steve Rotheram, who has championed this issue. Since January, the Treasury has been in conversation with over 70 different organisations and individuals regionally and nationally to identify areas where we can make changes to the Green Book and champion investment in the north of England.

• 20 May 2025 · Public Spending: Value for Money · Hansard source

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  I totally agree with the hon. Lady. The plans that we inherited from the Conservative party saw capital spending decline as a share of GDP, which is totally the wrong decision if we want to grow the economy and improve prospects in towns and cities across the north of England. Over the course of this Parliament, we are putting £113 billion more into capital spending so that we can build the road and rail infrastructure, the energy infrastructure, the digital infrastructure and the housing that our country desperately needs. Under our reforms to the Green Book, we will make sure that we get more investment to the places that need it, including towns and cities in the north of England.

• 20 May 2025 · Public Spending: Value for Money · Hansard source

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  My hon. Friend is a staunch defender of his constituency and region. We will make decisions at the spending review, which we will publish on 11 June, but as a proud northern MP, I am absolutely determined that the north gets its fair share of investment.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  I was very pleased that the Scottish salmon association welcomed the trade deal that we secured with the EU yesterday. Some 70% of the fish that is caught in UK waters is sold into European markets. That will now benefit from the sanitary and phytosanitary deal that we have secured within that deal. We have rolled over the deal that the previous Government secured, giving certainty to fishermen in Scotland and across the UK. We have made it easier for them to export into European markets. We have ensured that we can sell shellfish again into European markets, and we announced yesterday the £360 million package of measures to support coastal and fishing industries. The Scottish National party is now in an absurd situation where it supports Reform and the Tories in opposing the deal with the EU.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  I know that my hon. Friend is working closely with the local Labour council in Southport to regenerate the local town centre, and we will make sure that this Government back him every step of the way.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  My hon. Friend the Exchequer Secretary to the Treasury is working closely with businesses right across the energy sector. The previous Government increased the rate of tax on energy companies to 75%, and we increased it by three percentage points to 78%, reflecting the fact that energy companies have enjoyed huge profits since Russia’s illegal invasion of Ukraine. When people’s bills have gone up, it is right that we ask the energy companies making those profits to contribute a little more.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  From the next financial year, this Government will introduce permanently lower rates for high street, retail, hospitality and leisure properties with rateable values below £500,000, and we are doing that exactly to support the sort of businesses that my hon. Friend champions.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  I absolutely agree, and that is why we have reversed the Conservatives’ decisions to cut capital spending. Instead, we are preserving that capital investment, which means spending £113 billion more on road, rail, energy, homes and digital infrastructure than would have been spent in the plans we inherited. We are also spending on day-to-day things, such as making sure that we have police on our streets, and working with our mayors, including Mayor Steve Rotheram, to ensure we get investment into the places that most need it.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  I thought the hon. Gentleman was going to welcome the investment of Universal Studios in Bedfordshire, which will be a massive boon to the county’s economy. On supporting the adoption of AI, we are doing two key things. First, we are supporting that sector investing in the UK, and the deal we secured with the US will help bring more investment into our digital sector. Secondly, and crucially, we are improving the productivity of our public services. The hon. Gentleman will see more about that when we publish the spending review on 11 June. We are absolutely determined to boost productivity in the public sector, after the mess in which it was left by the Conservatives.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  At the Budget, we more than doubled the employment allowance to £10,500 to take many small businesses out of paying national insurance altogether. On corporation tax, we have maintained the small profits rate to help smaller businesses, and to help entrepreneurs raise finance and grow, the Government have extended the enterprise investment scheme and the venture capital trust scheme. I very much add my words of support to businesses across Ilford, and I commend the work my hon. Friend does to champion them.

• 20 May 2025 · Spending Review: Economic Growth · Hansard source

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  That is an opportune question, because I will be meeting Lord Vallance this afternoon to discuss the work he is taking forward on the Ox-Cam corridor to bring more good jobs, paying good wages, not only to Oxford and Cambridge, but, crucially, to the towns and cities in between. Some of the extra money we are putting into capital investment will absolutely be going to support the huge growth opportunities in that part of the world.

• 20 May 2025 · Northern Towns: Funding · Hansard source

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  The Green Book reforms will ensure that we properly assess the benefits of investments in different parts of the UK, but the people of Cumbria and the lakes will benefit from the record investment in the NHS, the roll-out of nurseries and free breakfast clubs at primary schools, as well as the increase in the national living wage, from which many workers in sectors such as hospitality and retail in the hon. Member’s constituency will directly benefit.

• 20 May 2025 · Northern Towns: Funding · Hansard source

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  My hon. Friend is a proud champion of the towns and villages of Rossendale and Darwen. We will make sure that we use our Green Book review to properly assess the benefit of all this Government’s investments. On top of that capital investment, the people of Rossendale and Darwen are benefiting from the 3 million additional appointments that we have delivered, which have led to reductions in NHS waiting lists, and also the increase in the national living wage, which will make working people in his constituency and across the country better off.

• 20 May 2025 · Northern Towns: Funding · Hansard source

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  I was pleased to go with my hon. Friend to Darwen to visit the 100th banking hub, which was rolled out just a few months ago. We also visited the thriving Darwen market in one of his local towns. We will set out at the spending review how we will spend the £113 billion extra that we are putting in to capital spending, compared with the plans we inherited from the Conservatives. Of course, we will ensure that towns and cities, including across the north of England, benefit from that investment.

• 20 May 2025 · Northern Towns: Funding · Hansard source

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  I shall make sure that the Transport Secretary hears those requests, but the hon. Gentleman knows that our investment in British Steel, which will save that company, is set to increase the number of jobs there. That will make a massive difference to his constituents, as will the investment in renewable energy in the North sea, particularly around Immingham, creating good jobs and paying decent wages in his constituency and in many others, too.

• 20 May 2025 · Northern Towns: Funding · Hansard source

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  This Government have committed to increasing the proportion of civil servants who work in the north of England. But we already have a hub that we are expanding in Darlington, where eight Departments work, including officials from the Treasury. The Treasury is very mindful of the importance of investing right across the north of England—in Darlington, Leeds, Cumbria, Rossendale and Darwen and many other constituencies beside.

• 20 May 2025 · Topical Questions · Hansard source

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  At the Budget last year, we increased the rate of tax on non-doms, we increased capital gains tax, we increased the carried interest on bonuses and we introduced VAT on private schools. This Government are ensuring that the wealthiest pay their fair share, because that is a basic Labour principle.