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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“Friend mentioned, the Co-op announced last November, on the back of my Budget, that it was cutting the cost of 1,000 products because of the beneficial impact of the changes to business rates. Last week, the Co-op froze the price of more than 40 essential products, and it has committed to working to keep them down. I welcome those measures by the Co-op. I hope that other supermarkets heed the calls of their customers to keep prices down; and I hope that they take advantage of what I have set out today to reduce their costs, and pass those savings directly on to consumers.”
“Businesses in the chemicals sector in Middlesbrough will benefit from these changes. In today’s package, a lot of the focus was on food costs, be it the cost of kids’ meals in restaurants and cafés or the reduction in tariffs, and on support for transport, whether people are travelling by car or by bus. We recognise that increases in essential costs are the ones that families fear most. We will of course monitor the impact of these measures. We expect the range of measures that I have set out today to have a cost to the Exchequer, and that is why I have also set out the foreign branch exemption changes, to ensure that all businesses pay their fair share of tax. On supermarkets, which my hon.”
“We are helping to keep prices down in the supermarkets, and to reduce the cost of lunch at a café or restaurant when families have a day out. Having met my hon. Friend’s kids out on the campaign trail in Aldershot, I think that a couple of days out not delivering leaflets would be very much in order.”
“Closing tax loopholes has been a feature of the first two Budgets I have delivered as Chancellor—for example, the loophole whereby private schools did not pay VAT or business rates. I increased the energy profits levy and the tax on private jets, and there has been a range of other measures to ensure that those with the broadest shoulders pay their fair share of tax. The Competition and Markets Authority is already, at my behest, carrying out a review of heating oil to make sure that customers using heating oil are treated fairly. We are introducing the fuel finder to ensure that customers can always get the best deal when filling up their car with petrol.”
“I have happy memories of having fish and chips with my hon. Friend in her constituency several years ago. I can confirm that the VAT for children’s meals, be they in a pub, hotel, restaurant or café, will be cut from 20% to 5% between 25 June and 1 September. We will monitor the impact of that on tax revenues, and the number of people going out for dinner. We envisage that this measure will have a cost to the taxpayer, which is why we are funding it by ending the tax loophole whereby some companies were using losses overseas to offset their corporation tax here in Britain.”
“People in more rural areas, such as some of my hon. Friend’s constituents, will particularly benefit from the freeze in fuel duty and the free bus fares for kids. We think that the changes in fuel duty have already saved people around £100 a year, and we expect the same sort of benefit thereafter. Drivers of heavy goods vehicles will benefit by up to £912 through those changes. The bus fare changes are unlimited free bus travel for five to 15-year-olds, and we can add in the savings on days out and meals out. All these things are unlimited; people can go on a bus as many times as they like, and they can take their kids out for a meal and benefit from that reduction in VAT as much as they like. We want people to have an enjoyable summer, worrying less about the costs and thinking more about making happy memories.”
“I am really excited about what is happening in Blackpool in the lead up to the 100th anniversary of the Blackpool illuminations in three years’ time. I very much look forward to my next trip to Blackpool. I do not eat only fish and chips, but I remember a very happy meal of fish and chips in my hon. Friend’s constituency during his by-election campaign.”
“Spoken like a proper former teacher! Expanding their cultural capital is what my children want to do every weekend. Whether it is expanding cultural capital, or having fun at a theme park in Blackpool or at Alton Towers, I want children and families to be able to enjoy this summer. As a former teacher, my hon. Friend will know that although the summer holidays are a welcome relief for teachers and children, it can often be a time of worry for parents. I hope that today’s changes will make the summer holidays a bit easier for all families.”
“It is important that all the policies that we have set out are fully costed and fully funded, and the change that we have made to the foreign branch exemption will fund today’s package of measures. The reduction in inflation due to the measures I set out in my Budget last year, and the strong growth that we have seen—the fastest in the G7 in the first quarter of this year—make the package affordable and sustainable. That is why we are able to set out this support today.”
“This package was not just designed by me; it was designed by hon. and right hon. Members of this House who have made representations to me about the cost of living, but also about the specific business needs and business challenges in their constituencies. Although I am proud to be the Chancellor who has delivered today’s package, I pay tribute to all Members who have contributed to it.”
“Absolutely. The freeze in fuel duty will continue until the end of this year and we will keep it under review, depending on what happens in the middle east. It is very important that the tariff reductions and the HGV duty changes are passed on to customers. I am slightly worried that my statement has unleashed a competition between hon. Members about whose constituency has the best summer attractions, whether it is soft play, theme parks, zoos or ice skating. I am being lobbied by my right hon. Friend the Member for Redcar (Anna Turley) about lemon tops in her constituency. I look forward to this continuing ahead of the introduction of VAT reductions on 25 June.”
“A whole range of products are included in the tariff reductions, including imports of tropical fruits, bananas, olive oil and much more, but I expect that hon. and right hon. Members would be forgiven for wanting to have a chocolate biscuit after a day of work in this place.”
“I am sure that my hon. Friend’s constituents in Edinburgh North and Leith will benefit from being able to enjoy attractions in the Scottish school holidays. People from the other nations and regions of the UK, or from further afield, will also be able to enjoy the attractions of Edinburgh this summer. On the specific issue of delinking gas and electricity prices, this is both a short-term and long-term measure. In the short term, we have increased the electricity generator levy by 10 percentage points to bring in more money this year. We are renegotiating contracts to move electricity prices on to contracts for difference in order to have greater certainty about electricity prices, so that the gas price does not set the electricity price so frequently, giving greater stability of energy prices to businesses and families.”
“As my hon. Friend knows, I am absolutely committed to the critical minerals sector. We have already introduced the Kernow growth fund for Cornwall, and we have instructed the National Wealth Fund to invest more in critical minerals, including the huge opportunities in tin and lithium in Cornwall. We need more diversified supply chains for critical minerals and rare earths, and Cornwall gives us a great opportunity to achieve exactly that. I look forward to continuing to work with my hon. Friend and the other Cornwall MPs to ensure that we bring good jobs, paying decent wages, to the region.”
“I would encourage bus companies to use this as an opportunity to increase the services they offer this summer as they cater for more young people on their buses. I am sure that many hon. and right hon. Members will have enjoyed days out at the aquarium in Scarborough and dinner at the Magpie in Whitby, which serves very good fish and chips.”
“I am slightly worried that someone will make a point of order about the age at which people are allowed to enjoy the Northwich piña colada festival. Yes, we will be consulting on chemicals and ceramics to ensure that we give businesses the right support, but we do not want a long consultation to get in the way of actually getting the support to those businesses. My hon. Friend made an important point about our trading relationship with our nearest neighbours and trading partners. We are proud to be a Government who have done trade deals with the Republic of Korea, the United States, India and, yesterday, the Gulf countries. However, the biggest prize is a trade deal and improved trading relations with our nearest neighbours and trading partners in the EU, and I hope that we will make progress on that in the next few months.”
“This is the first time that our deficit has been lower than 5% since 2019.”
“The Government are committed to improving living standards for people across the UK. Thanks to decisions I made in the Budget, the energy price cap reduced by £117 a year, on average, in April. We have extended the cut in fuel duty twice, and introduced an anti-profiteering framework to protect working people from unfair price rises during the Iran conflict.”
“My hon. Friend speaks powerfully on behalf of his constituents. The response of this Government during this conflict is, first, to try to de-escalate it. This is not a war that we started, and it is not a war that we joined. Unlike the Conservatives and Reform, we are working to de-escalate, not ramp up, the conflict, and that is the best way to keep prices down. As long as the conflict persists, we will do everything in our power to be both responsive and responsible in the national interest, which is why we are keeping energy bills down and why we have provided £53 million of support for people who need heating oil.”
“We are monitoring the situation and preparing for every eventuality. The International Monetary Fund expects the UK to be the fastest growing European G7 economy cumulatively over this year and next. A rapid de-escalation of the conflict remains the best way to protect consumers from rising bills. We continue to act on the cost of living, with £117 on average off energy bills from 1 April, £53 million to help with the cost of heating oil, and freezing both rail fares and prescription charges.”
“I welcome the hon. Lady’s question. Like her, I regularly see pupils and local teachers in my constituency. As she knows, from this month we have got rid of the two-child limit in universal credit, which is lifting 450,000 children out of poverty. We are also expanding free childcare for children aged between nine months and five years, helping parents in work with the costs of balancing family life with work life. In addition, we have taken £117 off energy bills, we are freezing rail fares and prescription charges, and we are helping people—particularly those in rural areas—with the cost of heating oil.”
“I thank my hon. Friend for his question. Baker Hughes, an important employer in his constituency, is a good example of how this conflict is affecting businesses and families here at home. As he knows, we have stepped in to defend our Gulf allies who have been attacked, unprovoked, by Iran. We are working with our allies in the Gulf, whom I speak to on a very regular basis, to ensure that we are not only defending them now but helping them to rebuild their infrastructure. Here in Britain, both the supercharger and the British industrial competitiveness scheme are helping businesses with the cost of their energy.”
“Fuel duty was never lower at any point under the previous Conservative Government or, indeed, the Conservative-Liberal Democrat Government. We are keeping under review what happens from September, but it is important to note that in the first three months of this year, revenues from fuel duty were no higher than they were just a year ago. With regard to the profits of energy companies, that is exactly why we extended the energy profits levy: to ensure that windfall profits could be taxed appropriately. BP and other oil and gas companies play a really important part in our energy mix, and our important British companies are representing our country in the US this week, but it is important that windfall profits are properly taxed, whether that is through the electricity generator levy or the energy profits levy.”
“When we froze fuel duty and extended that freeze, that also impacted red diesel. As we keep under review what happens to fuel duty, we will do the same for red diesel. I think there are two crucial issues. The first is protecting supply, which is why de-escalating this conflict—not ramping it up, as the Tories and Reform would do—is so important, so that we can reopen the strait of Hormuz. The second is prices and costs. That is why we have introduced the British industrial competitiveness scheme to help businesses with energy costs and the supercharger. BICS comes in from this year, and the supercharger is extended from this year, to help businesses impacted by this conflict.”
“I am determined that we do not go back to the high inflation, high interest rates and high taxes that would be the inevitable result if we had an untargeted response to this conflict.”
“I congratulate the right hon. Gentleman on running his fourth London marathon this week for a cancer charity. I know that cause is dear to his heart. He makes an important point. I understand why people are calling for immediate support, but the previous Government’s untargeted support—I understand why the former Chancellor did what he did—cost more than £100 billion in total, I think, and it meant that interest rates, inflation and taxes have ended up being higher than they needed to be. We managed to reduce Government borrowing by £20 billion last year. The budget deficit is below 5% for the first time since 2019. Sticking to fiscal responsibility is not just good for the public purse; it is also good for ordinary families and businesses.”
“I thank my hon. Friend for standing up for the people of South Ribble and the issues that matter to them. Since the general election, there have been six cuts in interest rates, which is the best way to help people with the cost of living, especially if they have a mortgage. Before this conflict began, unemployment was falling, the economy was growing, the deficit was coming down and interest rates had gone down six times. I will continue to focus on the cost of living, because that is the thing that matters most to all our constituents.”
“I would not be surprised if in their next manifesto they said they would commit themselves to closing the strait of Hormuz for good. It is not good economic policy, and I am afraid that that says a lot about the Liberal Democrats’ policies.”
“Last time she stood up in the Chamber, the hon. Lady said that she wanted a 10p cut in fuel duty; now it is a 12p cut. What she has failed to explain is how on earth she is going to pay for any of those policies. As a former Chancellor, the right hon. Member for Godalming and Ash (Sir Jeremy Hunt), has just explained, untargeted support will result in higher inflation, higher interest rates and higher taxes, which would hurt people in St Albans and around the country rather than helping them with the cost of living. I support what the Liberal Democrats say about opposing the war in Iran—that is our policy—but they appear to be the only people on the planet who think that a war in the middle east is somehow good for the Treasury coffers.”
“We are reforming Government procurement rules so that we can buy more that is made in this country, and we have already changed the rules on steel, shipbuilding, energy infrastructure and artificial intelligence. But I do not just want big companies to be able to get contracts; I want to help smaller businesses and charities to access Government procurement. The Government are the biggest buyer of goods and services in the economy, and I want more of that money to be spent here in Britain.”
“I am slightly disappointed that my hon. Friend did not mention that today is Staffordshire Day; Staffordshire oatcakes are available for Members from both sides of the House in the Tea Room. On the wider issue, we do need to buy, make and sell more in Britain, with more contracts going to firms in Staffordshire—not just for their brilliant oatcakes, but for their ceramics.”
“Conservative Members cheer, but they did not use any of those freedoms. It is this Government who are doing everything we can to buy, make and sell more in Britain. One of the best ways in which we can grow our economy is to work more closely with our friends, trading partners and neighbours in the European Union—whether through rejoining Erasmus, through playing our full part in Horizon or through a deal for our food and farming sector so that we can export the great stuff that we make here in Britain into the EU as well as to so many other areas. That is why we are determined to rebuild that relationship with the European Union.”
“The Government are taking action to tackle child poverty, by removing the two-child limit and by expanding free school meals and breakfast clubs, including the seven breakfast clubs already rolled out in the Dewsbury and Batley constituency. As a result, 550,000 children will be lifted out of poverty in this Parliament: the biggest reduction in child poverty in any Parliament ever.”
“Child poverty is absolutely not inevitable, which why we are lifting 550,000 children out of poverty. It is always Labour Governments who lift children out of poverty and Tory Governments who put children back into poverty. The numbers the hon. Gentleman refers to are appalling: 44% of children should not be growing up in poverty in Dewsbury and Batley. We have made the changes we have made to lift those children out of poverty and to give all of them a decent start in life.”
“The fact that some 10,000 children in one constituency have been lifted out of poverty, by just one of the policy changes we have made to reduce child poverty, shows the difference that this Labour Government are making. Combined with the breakfast clubs, the free school meals, the extension of childcare, the Renters’ Rights Act 2025 and the building of new homes, the Government are set to deliver the biggest ever reduction in child poverty in one Parliament.”
“First of all, I offer my deepest condolences following the tragic death of two young children in my hon. Friend’s constituency. This will be an incredibly distressing time for the whole community and the thoughts of the whole House are with them. We recognise that everyday living costs remain too high, which is why we are supporting households with their energy bills, and why we have frozen prescription charges for a second year in a row and rail fares for the first time in 30 years. It is also why we have lifted the national living wage and the national minimum wage, so people on low pay can see their money go further.”
“I thank my hon. Friend for raising the excellent work city of Wolverhampton council is doing to help people with the cost of living, in particular the most vulnerable people in our society. The measures we are taking to reduce child poverty, and to increase the basic state pension and the new state pension, combined with what we are doing with Pride in Place, including in Whitmore Reans and Dunstall Hill in his constituency, will improve outcomes for people in Wolverhampton West and around the country.”
“We are on the right path with the right economic plan. Unemployment is down, the economy is growing, interest rates have been cut six times, and last year Government borrowing was lower than it was the year before and is set to fall by more than in any other G7 economy. At the same time, the Government are acting responsibly on the world stage. This is a war that we did not start, we did not enter, and we are working with our international allies to de-escalate. Our focus is on protecting family finances, supporting businesses and taking care with the public purse to improve Britain’s economic resilience. That is the right plan for our country.”
“Just a couple of weeks ago, I hosted an event in Downing Street where I met people who are benefiting from the change in the two-child limit and people who had campaigned for that change. Mums told me that they were going to use the money to pay for their kids to go to after-school clubs with their friends, swimming lessons that they could not afford before, or a new school coat rather than a second-hand one. That is the difference that this money is making to families up and down the country. I am proud to be the Chancellor who has scrapped the two-child limit.”
“To start with, let us remember that the plans we inherited from the last Government would have seen fuel duty go up straightaway; the plans that we inherited from the last Government would not have seen £29 billion of investment a year in our NHS; and the plans that we inherited from the last Government would have seen business rates for our high street businesses—our retail, hospitality and leisure businesses—go up straightaway. We did make the decision to change that inheritance because we thought it was the right thing to do, and we still do. The International Monetary Fund confirmed that we have the fastest rate of fiscal consolidation of any country in the G7, and our borrowing as a share of GDP fell to 4.3% in the last financial year and is due to fall in every single year of this Parliament.”
“What the right hon. Gentleman is basically admitting is that he would have gone ahead with the increases in fuel duty and business rates, and that he would take that money out of our national health service. We made those changes on the mandate that we got at the election, and at the same time we are reducing the budget deficit so that, for the first time in six years, it is now below 5% of GDP. As a result, the Bank of England has cut interest rates six times, helping all our constituents with their mortgages. This is very different from the hikes in mortgages that we saw under the previous Tory Government.”
“As my hon. Friend knows from sitting on the Treasury Committee, this Government have already taken action to reduce the cost of living and to bear down on inflation with the changes around energy prices, fuel duty, prescription charges and rail fares. I will do everything in my power and use every lever we have to bear down on the cost of living, including for people in the private rented sector. That is why we have already introduced the Renters’ Rights Act 2025. People who have mortgages have seen cuts in their mortgage rates since we came into office, and we will also do everything we can to help people in the private rented sector too, because we must ensure that this conflict in the middle east does not result in our constituents being poorer.”
“I thank my hon. Friend for that question. While other parties—specifically Reform and the Conservatives—wanted us to enter this war, we stayed out of it, and are working to de-escalate the conflict and reopen the strait of Hormuz. The economy was growing, interest rates were coming down and inflation was falling. As a result, every month since I have become Chancellor, wages have risen by more than inflation, easing the cost of living pressures that the previous Government oversaw.”
“My hon. Friend is absolutely right that although Reform-led Worcestershire council said that it would cut taxes, it has instead put them up. That is why I urge people in Redditch and across the country to vote Labour on 7 May.”
“The oil and gas sector will play an important part in our energy mix for many years to come, and we need to support it, as we are doing through tiebacks, for example. But it is important that the energy profits levy remains in place for now, because during this conflict we will be able to capture the profits made in the UK through the windfall tax. The Conservatives and Reform oppose this tax, which would just mean even higher profits for oil and gas companies. As my hon. Friend knows, we are also delinking gas and electricity prices by increasing the electricity generator levy, so that no energy company can make excess profits because of the conflict.”
“I thank my hon. Friend for all his campaigning in this area. I also pay tribute to the trade union USDAW, its former general secretary Paddy Lillis, and its current general secretary Joanne Thomas, for all their work in this area. Strengthening statutory sick pay is part of our commitment to implement our plan to make work pay, ensuring that the safety net of sick pay is available to those who need it from day one.”
“Crucially, the reduction in volatility will benefit both households and businesses.”
“That is why our diplomatic policy is so important.”
“New proposals, set out by the Secretary of State for Energy Security and Net Zero today, will further weaken the link between high gas prices and the price paid for our electricity, and limit the spikes in energy prices from driving up inflation and costs for households and businesses. The Government have the right economic plan—a plan that was right before this conflict in the middle east started and is now essential to weather the impact of that conflict. The plan, backed by the IMF, will keep costs down for everyone and provide support for those who need it most. In a world that is more uncertain, it is a plan to build a Britain that is stronger and more secure. I commend this statement to the House.”
“Today, I am announcing that I will extend the electricity generator levy beyond its scheduled conclusion in 2028, and, ahead of that, I will increase the rate of the levy from 45% to 55%. That will ensure that a larger proportion of any exceptional revenues from high gas prices are passed back to Government, providing a vital revenue stream so that money is available for Government to support businesses and families with the impacts of the conflict in the middle east. Crucially, it will encourage older low-carbon electricity generators, which supply about a third of our power, to move from market pricing to fixed-price contracts for difference.”