Rachel Reeves
MP for Leeds West and Pudsey · Labour · United Kingdom
“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.”
“I thank my hon. Friend for her question. As Members will know, this Government are working on plans with our NATO allies for a multilateral defence mechanism. We have already signed a treaty agreement with Finland and the Netherlands, and we are working closely with Scandinavian, Baltic and eastern European countries.”
“At a time of great global uncertainty, it is more important than ever that we deepen ties with our closest allies and biggest trading partners, whose values we share, and whose interests are bound to ours.”
“Today the Government have responded to the covid counter-fraud commissioner’s recommendations in a report that I commissioned, which confirms that the Conservative Government left the door open to more than £10 billion of pandemic fraud.”
“As I just said, the DIP will be published before the summit. It will involve more money spent more effectively, and it will meet the scale of the challenges we face. Frankly, I will take no lectures from the Conservatives, who left our armed forces, in the words of their former Defence Secretary, “hollowed out”.”
“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 wh…”
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“The Government recognise that energy costs, inflation and global pressures continue to squeeze household budgets. That is why we have taken careful, targeted action through the great British summer savings package which launches on Thursday, cutting VAT on summer activities so that adventure parks, soft play centres, cinemas and theatres will be cheaper, alongside the work we are doing to maintain the triple lock and to lift children out of poverty.”
“The measures I took in my Budget last year took £150 off energy bills by getting rid of some levies altogether and moving others to general taxation. If we look at the most recent inflation numbers, inflation in the UK was 2.8% last month, which compares to 3.2% in the eurozone and 4% in the US. Food inflation was at its lowest rate for 17 months.”
“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.”
“The Government remain dedicated to raising living standards for people in Falkirk and across the UK by driving economic growth and bearing down on inflation, which I know continues to squeeze household budgets. Measures announced in my Budget last year are already taking effect: raising the national living wage and the national minimum wage; maintaining the triple lock on pensions; and extending free school meals to more families. Our great British summer savings package builds on that, reducing VAT on a whole range of summer attractions, including, I believe, Airthrill in my hon. Friend’s constituency.”
“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.”
“The Treasury published the Green Book supplementary guidance on wellbeing, which helps officials to assess how their policies and projects affect the wellbeing of citizens, in 2021. In February, this Government published an update to the Green Book that reaffirms the importance of considering wellbeing. Most importantly, my new Green Book will support fairer and more balanced decisions on investment in every part of the country, including outside London and the south-east, across urban, rural and coastal communities, so that projects have a better chance of securing Government funding.”
“I will ensure that the relevant Minister meets my hon. Friend and others to discuss how we can make further enhancements to the Green Book. Something that has held Britain back for too long is that projects outside London and the south-east, including in rural and coastal communities, have missed out on funding because of the way in which the Treasury used to evaluate those projects. I have changed those rules so that we can make investments in all parts of the United Kingdom.”
“I am pleased to update the House that I met the Secretary of State for Defence and the Chief of the Defence Staff yesterday to talk through the defence investment plan. The Ministry of Defence is producing a defence investment plan that will meet the scale of the challenges and meet the moment with increased readiness. I am confident that the new defence investment plan will be published before the NATO Ankara summit. It will involve more money spent more effectively and will meet the scale of the challenges facing our country.”
“As I just said, the DIP will be published before the summit. It will involve more money spent more effectively, and it will meet the scale of the challenges we face. Frankly, I will take no lectures from the Conservatives, who left our armed forces, in the words of their former Defence Secretary, “hollowed out”. Our forces hit rock bottom for pay, morale and numbers. The Tories do not like to mention the £12 billion of cuts that they made to defence in their first five years in office. We are turning that around with the biggest uplift in defence spending since the end of the cold war. This Labour Government will continue to invest in defence, with contracts awarded to firms here in Britain to keep our country safe.”
“I thank my hon. Friend for her question. As Members will know, this Government are working on plans with our NATO allies for a multilateral defence mechanism. We have already signed a treaty agreement with Finland and the Netherlands, and we are working closely with Scandinavian, Baltic and eastern European countries. The multilateral defence mechanism will enable us to procure jointly and stockpile equipment off the balance sheet, ensuring better value for money for taxpayers and enabling innovative forms of finance to fund our defence. We are also working closely with Canada on the multilateral defence mechanism and the Defence, Security and Resilience Bank, which lends to smaller businesses in the supply chain, so that we have one model to help us better fund defence in our country and across Europe.”
“When we set out the defence investment plan ahead of the Ankara NATO summit, the whole House will see the further changes we are making in order to better support defence in an increasingly unstable world.”
“The hon. Gentleman is literally sitting two places away from the right hon. Member for Central Devon (Sir Mel Stride)—the former welfare Secretary who presided over a record increase in welfare spending. We have commissioned Alan Milburn to do a review—the first part of which was published recently—to address the problem that we inherited of young people not in employment, education or training and get young people back into work. I am proud to be the Chancellor who has overseen the biggest uplift in defence spending since the end of the cold war. We funded that through our difficult decision to reduce overseas development assistance, but that was the right choice.”
“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.”
“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.”
“We are cutting electricity costs for up to 10,000 businesses through the British industrial competitiveness scheme, and expanding the supercharger scheme. We are also strengthening key supply chains and protecting jobs through the steel strategy, the new £350 million critical chemicals resilience fund, and the £120 million in support for our ceramics sector.”
“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.”
“The hon. Gentleman makes an important point about making sure that we get the balance right. We are supporting steel made in Britain, which the previous Government neglected; we are backing it through the nationalisation of the steelworks in Scunthorpe and more support for Port Talbot and Sheffield, but I also recognise the challenge that some British companies will face. This is why, for example, as is shown by the work that we are doing with the EU on the upcoming EU-UK summit, we want a steel alliance, to reduce tariffs on steel.”
“Our steel strategy protects the UK steel industry, so that more orders can come to British Steel and other steel manufacturers in the UK. We will not allow our steel sector to be undercut by cheap foreign imports.”
“At the upcoming UK-EU summit, we hope to be able to conclude deals on food and agrifood, on linking to the EU emissions trading schemes, and on an ambitious youth mobility scheme.”
“At a time of great global uncertainty, it is more important than ever that we deepen ties with our closest allies and biggest trading partners, whose values we share, and whose interests are bound to ours. It is 10 years today since the Brexit referendum, but the economic impact from the deal negotiated by the previous Government is stark. Indeed, recent studies indicate that its impact could be as great as an 8% reduction in GDP. I have worked closely with my counterparts across the EU as part of this Government’s commitment to resetting the UK-EU relationship, most recently at meetings of the G7 in Paris, and meetings with the European Bank for Reconstruction and Development in Riga. They have been clear that they would welcome closer ties, which will be in all our interests.”
“I have been working hard in this Labour Government to reset the relationship so damaged by the choices of the Conservatives. That is why we have committed to this second UK-EU summit, after the agreement between President Ursula von der Leyen and our Prime Minister last year to finalise the deal on food to help our farmers, on youth mobility to help our young people, and on emissions trading to help keep the cost of energy down.”
“I understand why my hon. Friend makes those arguments; we are clearly poorer outside the European Union than we otherwise would have been. We made a manifesto commitment that we would not rejoin the single market or customs union, or return to the free movement of labour. Those red lines stand, but within them there is an awful lot that we can do to improve relations. We are doing just that.”
“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.”
“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.”
“Since I became Chancellor, our economy has grown by 2.3%—the fastest growth among European G7 economies in that period. Over that time, we have progressed our strategy for stronger and more secure growth through fiscal stability by bringing in an additional £120 billion in public investment, by crowding in private investment through the National Wealth Fund and the British Business Bank, because I changed our fiscal rules; and by removing structural barriers to growth, including through big reforms to our planning and pensions systems and through progress on reducing regulatory burdens, particularly on smaller businesses.”
“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.”
“In my two Budgets, I have raised an additional £30 billion through taxes for more wealthy people, whether that is through the changes to the non-dom rules, VAT and business rates on private schools, taxes on private jets, the high-value council tax surcharge or, indeed, the increases in capital gains tax. Combined, that is an extra £30 billion secured for our public services, to stabilise our public finances and get debt down as a share of our economy by asking those with the broadest shoulders to pay more.”
“I am incredibly proud of my record as Chancellor of the Exchequer: the fastest growing country in the G7 within the EU, wages rising faster than inflation every single month since I became Chancellor, record investment coming into the United Kingdom, rolling out free breakfast clubs and free school meals, 500,000 children lifted out of poverty, creating the National Wealth Fund and leveraging in private sector investment. Those things are only possible because of the decisions I have made as Chancellor. As a result, for the first time since 2019, Government borrowing was less than 5% of GDP—a far change from the mess I inherited from the Conservatives.”
“This Government have the right economic plan—the fastest growth in the G7 at the start of this year, the second fastest rate of growth in the G7 since the election, and inflation lower than forecast, with food inflation at its lowest level for 17 months despite the disruption in the middle east. Wages have risen faster than prices in every single month since I became Chancellor. I am tackling the cost of living challenges with rail fares, prescription charges and fuel duty frozen, and with money off energy bills. Our economic plan is the right one, and I will continue to deliver for the British people.”
“I thank my hon. Friend for that question and for the representation that he and other MPs representing ceramics constituencies have made. It was a real honour for me to meet the impressive force of nature that is Sharon Yates when I visited Dunoon, a ceramics business in Staffordshire, a couple of months ago. I pay tribute to her and the campaigning trade union, GMB, Ceramics UK and all campaigning Labour MPs on their efforts. As a result, they have been heard, and our £120 million package of support for ceramics announced earlier this year will give a positive future for the sector.”
“Let’s talk about my record: six cuts in interest rates; wages rising faster than inflation; trade deals secured; investment delivered; support for our energy-intensive industries; half a million children lifted out of poverty; record investment in our national health service; more money for local transport infrastructure right around the country; the biggest uplift in defence spending since the end of the cold war; and an economy that has constantly beaten the forecasts—an economy that is growing, and an economy where inflation has come down. Compared with the disastrous 14 years when the Conservatives were in office, I would take our record any day.”
“When the Conservatives were in office, in the last Parliament they borrowed more than the G7 average every single year. This year we are borrowing less than the G7 average and have brought down Government borrowing to 4.2% of GDP in the most recent data. We have brought forward our fiscal rules so that they kick in two years earlier, and we are meeting those fiscal rules, to ensure that we have sustainable public finances—a far cry from those that I inherited.”
“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.”
“With all respect, the Liberal Democrats backed that referendum 10 years ago, and they were part of the Government who legislated for it. Unlike the Liberal Democrats, the Labour party actually sticks to its manifesto commitments.”
“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.”
“In the first quarter of this year we were the fastest growing economy in the G7. Since I became Chancellor, we have had growth of 2.3%, which is the second fastest rate of growth in the G7. We are growing our economy by bringing investment and stability back to the UK, and businesses are following our lead by investing in our country.”
“When we were in opposition, I promised the biggest wave of insourcing in a generation, and we are now working in government to deliver exactly that. The Government Property Agency contract that expires in 2028 will come back in house, so people working at around 40 locations across government in London and around the country will find that instead of being employed by an outsourcing company, they will be employed directly by the Government. They will have the same terms and conditions as other civil servants, making a huge difference to them and their families.”
“I want those who have defrauded the taxpayer to know: there is nowhere to hide; we are coming after you; you will pay that money back.”
“Today the Government have responded to the covid counter-fraud commissioner’s recommendations in a report that I commissioned, which confirms that the Conservative Government left the door open to more than £10 billion of pandemic fraud. That is money that could have gone into our NHS and our schools, and we have acted in the last two years to claw it back. Today we set out how we will go even further, launching a powerful new public authorities fraud investigation and enforcement service, with new powers to ensure that we get that money back directly from fraudsters’ bank accounts. Nearly 2,000 directors have been disqualified and 86 criminals have been prosecuted in actions that will bring more money back to the public purse.”
“It is closing a tax loophole, and the hon. Lady and the Conservatives should welcome that.”
“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.”
“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.”
“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 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.”
“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.”
“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.”
“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.”
“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.”
“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.”
“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.”