Rachel Reeves MP: speeches

Speeches

• 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 · 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 · 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 the representation that he makes on behalf of the ceramics industry in Newcastle-under-Lyme. The £120 million funding will be launched in the autumn. We are working with the sector now, and it will be available for firms of all sizes, because it is important that small ceramics manufacturers can benefit, as well as larger ones.

• 23 Jun 2026 · Cost of Living: Wythenshawe and Sale East · Hansard source

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  The Government are committed to easing cost of living pressures for people in Wythenshawe and Sale East, and across the UK. Budget measures are already helping households; we are freezing prescription charges for the second year in a row, freezing rail fares for the first time in 30 years, and taking £150 off energy bills, as well as protecting pensioners through the triple lock and lifting half a million children out of poverty.

• 23 Jun 2026 · Cost of Living: Wythenshawe and Sale East · Hansard source

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  I thank my hon. Friend for bringing the story of Darren and Nicole to this House. I hope that they and their children will benefit from the change I made to the two-child limit for universal credit, as well as from the rolling out of free breakfast clubs to all primary schools, and the introduction of free school meals for all children whose parents are on universal credit, which will start in September and be available at primary, secondary, nursery and further education levels. As the Trussell Trust has said, the decisions I made in my Budget mean that the cruel two-child limit, which drove countless families into hardship and forced them to turn to food banks to survive, will end.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  People in more rural areas, such as some of my hon. Friend’s constituents, will particularly benefit from the freeze in fuel duty and the free bus fares for kids. We think that the changes in fuel duty have already saved people around £100 a year, and we expect the same sort of benefit thereafter. Drivers of heavy goods vehicles will benefit by up to £912 through those changes. The bus fare changes are unlimited free bus travel for five to 15-year-olds, and we can add in the savings on days out and meals out. All these things are unlimited; people can go on a bus as many times as they like, and they can take their kids out for a meal and benefit from that reduction in VAT as much as they like. We want people to have an enjoyable summer, worrying less about the costs and thinking more about making happy memories.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  The right hon. Gentleman makes a really important point. Today I have set out a number of measures that will directly help the supermarkets to reduce their costs, and it is really important that those cost reductions are passed on directly to consumers. Reducing the cost of running an HGV will have a direct impact on our supermarkets, and reducing tariffs will have a direct impact on costs for our supermarkets. The trade deal that we are looking to do with the EU to reduce the costs of importing exporting food from the EU will also have a direct impact on costs for supermarkets. I say to the supermarkets: those cost reductions must be passed on directly to consumers, who are struggling with the cost of living, given the conflict in the middle east.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I very much hope that families and businesses in Leyton and Wanstead can benefit from the changes that I have set out today. I know that the cost of renting is very high, especially in London, and the Renters’ Rights Act should give greater certainty and stability to renters and limit rent increases. In addition, families in Leyton and Wanstead will benefit from the offer of 30 hours of free childcare, the abolition of the two-child limit on universal credit and the roll-out of free breakfast clubs to primary schools. From September, straight after the summer holidays, all children whose parents or carers are on universal credit will benefit from free school meals.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  The measures announced today will help ceramics and the chemicals sector, but other schemes, such as the supercharger scheme and the British industrial competitiveness scheme, will benefit other sectors across the economy. I am sure that the relevant Minister would be happy to meet my hon. Friend specifically to discuss wood and timber issues.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I can confirm to my hon. Friend that the London Eye will be included. Apparently it is called an “observation attraction”—the Exchequer Secretary to the Treasury and I made sure that such attractions are part of the package of measures. I totally agree with what she says about young children of primary school age having a deep understanding of the cost of living pressures faced by their families and carers at the moment. That is why it is so important that today’s measures particularly address the cost of the summer holidays for parents. I know that parents, whether in Vauxhall or in my own constituency of Leeds West and Pudsey, are not always as excited about the summer holidays as their children are because they are worried about the costs. I hope that the measures that I have announced today on the cost of children’s meals in restaurants and cafés, and to reduce the cost of days out, will go some way towards helping families to have a better summer.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  When I became Chancellor, I extended the energy profits levy on gas and oil to 78%. We will be able to bring in money as a result of that. We have also increased the electricity generator levy by 10 percentage points to help to decouple gas and electricity prices. Because of the measures I took in my Budget last year, I was able to take £150 off people’s energy bills. I recognise the impact of the cost of living on families, pensioners and businesses, which is why I have introduced a further range of measures today, particularly targeting and helping families, energy-intensive industries, and those who drive a lot for work.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  It is important that we help our constituents with the cost of living. The tariff reductions that I have announced today will save the British shopper £700 million. That is a significant reduction in the cost of the weekly shop for families across our country. We have chosen the tariff lines carefully. The full details will be published, and we will consult over the next week or two to ensure that we get them exactly right, but we have worked hard to make sure that the reductions do not affect British farmers. That is why we are also helping British farmers with the changes we have made on red diesel.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I thank the hon. Lady for those questions. I am not sure whether she welcomes the changes around the foreign branch exemption, which is what will pay for the policies announced today by ensuring that companies pay their fair share of tax in the UK. Unless we can say where the money will come from, all that results is higher inflation and interest rates in the future. That is why I have always been clear that everything I will announce will be fully costed and fully funded. On food, the hon. Lady cannot both say that she welcomes help with the cost of living, and then be a bit uncertain about tariff reductions. We have focused the tariff reductions on food products and agrifoods that we do not produce in significant quantities in the UK. We work very closely with the Department for Business and Trade in identifying those sectors. On indoor and outdoor summer activities, I have had enough family holidays in the UK to know that there are plenty of days when it rains. I am sure that the leader of the Liberal Democrats, the right hon. Member for Kingston and Surbiton (Ed Davey), will be visiting a soft play centre soon.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  Businesses in the chemicals sector in Middlesbrough will benefit from these changes. In today’s package, a lot of the focus was on food costs, be it the cost of kids’ meals in restaurants and cafés or the reduction in tariffs, and on support for transport, whether people are travelling by car or by bus. We recognise that increases in essential costs are the ones that families fear most. We will of course monitor the impact of these measures. We expect the range of measures that I have set out today to have a cost to the Exchequer, and that is why I have also set out the foreign branch exemption changes, to ensure that all businesses pay their fair share of tax. On supermarkets, which my hon. Friend mentioned, the Co-op announced last November, on the back of my Budget, that it was cutting the cost of 1,000 products because of the beneficial impact of the changes to business rates. Last week, the Co-op froze the price of more than 40 essential products, and it has committed to working to keep them down. I welcome those measures by the Co-op. I hope that other supermarkets heed the calls of their customers to keep prices down; and I hope that they take advantage of what I have set out today to reduce their costs, and pass those savings directly on to consumers.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I thank my hon. Friend for that question. I am pleased that people in Rugeley and people working for Armitage Shanks will also benefit from this investment. The £120 million to support our ceramics sector is a clear indication of this Government’s intention to back British jobs and British industry.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I hope that families in Bracknell, whether they are enjoying a day out in Bracknell Forest or going on a summer holiday to one of the great seaside towns across our United Kingdom, will benefit from these changes. They will make lunch or dinner out as a family, and entertainment, a little bit cheaper. If parents or carers are on universal credit, when their kids go back to school in September—whether they are in nursery, primary, secondary or further education—they will benefit from free school meals.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  I remember that, when I was young, I used to enjoy visits to Chislehurst Caves and Eltham Palace, and I hope they will be able to benefit from the changes I have announced today. It is important that we ensure that supermarkets pass on these cost reductions to their customers. We are also making changes to HGV duty, which will reduce costs for supermarkets. It is important that Supermarkets recognise the pressure that their customers are under at the moment. We have provided additional powers to the Competition and Markets Authority to ensure that no business, whatever its size or nature, takes advantage of the conflict in the middle east to hike prices for their customers.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  The hon. Lady says that we should extend the industrial strategy, but the previous Government did not even have an industrial strategy. I would say that a £700 million tariff reduction is not exactly fiddling at the margins; supermarkets should pass on those cost savings directly to consumers to help all our constituents with the cost of living.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  This package was not just designed by me; it was designed by hon. and right hon. Members of this House who have made representations to me about the cost of living, but also about the specific business needs and business challenges in their constituencies. Although I am proud to be the Chancellor who has delivered today’s package, I pay tribute to all Members who have contributed to it.

• 21 May 2026 · Middle East: Economic Response · Hansard source

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  As I have said in previous answers, I recognise the role of oil and gas in the UK and its importance to the UK for many years to come, which is why we have changed the rules around tiebacks and put in place a permanent mechanism for taxing windfall profits. But the hon. Lady has to answer the question: are she and her party in favour of the foreign branch profits exemption or not? If not, they cannot back the support we are giving today to help people with the cost of living and the support we are giving for ceramics. This exemption means that we are moving in line with how other countries treat foreign profits. At the moment, we have the absurd situation where losses overseas can mean that businesses avoid paying their fair share of corporation tax in the UK. This moves us in line with what other countries do. It is closing a tax loophole, and the hon. Lady and the Conservatives should welcome that.

• 28 Apr 2026 · Topical Questions · Hansard source

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  I thank my hon. Friend for that question. While other parties—specifically Reform and the Conservatives—wanted us to enter this war, we stayed out of it, and are working to de-escalate the conflict and reopen the strait of Hormuz. The economy was growing, interest rates were coming down and inflation was falling. As a result, every month since I have become Chancellor, wages have risen by more than inflation, easing the cost of living pressures that the previous Government oversaw.

• 28 Apr 2026 · Conflict in the Middle East: Cost of Living · Hansard source

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  I congratulate the right hon. Gentleman on running his fourth London marathon this week for a cancer charity. I know that cause is dear to his heart. He makes an important point. I understand why people are calling for immediate support, but the previous Government’s untargeted support—I understand why the former Chancellor did what he did—cost more than £100 billion in total, I think, and it meant that interest rates, inflation and taxes have ended up being higher than they needed to be. We managed to reduce Government borrowing by £20 billion last year. The budget deficit is below 5% for the first time since 2019. Sticking to fiscal responsibility is not just good for the public purse; it is also good for ordinary families and businesses. I am determined that we do not go back to the high inflation, high interest rates and high taxes that would be the inevitable result if we had an untargeted response to this conflict.

• 28 Apr 2026 · Conflict in the Middle East: Cost of Living · Hansard source

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  Fuel duty was never lower at any point under the previous Conservative Government or, indeed, the Conservative-Liberal Democrat Government. We are keeping under review what happens from September, but it is important to note that in the first three months of this year, revenues from fuel duty were no higher than they were just a year ago. With regard to the profits of energy companies, that is exactly why we extended the energy profits levy: to ensure that windfall profits could be taxed appropriately. BP and other oil and gas companies play a really important part in our energy mix, and our important British companies are representing our country in the US this week, but it is important that windfall profits are properly taxed, whether that is through the electricity generator levy or the energy profits levy.

• 28 Apr 2026 · Conflict in the Middle East: Cost of Living · Hansard source

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  I welcome the hon. Lady’s question. Like her, I regularly see pupils and local teachers in my constituency. As she knows, from this month we have got rid of the two-child limit in universal credit, which is lifting 450,000 children out of poverty. We are also expanding free childcare for children aged between nine months and five years, helping parents in work with the costs of balancing family life with work life. In addition, we have taken £117 off energy bills, we are freezing rail fares and prescription charges, and we are helping people—particularly those in rural areas—with the cost of heating oil.