Yuan Yang MP: speeches 2024

Speeches

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  I thank the right hon. Gentleman for his point. I always welcome conversations with the OBR, whose representatives came before the Treasury Committee only a few weeks ago. In that Committee discussion, we had a full debate on its forecasts. It found that the long-term infrastructure and capital spending in the Budget, which is made possible by the different tax announcements the Government have set out, means that the economy will, in the long run, be 1.5% larger. I would add that the forecasts in the OBR’s assessment of the Budget have not yet taken into account all the various details of the measures that will be announced in the forthcoming months. I expect those forecasts to improve. To return to the bill that the Government are now paying, we need to build back our economy and public services. That task requires at least a decade of national renewal. That is why in the Budget we set out credible long-term funding commitments and plans for where the money comes from. On small businesses, I recently spent Small Business Saturday out and about visiting local employers across my constituency of Earley and Woodley. I agree very much that those small businesses are the backbone of our local economy; they bring character and jobs to our high streets. One such shop I visited is called UnderTwoK, a shopfront on Wokingham Road. I asked the owner, Mark, what the Government could do to help small businesses like his. He said: “keep going with the focus on economic stability and clean energy. That’ll bring more people our way.” Small businesses know that the Government are on their side. They know that, because the Chancellor increased the employment allowance from £5,000 to £10,500, ensuring that the rise in employers’ national insurance contributions will not hit the smallest businesses. Those employing four members of staff on the minimum wage will not be hit by the measure. That means that 865,000 employers will not pay any NICs at all next year and over 1 million will pay the same or less than they did previously. The changes have been very much welcomed by the Federation of Small Businesses. The top concern I heard about from those retail businesses is not about NICs, but about shoplifting and crime on our high streets, which all too often goes unpunished. The funds raised in the Budget allow us to employ over 13,000 additional neighbourhood police officers, police community support officers and special constables by 2029. They will also fund 1,200 new police officers. Introducing the specific offence of assaulting a shop worker and attaching prison time to that offence is backed up by the commitment to put £2.3 billion towards prison builds over the next two years. That is an example of how we are helping small businesses: not just by talking the talk, but by walking the walk fiscally.

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  I have taken two interventions, which was the number I set for myself, and we do like sticking to numbers on the Government Benches. I am proud that the Labour Government are asking the wealthiest individuals and largest businesses to pay a little more, so we can rebuild the foundations of our broken economy. That means: more money into the NHS, with £25 billion in NHS funding over the next two years, which is sorely needed in my constituency and across the country; and £7 billion for education in the next financial year, including £1 billion for SEND. Those are the kinds of decisions that would not be possible under the March 2024 forecast. Opposition Members may look at the OBR assessment of that forecast if they are in any doubt about that. Those decisions would not be possible if the Government were not taking important and serious decisions. That is why I stand, very happily, to support the Budget that we set out.

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  Today I stand proud to welcome the Budget, which takes long-term fiscal planning seriously. I welcome a Government who will take us away from the course the previous Government steered, away from austerity, and away from the chaos and confusion of the past few Budgets. First, I want to make a brief point about tax simplification and the confusion across the Chamber in this debate and in the many amendments. The way to reform a tax system is not to argue for various exemptions, reliefs and get-out clauses for different subsectors, but to have a consistent approach to collecting tax applied across the whole economy and then to fund those sectors of the economy, such as healthcare, transport and so on, which we should be funding. That is the approach the Budget has taken. Many Members of successive previous Governments have said that we need to simplify our tax system. I suggest that asking for dozens of small amendments to a Bill is not a way to achieve that aim. As my hon. Friend the Member for Cities of London and Westminster (Rachel Blake) pointed out, that is not the way to run any tax system, not even on local government level.

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  I thank the hon. Member for his intervention and for highlighting the perilous state of GPs in my constituency of Earley and Woodley after 14 years of the previous Government stripping away the NHS. I am very confident in the announcements made by my right hon. Friend the Secretary of State for Health, which he has made several times in this Chamber, to take all funding decisions in the round. I very much look forward to seeing the quality of GPs improve. I also highlight the funding already announced for increasing the number of practitioners in GP surgeries. I expect to welcome them in my constituency, as well as across the UK. I return to my point about long-term fiscal planning. The hon. Member for Hinckley and Bosworth (Dr Evans) made the point that we need to make choices. Over and over again on the doorstep I have been told that public services are broken, that crime too often goes unpunished on our high streets, and that mortgage rates, which have shot up wildly over the past few years, are too much of a burden on everyday families. All that creates uncertainty and it is that economic uncertainty that hurts businesses. That is why I welcome, for the first time in many years, a credible Budget that addresses the fundamental problems facing our society. Yes, we have to understand the current fiscal situation in the context of the bad decisions that were made before us. We all know about the tax giveaway mini-Budget under Liz Trust and the perilous effects it had on gilts, pension funds and, of course, mortgages, for which we are all now paying the price.

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  I will give way in a moment. I add to that the bad decisions made in the previous two Budgets under the right hon. Member for Godalming and Ash (Jeremy Hunt). Those decisions were not credible. It was not credible, on the March 2024 OBR forecast, that the next Government would do anything about schools, special educational needs and disabilities or the NHS. Those were not credible promises made in the last two Budgets. Those giveaways were made by Governments without a plan; Governments who literally cut and ran by calling an early summer election so they would not have to face the consequences of their bad fiscal choices. They left us with a bill to pay and this Government are now making that possible in a considered way.

• 17 Dec 2024 · National Insurance Contributions (Secondary Class 1 Contributions) Bill · Hansard source

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  I will take two interventions. I will take one from the. Member for Hinckley and Bosworth (Dr Evans).

• 10 Dec 2024 · Finance Bill · Hansard source

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  Thank you, Ms Ghani. I apologise for my inconsistent bobbing. I am still learning when to stand up, but what has gone up and stayed up are the record profits of the oil and gas majors. I will start my speech on that topic, and will go on to speak about where those profits have come from and, finally, what the proceeds of our EPL will go to fund. First, on those record profits, I think all Members of the Committee agree that the record profits in the oil and gas industry in 2022 were excessive. In 2023, however, the profits for Shell, the largest oil and gas major in Europe, barely decreased from the previous year. In fact, if we take its profits from the first half of this year, Shell looks likely to eclipse even those of last year. In the first half of this year, Shell has had profits of $14 billion. Half of that went to share buybacks, which do nothing to fund the decarbonisation that is so necessary to secure the future of energy production here in the UK and around the world. Those record profits, much of which have been handed back to shareholders, are going in the opposite direction of what ordinary families and working people need. Rather than reinvest in the transitions of the future, I would argue that the Conservative party is looking at the industries of the past and clinging on to a past that is quickly fading from reality. Secondly, let us look at where those profits have come from. The House of Commons Library states that generally lower wholesale prices in the last year led suppliers to start offering fixed tariffs, as of summer 2023. However, they have been far more cautious in pricing those tariffs, with prices close to the level of the energy cap. Any return to competition in the market is expected to be slow. That reflects the state of affairs we face today. The wholesale prices of oil and gas—as an example, look at the price of Brent crude in the market today—are back below the levels they were pre the Russian invasion of Ukraine, yet the retail prices facing ordinary working families in the UK are still far above those levels. What happens in the middle? The profits are being taken by the oil and gas companies. Largely, they are not being reinvested in the productive sectors of the future, but being paid back to shareholders. In any market where the return of competition is expected to be slow, there is a role for the Government to regulate the fair share of proceeds—who gets the surplus from that market. Here I pause and say that when we look across the Committee to who is arguing for the interests of working people and who is arguing for the interests of the oil and gas profit-making giants, the political divisions are clear. There are schools in my constituency that are fundraising to insulate themselves. The Maiden Erlegh school where I live is asking its parent association to provide better wooden frames for its windows, because they leak in winter. That is the public estate that our Government have been elected to fix and repair. We will set about doing so with the profits from the levies set out in the Bill we are discussing today.

• 10 Dec 2024 · Finance Bill · Hansard source

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  It is a pleasure to serve under your chairship, Madam Chair. I will talk mostly about new clause 5 on capital gains tax, but, given the remarks by the shadow Minister, I will make a few points on the broader matter and on incentives to start a new business. My constituency of Earley and Woodley in the Thames Valley is one of the hottest destinations for business investment and for new start-ups in the tech and pharmaceutical sectors. I have met a number of those inspiring entrepreneurs to talk about their start of the business journey. As is widely known, when entrepreneurs start passionately with a project, they are thinking not about the disposal and taxation regime at the end of their journey, but about the infrastructure and the support that they will have around them that brings their idea to fruition. For the tech and pharmaceutical entrepreneurs in Earley and Woodley, that is about a transport infrastructure, a skills base, and schools, colleges and universities in the area that can produce the kinds of graduates who will then staff their company. It is about a regime that is welcoming to entrepreneurship and is welcoming for people to live in and to prosper in. For all those reasons, I very much support our Budget and the Budget that brings more investment to infrastructure across the UK. First, I welcome the measures on capital gains tax introduced in new clause 5. Let me remind Conservative Members that it was Chancellor Nigel Lawson who, in a much more dramatic measure than that proposed today, equalised the rate of capital gains tax with income tax in 1988. That equalisation was proposed because of tax avoidance. To many people listening to the debate, capital gains tax will not be familiar because, like me, their main means of taxation will be income tax and they will not have come into contact with CGT. For the purposes of understanding, let me illustrate what I mean by “tax avoidance”. The issue was raised with me by a retired consultant when I was canvassing in the summer in the north of my constituency. When I knocked on his door, he said, “What are you going to do about capital gains tax? I want you to ensure that this doesn’t happen any more.” He then proceeded to illustrate the means by which he had paid less income tax than he otherwise would have done through the capital gains tax system. It was a principled and honourable admission for him to make to his then parliamentary candidate on the doorstep. Many of us pay income tax, and we are all familiar with the way that it is structured. Among those of us who do not receive income from payroll—that is, who do not work for a company—but have the ability to structure it as self-employed or consultancy income and funnel it into a business of our own creation, that is a channel by which many people avoid paying income tax on activities that are arguably income-like. That happens, as I said, for a minority of people in the UK. The vast majority do not have access to that route because they earn through working for other people through companies, and they are on the payroll and not able to structure their own companies. When those companies holding the—arguably—income revenues are disposed of, that is when capital gains tax comes into the picture. Of course, the rate of capital gains tax is much lower than the rate of income tax, and that is where the gap comes from that was illustrated by my retired constituent. Madam Deputy Speaker, it is important that the tax system is efficient in raising revenues, which is what our Budget sets out. The tax system must also be principled in ensuring that the tax purposes to which we have allocated certain measures raise the right taxes and are targeted towards the kinds of activities that are meant to be taxed. All of us in the Committee would probably agree that we should pay tax through a progressive system that distinguishes between different forms of revenue-raising activities, but that allocates people fairly and proportionately to those right and relevant activities. I am reminded of the announcements that came out during the last Government regarding the tax affairs of the former Prime Minister, the right hon. Member for Richmond and Northallerton (Rishi Sunak), who paid 23% in average tax on his £2.2 million in earnings. That was of course possible because of the relatively low rate of capital gains tax that he was paying on the vast majority of his earnings, which came through capital and not through earned income. Again, to the vast majority of people listening to the debate, I am sure that that is a reality far outside their understanding. The vast majority of people in the UK earn income through going out to work and working hard every day. It is for those people—the working people of this country—that this Budget has been made, so that we can lift livelihoods across the country by properly funding our public services and by closing the significant in-year overspend that the previous Government made of £22 billion. Through those measures, and by ensuring the financial stability of our tax system and the economic stability of our country, we will start to raise living standards across the UK. For those reasons, I very much support the measures.

• 10 Dec 2024 · Finance Bill · Hansard source

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  I thank the hon. Lady for her intervention, and, at this point, refer to my entry in the Register of Members’ Financial Interests and my support from the unionised voices of those who work in the sector to which she referred. I commend the Government’s green prosperity plan to initiate a skills transition, and provide funding for it, so that those workers can profit from the industries of the future rather than the industries of the present and the past. As the Minister said, the energy profits levy will raise £2.3 billion over the current Parliament, which will go towards the funding of, for instance, Great British Energy. GB Energy, whose headquarters are in Aberdeen, will bring innovation in green technologies not only to Scotland but to the whole of the UK. I will forgive, for a moment, the hon. Member for Angus and Perthshire Glens (Dave Doogan) for perhaps not recognising my hon. Friend the Member for Hamilton and Clyde Valley (Imogen Walker)—I know that an awful lot of new Scottish Members were elected in the last general election, and it must be difficult to learn all their faces. I ask the hon. Member to reflect on the possible reasons for the election of a record number of Scottish Labour Members while he sets about learning their names and faces. The Government’s auction of 130 wind, solar and tidal energy projects in the latest round of the contracts for difference scheme points the way to the future. It points the way to the generation of 95% of the UK’s energy through green and decarbonised energy by 2030; to a transition that everyone in this Committee, and certainly everyone on the Government Benches, is looking forward to seeing in the next 10 years; and to the delivery of the local power plan, which will support local energy projects in communities such as mine. I welcome the funding of local projects such as Reading Hydro, which takes hydroelectric energy from the Thames, and the work of Reading Community Energy Society, which generates solar energy on the rooftops of the University of Reading and rooftops across my constituency. I look forward to all those projects and to the projects of the future, which is why I commend the measures that we are discussing today.

• 4 Dec 2024 · Employer National Insurance Contributions · Hansard source

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• 4 Dec 2024 · Engagements · Hansard source

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  Q13. Local councils in my constituency are facing significant financial pressures on special educational needs and disabilities provision. In Wokingham borough, for example, the SEND incidence is twice the national average, yet historically the level of funding has not met the level of need, and that has left families and children waiting too long for help. The previous Government’s safety valve programme was only a sticking plaster, so I welcome this Government’s announcement today of additional SEND funding in mainstream schools. What more can the Government do to make SEND funding sustainable?

• 26 Nov 2024 · “Get Britain Working” White Paper · Hansard source

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  I very much commend the Secretary of State for the youth guarantee. In my constituency, many businesses have invested in the hi-tech industries of the future. However, I speak to young people and their families who are concerned about those young people getting jobs on the first rung of the ladder. This year, there will be 3,000 undergraduates graduating from the University of Reading, and a further 3,000 people turning 18 in my constituency. What can the Secretary of State and her Department do for those young people to ensure that local jobs and training opportunities match the economic advantages of the area they are from?

• 25 Nov 2024 · Israel-Gaza Conflict: Arrest Warrants · Hansard source

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  I am frankly astonished at the principle underlying some of the comments made by the shadow Foreign Secretary and some of her Conservative colleagues today. I have been giving assemblies to primary school children across the Earley and Woodley constituency emphasising that British democracy means that nobody is above the rule of law. I hope that one day, Conservative Members might understand what the children of the Earley and Woodley constituency instinctively understand, which is that we should be equal under the law, whether we are the political leaders of a democracy or otherwise. That is why I welcome the Minister’s statement that the Government will comply with their international obligations. The Minister has set out the work he has been doing in travelling to the region and witnessing at first hand the blockage of aid into Gaza by the Israeli Government. The United Nations states that over 83% of food aid has been blocked, which of course leads to the risk and ongoing fact of starvation in the region. What can the Minister and the Government do in line with our positive obligation under international law to prevent future atrocities occurring in Gaza?

• 20 Nov 2024 · Engagements · Hansard source

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  Thousands of families in my constituency have moved into new-build developments in Shinfield, Loddon Park and beyond. But many have found their dreams of home ownership punctured by unfair and opaque property management charges. Can the Deputy Prime Minister reassure my constituents by setting out how the leasehold reform Bill will address those concerns, and will she meet me and affected constituents?

• 19 Nov 2024 · Jailing of Hong Kong Pro-democracy Activists · Hansard source

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  Over 5,000 Hong Kong families have settled in Reading over the past few years, including in my constituency, and I have stood alongside Hong Kong activists in peaceful demonstrations here in the UK. The onerous sentencing of pro-democracy activists in Hong Kong will give people a broad reason to fear transnational repression and continued harassment here in the UK. Can the Minister assure us that she will work to upkeep not only the BNO visa programme and the path to citizenship, but the civil liberties of Hongkongers here in the UK who may be at risk of transnational repression?

• 19 Nov 2024 · Occupied Palestinian Territories: Humanitarian Situation · Hansard source

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  It is a pleasure to serve under your chairmanship, Sir Roger. I welcome this opportunity to discuss the ongoing atrocities in Gaza, and I thank my hon. Friend the Member for Glasgow West (Patricia Ferguson) for bringing this debate to Westminster Hall. I also thank my constituents who have made it here from Earley and Woodley. I know that this is a top issue of concern for them and for many of us across the country, and the amount of correspondence I receive on this issue far exceeds any other. There is little more that I can add to what hon. Members have already said about the horrors we are seeing in Gaza. One of my constituents, who is a GP, described to me his trip to Gaza in 2015. He had been sent to inspect al-Ahli hospital, which had been bombed the previous year in 2014. That hospital was bombed once again over the last year, and through his contacts at the hospital, my constituent has told me that thankfully most of the staff there have survived. Against the odds, they amazingly continue to operate a very reduced service in that hospital. Testimonies such as that of my constituent and his contacts are all the more rare because we are now seeing an effective blockade on information coming out of Gaza, and I want to touch on the issues facing journalists in the region. Many hon. Members have noted the horrific images and videos coming out of Gaza; however, we are seeing only a drop in the ocean of what is actually happening in the region. There are now almost no journalists left, and it has been one of the most deadly wars for journalists in history. Israeli forces have killed over 140 journalists according to Reporters Without Borders, 34 of whom were killed while working. I spoke to one journalist recently who described to me the following: “Journalists have been targeted and it has been made difficult for them to leave. Their lives have been made miserable. In previous wars there were places possible to stay—but here the journalists can’t find anywhere. The inability to get images and reporting on the ground lessens the impact of reporting, and the inability of readers to understand what is happening there…Over time, the level of attention dissipates because readers are weary. The challenge for us is to find new ways of covering it.” I know that a former colleague of mine made an extended and prolonged attempt to leave the region, and thankfully has done so, but there are many more journalists who have been unable to leave, despite being maimed and in severe difficulty. What can we do about that as an issue? I thank the Government and the Minister for their existing attempts to get aid into the region, but the situation has now changed for the worse because of the blockage on UNRWA aid, as we heard from other Members. The UK needs to take leadership on this issue and I ask the Minister how the Government plan to vote tonight on the UN Security Council resolution on a ceasefire. Many of my colleagues have already brought up the issue of sanctions, and it is important that we proceed with sanctions, particularly against the Israeli Finance Minister and the Israeli National Security Minister, in accordance with our obligations on humanitarian issues and under international law. Will the Minister consider these representations?

• 31 Oct 2024 · Income tax (charge) · Hansard source

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  The hon. Gentleman mentions Gordon Brown. Yesterday’s Budget starts to restore the level of Government spending as a share of the economy to levels that are similar to those under Gordon Brown and the last Labour Government. It starts to restore the foundations of our public services. Does the hon. Gentleman welcome that restoration and investment?

• 31 Oct 2024 · Income tax (charge) · Hansard source

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  My constituents told me on the doorstep that their No. 1 priority was to improve the NHS. If the Conservative party were still in government, it would be overseeing steep cuts across the NHS and our public services. Would the hon. Lady be happy to be part of such a programme?

• 30 Oct 2024 · Budget Resolutions · Hansard source

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  Will the right hon. Member give way?

• 30 Oct 2024 · Budget Resolutions · Hansard source

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  Will the right hon. Member give way?

• 30 Oct 2024 · Budget Resolutions · Hansard source

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  Will the right hon. Member give way?

• 30 Oct 2024 · Budget Resolutions · Hansard source

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  The right hon. Member mentions that many people do not feel part of how the country has been run, and for the last 14 years we have seen regressive Budgets that have hit the poorest hardest. Does he welcome, with me, that our Budget is progressive and in fact distributes the burden where it is most well shouldered?

• 21 Oct 2024 · Employment Rights Bill · Hansard source

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  I draw the House’s attention to my entry in the Register of Members’ Financial Interests, in particular the perhaps interesting fact that, like the majority of journalists at the Financial Times , I am a proud member of the National Union of Journalists. I am able to enjoy that right to membership of a trade union, and the right to assembly and discussion that follows from it, because I am fortunate enough, unlike many of my aunts, cousins and uncles, to be a British citizen living in the UK who enjoys protection of not only my right to vote but my right to collective bargaining and representation in the workplace. It is fitting that, in this historic debate on this advance in workers’ rights, we in the mother of Parliaments defend not just the right to representation in Parliament through our electoral system, but the right to representation in the workplace through collective bargaining and union access, because strong unions are a workplace form of democracy. I have seen what happens when people are denied that right. I have reported on labour abuses and wildcat strikes—the desperate measures that workers across the international supply chains of Amazon and Apple have gone to when their ability to form a union and advocate for their rights has not been protected by the state. That simply pushes problems underground. Labour Members know that when workers have issues, there needs to be mediation and they need to be represented properly, through legal means. If that does not happen, it stores up long-term structural challenges for the economy. In the British economy, the wage share of our economic output has fallen since the 1980s. Union representation and density has also fallen throughout that time. It is no coincidence that the two things go together, in the UK and many economies across the OECD. There is a correlation between the strength of unions, and union density, and strong wage growth and worker protections in the workplace. Beyond the costs to the economy, there are costs to individual households. When I vote for the Bill, I will be thinking of residents and households in my constituency of Earley and Woodley. I will be thinking of the parents I have delivered food parcels to with Woodley Lunch Bunch, who, despite working multiple jobs, are still unable to make ends meet and must resort to using food banks. I will be thinking of the supermarket workers in the Lower Earley Asda, who are—like many of their colleagues across the country—concerned about the threat of fire and rehire. Above all, I will be thinking of frontline NHS workers in the Royal Berkshire hospital in the centre of Reading, who went to work day after day during the pandemic to clean up after people, suffering the threat of contagion. Many of them—especially those outsourced from private companies—were not afforded statutory sick pay because they were below the lower earnings limit. During the pandemic, the sick pay of many outsourced workers in the NHS was less than a quarter of the national living wage. That is a tragedy. Presenteeism caused by the lack of sick pay costs our economy by reducing productivity and increasing the likelihood of chronic health conditions. I am very proud to support the Bill.

• 17 Oct 2024 · English Football: Financial Sustainability · Hansard source

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  8. What steps she is taking to support the financial sustainability of English football.

• 17 Oct 2024 · English Football: Financial Sustainability · Hansard source

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  I associate myself with that tribute and thank the Secretary of State for her reply. My constituency is the proud home of Reading football club, which managed to stay up last season against the odds but which has been the victim of financial mismanagement by absent owners. We desperately need the Government’s football governance Bill, which will set up a regulator to safeguard clubs like Reading and prevent future abuses. Will the Minister meet local fans and me to discuss what we can do to protect the club?