Rachel Reeves MP: speeches

Speeches

• 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 · 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.

• 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 measures that I have announced today will help people on the Isle of Wight. We have frozen fuel duty for the third time—in comparison, the plans that we inherited from the previous Government would have seen fuel duty go up—we are helping farmers with the cost of red diesel, we are helping the rail freight sector and we are supporting HGV drivers. Many people go to the Isle of Wight on their summer holidays and enjoy wonderful days out, and the cost of that will also be reduced, helping that sector in the Isle of Wight this summer.

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

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  I would encourage bus companies to use this as an opportunity to increase the services they offer this summer as they cater for more young people on their buses. I am sure that many hon. and right hon. Members will have enjoyed days out at the aquarium in Scarborough and dinner at the Magpie in Whitby, which serves very good fish and chips.

• 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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  Thank you very much, Madam Deputy Speaker. With permission, I will make a statement on the Government’s economic response to the war in Iran and the action that we are taking to support families and businesses with rising costs. The Government have the right economic plan. I said I would grow the economy, and last week the Office for National Statistics confirmed that Britain’s economy was the fastest-growing in the G7 for the first quarter of this year. We beat the Office for Budget Responsibility’s forecast in the spring, with economic growth at 0.6% in the three months to March. And because of the resilience of our economy, this week the International Monetary Fund upgraded Britain’s forecast for this year. I said I would cut borrowing. Borrowing last year was £20 billion lower than the previous year, and the latest forecasts show it falling in every year of this Parliament. The IMF has backed our economic plan, saying that the Government’s fiscal framework strikes “a good balance between deficit reduction and growth-friendly spending”. I said I would cut the cost of living. Since the election, interest rates have been cut six times; real wages have continued to rise in every single month since I became Chancellor; and yesterday the ONS confirmed that inflation fell faster than expected in April, making the UK the only G7 economy where inflation fell last month. We have the right economic plan, but the conflict in the middle east poses a significant challenge to the world’s economy, including our own. I have not shied away from my criticism of the war; I believe it to have been a mistake. Nor have I ignored the costs that it will bring to bear on the British people. I have been clear-eyed about my duty to do what I can to support families and businesses; to be responsive to a changing world, and responsible in the national interest. Next week, Ofgem will confirm the level of the energy price cap that will apply from July. I know that any increase will be felt by families. Because of the decision I made in last year’s Budget to cut £150 from energy bills, we have lessened the impact of rising prices, and current external forecasts suggest that the cap from July will be at a similar level to the cap in April last year. We stand ready to act if market conditions worsen significantly later this year, and I have been leading cross-Government contingency work on the design of potential future targeted and temporary support. For businesses, any support will also need to be carefully targeted at the firms most exposed to the crisis, but although many firms have been insulated from recent price rises through fixed-price contracts, there are sectors that face particular structural issues related to energy costs. That is why we have already increased support for our most energy-intensive industries through the British industry competitiveness scheme, which we have brought forward. It is also why we have built resilience in our critical infrastructure and industrial strategy sectors, where supply chains are critical for growth and security. Following representations from my right hon. Friend the Member for Redcar (Anna Turley) and my hon. Friends the Members for Mid Cheshire (Andrew Cooper) and for Bathgate and Linlithgow (Kirsteen Sullivan), and building on the good work of the Minister for Industry, my hon. Friend the Member for Stockton North (Chris McDonald), I am today establishing a £350 million critical chemicals resilience fund to support strategically important producers. Having listened to hon. Friends, including my hon. Friends the Members for Stoke-on-Trent Central (Gareth Snell), for Stoke-on-Trent North (David Williams), for Stoke-on-Trent South (Dr Gardner) and for Amber Valley (Linsey Farnsworth), as well as workers represented by the GMB union, I am today announcing a new £120 million fund to help our historic ceramics sector, helping it to increase efficiency and drive down energy costs. We will always stand up for British industry and British jobs. This week, the Government have also set out additional, targeted support for those businesses most exposed to rising fuel costs. We are granting hauliers a 12-month road tax holiday for heavy goods vehicles, saving the typical heavy lorry up to £912. To support farmers and the rail freight industry, I have decided to cut duty on red diesel by over a third until the end of this year, and having heard from my hon. Friend the Member for Oldham West, Chadderton and Royton (Jim McMahon) and the trade union Unison, I can today announce a 10p per mile increase in tax-free mileage rates, backdated to April 2026. This will benefit those who need to drive for work, from care workers to plumbers. When a country faces challenges because of higher oil and gas prices, we must ensure that those who benefit from increased prices and volatility pay their fair share. In my first Budget, I extended and increased the energy profits levy. Last year, I announced a new permanent windfall tax regime on oil and gas prices. Last month, I increased the electricity generator levy, alongside further action to weaken the link between high gas prices and electricity prices. Today, I am bringing forward specific changes to the taxation of foreign branch profits, changing how companies are taxed in relation to their overseas activities. Currently, some oil and gas groups that operate overseas through foreign branches have structured their tax affairs in a way that ensures they pay little or no corporation tax on their UK energy trading profits. Today, we are putting an end to that practice. We expect these reforms to raise hundreds of millions of pounds a year and fund the package of measures set out today, with costings certified by the OBR forecast in the usual way. I know the pressure that family finances are under, which is why I have already taken action to provide help. I have increased the national living wage and the national minimum wage to their highest rates ever, frozen prescription charges for two years in a row, and frozen rail fares for the first time in 30 years. I have also taken £150 off energy bills, which contributed to last month’s fall in inflation. However, I want to go further, and today I am taking further action to ease the burden on family finances. First, on fuel duty, I have already extended the 5p cut twice since the election. I can confirm today that there will be no rise in fuel duty this year, recognising the pressure that the war has put on fuel prices. Secondly, I know that the cost of the weekly shop is often one of the biggest worries for families, so last month I met supermarkets to urge them to do all they can to keep prices low. Today I am taking action by suspending tariffs on over 100 different foods sold in supermarkets. I am clear that I expect supermarkets to pass those savings on in full to their customers. Thirdly, I will not tolerate any company exploiting the current situation to make excess profits at consumers’ expense. As such, I am bringing forward tough new powers so that the Competition and Markets Authority and other regulators can take action when firms break the rules. Fourthly, for many families, driving is not always an option. Buses are the most popular form of public transport in Britain, with over 4 billion journeys made last year. I have already extended the £3 bus fare cap to March 2027, and today I can confirm that bus travel across England will be free for children aged between five and 15 throughout August. Finally, I recognise that what matters for families is not just getting by, but being able to enjoy time together without worrying about the next bill. That is why I am launching the great British summer savings scheme, to help families and to support our hospitality sector. I can today announce a temporary cut in the rate of VAT on summer attractions from 20% to 5% over the summer holidays. This will apply to ticket prices for both adults and children, covering attractions such as fairs, theme parks, zoos and museums. It will include children’s tickets for cinemas, concerts, soft play and the theatre, and it will also cut the cost of children’s meals in restaurants and cafés from 20% VAT to 5%. These changes will apply across the UK from the start of the Scottish school holidays on 25 June and will run until the end of the school holidays in England, Wales and Northern Ireland on 1 September. This Government have the right economic plan. We promised to grow the economy, and we have. We promised to cut inflation, and we have. We promised to cut the cost of living, and we are—promises made by a Labour Government, promises delivered by a Labour Government. I commend this statement to the House.

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

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  I thank the hon. Lady for that question and for her welcome of the changes to mileage rates and the measures on profit shifting. Obviously not all parties in the House welcome them, so I appreciate the fact that hers does, but we are helping working people. The Renters’ Rights Act 2025 is the biggest upgrade in the rights of renters in a generation; the Employment Rights Act 2025 is the biggest upgrade in the rights of working people for a generation. We have taken the national living wage and the national minimum wage to their highest ever levels. For working families, the 30 hours of childcare, free breakfast clubs, the extension of free school meals and getting rid of the two-child limit are all putting money in the pockets of working people. The measures that I have set out in my statement today on bus fares, fuel duties, VAT and hospitality, and more, will give further help, both in Herefordshire and around the country.

• 21 Apr 2026 · Middle East: Economic Update · Hansard source

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  As the hon. Gentleman knows, the Government are a big supporter of our airports and the aviation sector. That is why we are backing a third runway at Heathrow, a second runway at Gatwick, as well as expansion at Stansted and Luton airports. We are in regular contact with the aviation sector. It is currently not reporting any challenges with security of supply, but as the hon. Gentleman and the House would expect, we are planning for all different scenarios. The best way to ensure security of supply is to reopen the strait of Hormuz by working to de-escalate this conflict.

• 21 Apr 2026 · Middle East: Economic Update · Hansard source

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  With permission, I will update the House on the spring meetings of the International Monetary Fund and the continued action that the Government are taking to strengthen our economic and energy security in response to the conflict in the middle east. We did not start this war and we did not join this war, but since the war in the middle east broke out, I have been clear-eyed about my duty: to be responsive to a changing world and responsible in the national interest. The best economic policy today is our diplomatic policy—negotiation, de-escalation and the permanent reopening of the strait of Hormuz. Last week in Washington, I held talks with world Finance Ministers, including the US Treasury Secretary, Scott Bessent. I struck a joint agreement with 10 other major economies, calling for a swift and lasting negotiated resolution to the conflict and agreeing to avoid unnecessary trade restrictions to support energy and food security. We agreed to maintain maximum economic pressure to ensure that Russia cannot profit from this war. I was proud to announce the UK’s third tranche of the Extraordinary Revenue Acceleration funding for Ukraine’s defences, as well as continuing to work with the US Administration to increase economic pressure on Iran. The Prime Minister has also led global action, convening a summit of nations with the President of France to work together to support freedom of navigation through the strait of Hormuz. The UK will continue to play its part, including engagement with the insurance industry to support shipping when conditions allow. We are continuing to plan for every eventuality, but we must deal with the economic costs that are already being felt. I reject the demands for a knee-jerk response to this crisis that would put household finances at risk through higher inflation and higher interest rates. Every choice that I make will be about keeping costs down for families and businesses. That is why I have extended the 5p cut for fuel duty twice since the election, saving the average motorist £90 a year compared with the plans that I inherited. It is why I have frozen prescription charges for two years in a row and frozen rail fares for the first time in 30 years; it is why I am taking £150 off energy bills with additional help for those struggling with the cost of heating oil; and it is why I have expanded the British industrial competitiveness scheme to over 10,000 manufacturers, addressing long-term competitiveness and cutting electricity costs from this year. During the last energy shock, the previous Government’s package of unfunded and untargeted support saw more than a third of direct energy bill support go to the wealthiest households. That meant higher inflation, higher interest rates and higher taxes. I will not repeat those mistakes. Last week, the IMF said that my plan is “the appropriate response” to the conflict. I led a joint statement, with 10 other major economies, agreeing to co-ordinate our domestic responses, to ensure that they are responsive and responsible. This Government have the right plan for our economy. At the spring forecast, we saw how the action that we have taken since the election has prepared Britain to better weather this conflict. Inflation was at 3% and set to fall to target—a lower base than at the outset of the Russia-Ukraine conflict, when inflation was high and rising. Borrowing was set to fall more over this Parliament than in any other G7 economy. We are set to reduce the deficit by £20 billion, from 5.2% to 4.3% of GDP this year. I increased our financial buffers, with headroom against the stability rule of £23.7 billion, so that we can weather shocks and keep borrowing costs down. Last week, the IMF welcomed the UK’s “notable improvement” in our public finances. I am clear that the best way we can build a stronger, more resilient economy is through economic growth. I welcome recent figures showing that the economy grew by 0.5% in the three months to February and upgraded growth for the three months to January to 0.3%. I also welcome this morning’s labour market figures for February, which show unemployment coming down and real wages continuing to rise, as they have in every month since I became Chancellor—adding to the evidence that the Government have the right economic plan to steer our economy through the uncertainty ahead. However, as I have said, the war in Iran will come at a cost. Last week, the IMF published its updated forecasts for the global economy in response to the war. It reduced its expectations for GDP growth in the United Kingdom and increased its expectations for inflation. That builds on the IMF’s judgment that the UK is more exposed to energy price shocks than our counterparts—a problem that the previous Government failed to address in 14 years—and on its observation that, since the last energy crisis, the UK has had higher inflation than other countries. The aftermath of Liz Truss’s disastrous mini-Budget, and the previous Government’s untargeted and unfunded support package, contributed to a more persistent rise in inflation and interest rates than in other countries around the world. The IMF’s forecasts are a stark reminder of why we must stick to our economic plan and go further and faster on delivering economic security. Since the election, we have invested in clean, home-grown energy, in renewables and in nuclear power. In 2025, we imported 17% less gas than in 2021, and gas generation now sets the wholesale price of electricity around a third less frequently than it did in the early 2020s, meaning that our energy system is now more secure and less exposed to volatile global energy prices. Today we are going further, with a package of changes to reduce our reliance on imported oil and gas, boost the use of renewables, and smooth the impact of energy price shocks. First, oil and gas production from the North sea is an important and valuable resource, and its workforce is a vital asset for our country. That is why we are harnessing our domestic supply by managing existing fields for their entire lifetimes, including by allowing tiebacks for those fields to ensure that they remain viable. Today, in advance of legislation, we are publishing further details on tiebacks, which I first announced in the Budget. External analysis has predicted that they could result in tens of millions more barrels of oil and gas being available for UK supply. Today’s announcement gives industry greater clarity to support investment in those projects and maximise supply from our existing sites to support our energy security. Secondly, we are sweeping away the barriers to new renewables investment by accelerating vital grid infrastructure, reforming land access rules and extending permitted development rights, as well as making more public land available for renewable infrastructure, which could unlock up to 10 GW of capacity, and helping households and businesses to switch to clean, cheaper renewable electricity through plug-in solar panels and better electric vehicle charging. Thirdly, we are reforming our energy system. Currently, households and businesses pay more for their electricity when the gas price is high. The electricity generator levy already recoups some of the excess returns made by generators due to high gas prices. Today, I am announcing that I will extend the electricity generator levy beyond its scheduled conclusion in 2028, and, ahead of that, I will increase the rate of the levy from 45% to 55%. That will ensure that a larger proportion of any exceptional revenues from high gas prices are passed back to Government, providing a vital revenue stream so that money is available for Government to support businesses and families with the impacts of the conflict in the middle east. Crucially, it will encourage older low-carbon electricity generators, which supply about a third of our power, to move from market pricing to fixed-price contracts for difference. New proposals, set out by the Secretary of State for Energy Security and Net Zero today, will further weaken the link between high gas prices and the price paid for our electricity, and limit the spikes in energy prices from driving up inflation and costs for households and businesses. The Government have the right economic plan—a plan that was right before this conflict in the middle east started and is now essential to weather the impact of that conflict. The plan, backed by the IMF, will keep costs down for everyone and provide support for those who need it most. In a world that is more uncertain, it is a plan to build a Britain that is stronger and more secure. I commend this statement to the House.

• 10 Mar 2026 · Cost of Living: Families · Hansard source

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  In April, people will get £150 off their energy bills and prescription charges in England will be frozen as will rail fares. At the same time, we are getting rid of the two-child benefit cap, which will lift 450,000 children out of poverty, but the most important thing we can do for the price of petrol, diesel and heating oil is de-escalate the conflict in the middle east and get vessels moving again through the strait of Hormuz. That is why this Government are putting such efforts into de-escalating this crisis.

• 10 Mar 2026 · Topical Questions · Hansard source

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  I am proud to be the Labour Chancellor who has overseen the biggest uplift in defence spending since the end of the cold war. Just last week we announced a £1 billion helicopter deal with Leonardo, based in Yeovil, just down the road from my hon. Friend. Yesterday I confirmed to the House that the Ministry of Defence has access to the special reserve. That means that the added costs of deploying additional capabilities in the middle east will be funded entirely by the Treasury special reserve.

• 9 Mar 2026 · Middle East: Economic Update · Hansard source

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  I am sure that the relevant Minister—whether that is a Minister in the Department for Transport or the Economic Secretary to the Treasury—will meet my hon. Friend. It is important that everybody who wants to get home from the middle east is able to do so. We welcome the work that airlines are doing with the support of the Government to get people home, but it is also important that people are not ripped off for that.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  The Bank of England forecast that the actions that I took in the Budget last year would reduce inflation by around 0.4 percentage points, and that inflation will be back close to target from April. That reflects not just taking £150 off energy bills, but freezing prescription charges and rail fares. The events unfolding in Iran and the middle east have resulted, over the last couple of days, in gas prices going up by more than 60% and oil prices by more than 10%. That shows why our plan to take money off energy bills and ensure that our public finances are in a stronger place mean that we are in a better place than we would have been 18 months ago, after the mess left by the Conservatives.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  I think it can be seen from the policies that we have introduced over the past year that we are determined to address the cost of living challenges that we inherited from the Conservative party, whether by freezing rail fares, freezing prescription charges, extending the 5p cut in fuel duty until September this year or, indeed, introducing Fuel Finder to improve competition between forecourts and bring down petrol and diesel prices—but of course, as I said in my statement, we are carefully monitoring the impact of what is happening in Iran and elsewhere in the middle east, and we will do everything in our power to ensure that working people do not pay the price for that conflict.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  I am happy to ask the Secretary of State for Transport or one of her Ministers to meet the hon. Gentleman to talk about that specific issue in his constituency. As he knows, as a Government we are committed to increasing capital investment by £120 billion over the course of this Parliament, because we know about the importance of infrastructure, whether it is energy infrastructure to get energy bills down, rail infrastructure to get people to work or digital infrastructure to make the most of the AI revolution.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  What the hon. Lady fails to mention is that the Office for Budget Responsibility has forecast that unemployment will come down in every year of the forecast, and will end at a lower rate than it started. It would be a bit more plausible for her to make these points if she did not oppose everything we are doing to grow the economy, whether that is constructing a third runway at Heathrow airport or building the homes that families desperately need.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  The best thing we can do to support our high streets and small businesses is ensure that more people have more of their money in their pockets to spend not on the essentials but on the things that they want to do—for instance, in local shops in the hon. Lady’s constituency. That is why we are taking £150 off people’s energy bills, have frozen prescription charges, and are freezing rail fares.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  My hon. Friend’s question goes to the heart of the issue. We have done an awful lot in the last year and a half to bring down interest rates and ensure that people have more of their own money in their pockets—and there is more of that to come, with the two-child limit going from April, the £150 off energy bills from April, and last weekend’s changes in rail fares. But all that is against a backdrop of 14 years of people being made worse off by the choices of the Conservative party. I do not expect people to feel all the benefits of the changes we have made straightaway, but I believe that the changes that will come in the next few months will start to be felt in the pockets of people in Derby and across the country.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  Constituents in my hon. Friend’s Newport constituency will benefit when they commute to work or college, or travel to meet friends in Cardiff, Swansea, Bristol and elsewhere. In addition, we are building new railway stations and investing in new transport infrastructure in Wales with the £450 million that we announced at the spending review last year.

• 3 Mar 2026 · Spring Forecast · Hansard source

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  People in Basingstoke will benefit when they commute to work on a train, when they pay for their prescriptions and when they get their energy bills, which are coming down next month. Reducing borrowing and the cost of borrowing means that we have more money to spend on the priorities of people in Basingstoke, rather than just paying the interest on the debt racked up by the Conservative party.

• 27 Jan 2026 · Regional Funding · Hansard source

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  I am very sorry to see your leg in such a way, Mr Speaker. We are committed to driving growth everywhere. The Budget ensured that Scottish public services are fairly funded, with an extra £820 million for the Scottish Government through the Barnett formula, on top of a record settlement in June this year. We are also investing in transport for city regions, and investing £5 billion in deprived neighbourhoods through the Pride in Place programme, with some of that money going to Scotland.

• 27 Jan 2026 · Regional Funding · Hansard source

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  My hon. Friend has been a tireless campaigner for the Moor Farm roundabout, which holds back both commuters and businesses, and therefore both growth and prosperity. I will continue to work with her on this. I know that the roundabout is now being properly considered for inclusion in the road investment strategy and I would be happy to meet her to discuss that further.