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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“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.”
“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.”
“We will shortly announce the decisions, which the Secretary of State for Energy and Net Zero will make. I am very clear that oil and gas will play an important role in the UK for many years to come, adding to our energy security alongside investment in nuclear, small modular reactors, floating offshore wind and onshore wind and solar, opposed by the Conservative party.”
“Oil and gas will play an important role in our economy for many years to come, but we also need to invest in renewable energy, which is why we announced yesterday restrictions in the number of judicial reviews, which are holding up investment in clean energy. It is a shame that the Conservatives voted against our Planning and Infrastructure Act 2025 and it is a shame that the Liberal Democrats abstained on it. We are determined to get Britain building, including building the energy infrastructure we need to get bills down. Just a couple of weeks ago, I announced changes around tie-backs to make it easier for oil and gas companies to exploit their reserves of oil and gas in the North sea. Jackdaw and Rosebank would have gone ahead if it had not been for the last Government messing up the way they legislated.”
“Because of the Pride in Place money that I announced at the Budget, the banking hubs and the changes that we made to business rates, which have seen those rates for retail and hospitality come down significantly compared with the plans we inherited from the Conservative Government, we can reinvigorate our high streets. The shadow Chancellor mentioned borrowing. Borrowing has fallen below 5% for the first time since 2019 because of the actions that I have taken as Chancellor. Borrowing is expected to fall in every year of this Parliament—very different from what happened under the Conservatives. Employment and activity remain in the top half of the OECD and the G7. The biggest benefits boom came under the last Conservative Government, when the shadow Chancellor was the Work and Pensions Secretary.”
“The shadow Chancellor talks about inflation and growth. Yesterday, the numbers showed that inflation had fallen; we are the only country in the G7 where inflation fell last month. The IMF has revised up our growth forecast and we had the fastest growth of the G7 in the first quarter of this year. The shadow Chancellor asks whether that will be paid for with new borrowing. No, it will not. If he had been listening, he would have heard the changes we are making around the foreign branch exemption. That will raise hundreds of millions of pounds a year, which is why we are able to afford the package that we have announced today. The shadow Chancellor mentioned high streets.”
“I have also gone further in three specific areas, with additional support for hauliers, additional support for red diesel—particularly helping the rail freight industry and farmers—and the higher mileage rates. The shadow chancellor says he welcomes the changes on mileage rates. It is the first time they have been increased since 2011, so if he welcomes them so much, why did the Conservatives not increase them when they had 14 years in government? On the Iran conflict, let us remember that this is a war that the UK did not start and this Government chose not to join, whereas the Conservatives and Reform were cheering on the conflict every step of the way. The impact on the UK and global economies would be much more severe if we had heeded the pleas of Reform and the Conservatives to join that conflict.”
“Let me take the issues that the shadow Chancellor has raised. On fuel duty, when I became Chancellor of the Exchequer, the freeze in fuel duty was due to expire, under the plan set out in the Conservatives’ final Budget, within a matter of months. I have frozen fuel duty twice already and I have frozen it again today; indeed, I have frozen it with more than three months to go before the increase was due to happen, giving people plenty of time. I have always said, since the middle east conflict began, that I would keep an eye on what was happening to oil and gas prices and set out plans ahead of the change due to come into effect in September. That is exactly what I have done.”
“I agree with my hon. Friend that we will take no lessons from the Conservatives on inflation, when it reached more than 11% when they were last in office. On VAT in the leisure sector, we are making the changes from 25 June right until 1 September to help boost the hospitality sector but also, crucially, to help families during the summer. Our expectation is that this will cost taxpayers money, but it is funded through the changes that we are making around the foreign branch exemption, so companies cannot book losses overseas to avoid paying their fair share of corporation tax here in Britain.”
“On indoor and outdoor summer activities, I have had enough family holidays in the UK to know that there are plenty of days when it rains. I am sure that the leader of the Liberal Democrats, the right hon. Member for Kingston and Surbiton (Ed Davey), will be visiting a soft play centre soon.”
“I thank the hon. Lady for those questions. I am not sure whether she welcomes the changes around the foreign branch exemption, which is what will pay for the policies announced today by ensuring that companies pay their fair share of tax in the UK. Unless we can say where the money will come from, all that results is higher inflation and interest rates in the future. That is why I have always been clear that everything I will announce will be fully costed and fully funded. On food, the hon. Lady cannot both say that she welcomes help with the cost of living, and then be a bit uncertain about tariff reductions. We have focused the tariff reductions on food products and agrifoods that we do not produce in significant quantities in the UK. We work very closely with the Department for Business and Trade in identifying those sectors.”
“I pay genuine tribute to my hon. Friend for his work on behalf of businesses and working people in his constituency, to the other Stoke MPs, and to my hon. Friends the Members for Newcastle-under-Lyme (Adam Jogee) and for Amber Valley (Linsey Farnsworth). They have made the case powerfully and convincingly. I absolutely commit to working with Ceramics UK, the GMB, the MPs and the wider sector to ensure that the ceramics industry thrives in the UK.”
“It is important that we help our constituents with the cost of living. The tariff reductions that I have announced today will save the British shopper £700 million. That is a significant reduction in the cost of the weekly shop for families across our country. We have chosen the tariff lines carefully. The full details will be published, and we will consult over the next week or two to ensure that we get them exactly right, but we have worked hard to make sure that the reductions do not affect British farmers. That is why we are also helping British farmers with the changes we have made on red diesel.”
“My hon. Friend is absolutely right that there is nothing progressive about piling up the debt that future generations will have to pay; that is why our fiscal rules are getting the debt and deficit down while enabling us to invest in our country’s infrastructure and public services. On helping people with the cost of driving, we have frozen fuel duty until the end of this year, but recognising that some people rely on their cars and vans more than others, we have also taken off the HGV tax for this year, saving HGV drivers up to just over £900 a year, and cut the duty on red diesel by more than a third. We have also increased the tax-free mileage rates to help the employed and the self-employed with the cost of fuel.”
“That is why the Prime Minister and Foreign Secretary are working intensively with international partners to do just that, while at the same time we are working to diversify our supply of oil and gas so that fertiliser, to which the right hon. Gentleman rightly refers, is still available for our farmers.”
“I thank the right hon. Gentleman for that question. I urge him and businesses and farmers in his constituency to look at the list of products and feed into the consultation over the next week or so. We are keen to bring the tariff reductions into effect to reduce prices in shops for all our constituents, but we want to do so in a way that is respectful of British farming. That is why we have chosen the tariff lines that we have. As he recognises, we are doing more to support farmers with the reduction in duty on red diesel. The best way, though, that we can help all our constituents, the farming sector and others is to bring the conflict to an end and reopen the strait of Hormuz.”
“I thank my hon. Friend for the work she does on behalf of all her constituents, particularly those impacted by what is happening at Denby. It was my privilege to come to Amber Valley with her last year to meet businesses across her constituency. We are backing UK ceramics. We want to find a future for Denby, and we will continue to work with my hon. Friend to achieve just that.”
“I know that, as Chair of the Environment, Food and Rural Affairs Committee, the right hon. Gentleman will play a key role in scrutinising what the Government are doing. The reduction of more than a third in the rate of duty on red diesel will have an immediate and important impact on the costs for farmers. I also appreciate the fact that his party, like the Government, did not support the conflict in the middle east and recognised that it was a mistake that would have an impact on businesses here at home. That is why we are doing everything within our power to reopen the strait of Hormuz, to ease these pressures on consumers and businesses, including farmers, but also in the meantime to diversify supply and open up new refining facilities in the UK, to help businesses, including farmers, during these challenging times.”
“I thank my hon. Friend and all the MPs involved in helping to put together this scheme of support for ceramics. Like her, I welcome the work of the TUC and GMB in this. Innovation and ensuring that the industry is sustainable and competitive for the future is absolutely essential. This is not just a sticking-plaster policy; it is about setting up the industry for the future, including investment in innovation and R&D and also the diversification of energy supplies.”
“As I have said in previous answers, I recognise the role of oil and gas in the UK and its importance to the UK for many years to come, which is why we have changed the rules around tiebacks and put in place a permanent mechanism for taxing windfall profits. But the hon. Lady has to answer the question: are she and her party in favour of the foreign branch profits exemption or not? If not, they cannot back the support we are giving today to help people with the cost of living and the support we are giving for ceramics. This exemption means that we are moving in line with how other countries treat foreign profits. At the moment, we have the absurd situation where losses overseas can mean that businesses avoid paying their fair share of corporation tax in the UK. This moves us in line with what other countries do.”
“I thank my hon. Friend for that question, and I say to Mrs Williams and all those who work in the ceramics sector: I am proud to be the Chancellor who is backing British industry and British jobs.”
“Yesterday, we introduced the toughest set of sanctions on Russia that this country has ever had, but like the previous Government, we are phasing those in so that they do not have a disproportionate impact on industry here in the UK. That is what the previous Government did, and that is what we are doing as well. The hon. Gentleman mentions support for people with the cost of heating oil. We were pleased to be able to introduce targeted support in areas that are particularly dependent on heating oil. We are doing a piece of work at the moment to see how much money has been used by local authorities—some have been more proactive than others in ensuring that local residents get support—and once we have completed that, we will look at whether and what further support is needed.”
“I am pleased to know that staff from a business in the ceramics sector in Newcastle-under-Lyme are here today, and I say to them directly: this Government have got your back and want to work with you and the trade unions that represent people in the sector to ensure that the ceramics industry plays an important part in British life—particularly in the pottery communities —for many years to come. Of course, we will set out the details of the scheme, but like my hon. Friends who represent these communities in Stoke, Newcastle and Amber Valley, this Government are very keen to crack on with the scheme and make sure that businesses can get the support they deserve.”
“The right hon. Gentleman makes a really important point. Today I have set out a number of measures that will directly help the supermarkets to reduce their costs, and it is really important that those cost reductions are passed on directly to consumers. Reducing the cost of running an HGV will have a direct impact on our supermarkets, and reducing tariffs will have a direct impact on costs for our supermarkets. The trade deal that we are looking to do with the EU to reduce the costs of importing exporting food from the EU will also have a direct impact on costs for supermarkets. I say to the supermarkets: those cost reductions must be passed on directly to consumers, who are struggling with the cost of living, given the conflict in the middle east.”
“My only worry with this package is that it will mean children badgering their parents even more for days out over the summer—I slightly worry about what I have unleashed in my own household. I am pleased to announce today that trips to Alton Towers and other activities, whether it be soft play, funfairs, zoos or museums—if many kids want to go to them; not mine probably, sadly—will be cheaper this summer because of the action that this Government are taking.”
“I will take absolutely no lessons from the man who was part of a party that took our economy to its knees—inflation at 11%, working people worse off at the end of the last Parliament than they were at the beginning, and the worst Parliament ever for living standards—or from a party that has opposed all our reforms to make it easier to get things built in Britain, to increase the wages of working people with the national living wage and the national minimum wage, and to increase the rights of working people, including through statutory sick pay from day one and by ending abusive zero-hours contracts. If we want a lesson on economics, I certainly will not be taking it from the Reform party.”
“I thank my hon. Friend for that question. I am pleased that people in Rugeley and people working for Armitage Shanks will also benefit from this investment. The £120 million to support our ceramics sector is a clear indication of this Government’s intention to back British jobs and British industry.”
“I do think it is a little rich for Conservative Members to talk about the instability from the middle east conflict—a conflict that they wanted Britain to join in from day one, but which our Prime Minister made the decision to keep Britain out of, because that war was a mistake and it is having an impact on British businesses and British families. I am proud to be the Chancellor who has overseen the biggest uplift in defence spending since the end of the cold war. We are spending £270 billion during this Parliament, taking spending to 2.6% by April next year. The Conservatives said they would get to 2.5% by the end of this Parliament. They had no paid-for plans to do so; we are achieving it three years early.”
“We all listened to my hon. Friend’s response to the King’s Speech last week, when we heard about the great restaurants in Bradford. I am pleased to say that VAT on children’s meals in those restaurants will fall from 20% to 5%, so all hon. Members who are looking forward to a curry in Bradford can enjoy one at Mumtaz, Aagrah and all the other great restaurants in her city.”
“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.”
“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.”
“My hon. Friend is right that ceramics have a life in many parts of our economy, not just in great heritage businesses like Denby, which produces plates and other ceramics, but in sectors like defence and aerospace, where ceramics are crucial. That is why I am pleased to back them further with the £120 million package announced today.”
“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.”
“I pay tribute to my hon. Friend, who raised this issue in Treasury questions just a few weeks ago. I committed then to looking at this ahead of the next Budget, but given the ongoing conflict in the middle east, I thought it was right to bring those changes forward and increase the mileage rate for the first time since 2011. I assure him, home care workers, plumbers and all those who use their car for work that we will increase the mileage rate by 10p, backdated to April 2026, for employed and self-employed workers alike.”
“In the Budget last year, I reduced energy bills by £150, and just a few weeks ago, I put in additional money to help people with the cost of heating oil. The issue around standing charges and those allocations is for the Department for Energy Security and Net Zero, but I will pass on the right hon. Lady’s concerns to the relevant Ministers.”
“I thank my hon. Friend for her question and for always standing up for the people of Stafford, whether by supporting bringing a market back to the town or supporting the brickmaking sector. This Government are investing £120 billion more in capital spending during this Parliament, compared with the plans that I inherited from the previous Government. I am determined that that money is spent here in Britain—whether on defence, energy, transport or building schools and hospitals—creating good jobs, paying decent wages, supporting British industry and supporting British workers.”
“The hon. Lady says that we should extend the industrial strategy, but the previous Government did not even have an industrial strategy. I would say that a £700 million tariff reduction is not exactly fiddling at the margins; supermarkets should pass on those cost savings directly to consumers to help all our constituents with the cost of living.”
“I remember that, when I was young, I used to enjoy visits to Chislehurst Caves and Eltham Palace, and I hope they will be able to benefit from the changes I have announced today. It is important that we ensure that supermarkets pass on these cost reductions to their customers. We are also making changes to HGV duty, which will reduce costs for supermarkets. It is important that Supermarkets recognise the pressure that their customers are under at the moment. We have provided additional powers to the Competition and Markets Authority to ensure that no business, whatever its size or nature, takes advantage of the conflict in the middle east to hike prices for their customers.”
“We have already increased the number of apprenticeships, and changes to the growth and skills levy mean that young people do not always have to have maths and English at grades A to C to get on to an apprenticeship programme. We have also introduced shorter apprenticeships to help young people to get the skills they need. On private rent, the right hon. Gentleman might have seen the changes that we made through the Renters’ Rights Act 2026, which gives renters the greatest rights they have had in a generation, including the right to challenge a rent increase and to have only one rent increase a year. If someone challenges their rent increase and takes their case to a tribunal, they will not have the rent increase during the course of the tribunal, helping to limit rent rises for hard-working families.”
“I hope that the measures that I have announced today on the cost of children’s meals in restaurants and cafés, and to reduce the cost of days out, will go some way towards helping families to have a better summer.”
“I can confirm to my hon. Friend that the London Eye will be included. Apparently it is called an “observation attraction”—the Exchequer Secretary to the Treasury and I made sure that such attractions are part of the package of measures. I totally agree with what she says about young children of primary school age having a deep understanding of the cost of living pressures faced by their families and carers at the moment. That is why it is so important that today’s measures particularly address the cost of the summer holidays for parents. I know that parents, whether in Vauxhall or in my own constituency of Leeds West and Pudsey, are not always as excited about the summer holidays as their children are because they are worried about the costs.”
“When I became Chancellor, I extended the energy profits levy on gas and oil to 78%. We will be able to bring in money as a result of that. We have also increased the electricity generator levy by 10 percentage points to help to decouple gas and electricity prices. Because of the measures I took in my Budget last year, I was able to take £150 off people’s energy bills. I recognise the impact of the cost of living on families, pensioners and businesses, which is why I have introduced a further range of measures today, particularly targeting and helping families, energy-intensive industries, and those who drive a lot for work.”
“The measures I have set out in my statement will absolutely help the hospitality and entertainment sectors in Battersea, whether zoos, cinemas or restaurants. My hon. Friend is right to point to the economic benefits—reducing inflation, and boosting jobs and growth—of a closer relationship with our nearest neighbours and trading partners in the EU. That is why we are currently negotiating an ambitious agreement to reduce the costs of bringing in agricultural, food and farming products from the EU, and increasing markets for British farmers in the EU. That is alongside a youth mobility scheme, Erasmus, and energy trading and electricity trading across the European Union.”
“I very much hope that families and businesses in Leyton and Wanstead can benefit from the changes that I have set out today. I know that the cost of renting is very high, especially in London, and the Renters’ Rights Act should give greater certainty and stability to renters and limit rent increases. In addition, families in Leyton and Wanstead will benefit from the offer of 30 hours of free childcare, the abolition of the two-child limit on universal credit and the roll-out of free breakfast clubs to primary schools. From September, straight after the summer holidays, all children whose parents or carers are on universal credit will benefit from free school meals.”
“The measures announced today will help ceramics and the chemicals sector, but other schemes, such as the supercharger scheme and the British industrial competitiveness scheme, will benefit other sectors across the economy. I am sure that the relevant Minister would be happy to meet my hon. Friend specifically to discuss wood and timber issues.”
“The increase in mileage rates for employed and self-employed workers will have a material effect on those who need to use their car for work every day; it is, of course, the first increase since 2011. Alongside the Employment Rights Act, this is giving greater rights, greater certainty and greater incomes to ordinary working people. I pay tribute to the trade union Unison for its lobbying and work on this issue over many, many years.”
“I hope that families in Bracknell, whether they are enjoying a day out in Bracknell Forest or going on a summer holiday to one of the great seaside towns across our United Kingdom, will benefit from these changes. They will make lunch or dinner out as a family, and entertainment, a little bit cheaper. If parents or carers are on universal credit, when their kids go back to school in September—whether they are in nursery, primary, secondary or further education—they will benefit from free school meals.”
“The best way to reduce cost pressures on families and businesses is to get the strait of Hormuz reopened and those vessels carrying oil and gas flowing again, but of course in the meantime I will keep under review the support necessary to support businesses and families in Banbury and across the country.”
“I will have to check about ice skating. I like to pride myself on being on top of my brief, but I do not know whether ice skating is included. I did, however, know about the London Eye.”
“Businesses in Hartlepool and across Teesside will be among the biggest beneficiaries of these changes around chemicals. The Minister for industry, my hon. Friend the Member for Stockton North (Chris McDonald), is now in his place, and I pay tribute to him again for his help in setting out this package of measures. The Department for Business and Trade will shortly set out the details of the chemicals scheme, but I can assure my hon. Friend the Member for Hartlepool (Mr Brash) that it includes help with capital and day-to-day costs, with the aim of making the sector more sustainable and less energy intensive in the future. That will make it increasingly competitive. We recognise the chemical sector’s important role in the UK, and we are determined to ensure a bright future for it.”