Economic Growth
06 Sep 2026 · Commons Chamber · 86 speeches · Official record
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The Chief Secretary to the Treasury is right that the UK has a vibrant ecosystem of innovative companies, but too many are looking to go overseas to realise their scale-up potential and become globally consequential companies, so I very much welcome the focus on using the state as a strategic partner to help them do that. That was exactly the message I heard from the chief executive officers and founders of companies whom I met in the summer. How will the Treasury work across Whitehall and the w... Full speech
The trade deals that we are doing, and also the reset of the relationship that we are taking forward with the EU, will bring down barriers with our biggest and closest market. Full speech
The hon. Gentleman invites me to write the next Budget, and I am not going to do that. Full speech
I thank the Minister for her statement and agree that London is indeed a powerhouse for growth. However, as a Member of Parliament for an outer London borough, I know, and she will recognise, that that wealth is not felt by every Londoner. With industrialisation and job creation being priorities for the Government, will the Minister reassure us that those priorities will reach the postcodes of my constituency? Full speech
Is it not the case that the bond markets are losing faith in the Government’s economic policies, and that the cost of borrowing, as we have heard from the shadow Minister, is at an 18-year high? That means, of course, that mortgage rates will increase, putting even more financial pain on many of our constituents. What does the Minister say to my constituents, who are likely to see three or four mortgage rate increases over the next 12 months? Full speech
UKRI-UK Research and Innovation -invests in that sort of research, and the Government will continue to do that through UKRI. Full speech
I thank the hon. Gentleman for his questions and will try to do them justice in the short time available. The Chancellor said this morning that Brexit has hammered British exports. I agree with the hon. Gentleman that there is a link between the fall in exports and the barriers the previous Conservative Government put up with our nearest and biggest trading partner, which is exactly why this Government are renegotiating a reset with our European partners. We promised in our manifesto that we wou... Full speech
Does the Minister believe that putting up taxes is good or bad for economic growth? Full speech
My hon. Friend is right to raise this matter. The cost of energy for UK businesses is higher than for those elsewhere. That is why the Business Secretary, working hand in hand with the Treasury, is bearing down on that cost through the British industrial competitiveness scheme, particularly for the industrial strategy’s eight growth sectors-we have done that for automotive, aerospace and other sectors that are key to driving economic growth. Full speech
We could be even further ahead of the pack. Full speech
The Green Book discount rate is a tool of economic analysis. It does not change the cost of the deal. Full speech
For some years I have known the proprietor of a small to medium-sized aviation company that has come up with revolutionary aircraft designs with both civilian and military applications, but every time the Government of the day have ended up supporting the big operators in this field. How will the right hon. Lady’s new policy towards unicorns benefit somebody like that? Full speech
What the right hon. Gentleman is observing underlines the need for the Government to stick to our fiscal rules. The Chancellor is right to say that fiscal discipline is the bedrock of our economic security and national security. That is why we have committed to meeting those fiscal rules. In fact, we are meeting one of them early. Full speech
The Chancellor promised growth in every postcode, which must include rural communities such as Glastonbury and Somerton, and not just our cities and towns, yet rural England’s productivity sits at just 69% of the non-rural rate, costing our economy billions in lost revenue every year. That is not just a rural problem but a national one. What is the Chief Secretary doing to create opportunity in the countryside and unleash the full potential of rural Britain? Full speech
Dewsbury and Batley is the capital of furniture, bed and upholstery manufacturing in the UK, but after Brexit it lost a lot of its export business. What are the Government going to do to support furniture, upholstery and supply chain manufacturers in Dewsbury and Batley as part of their investment in the north? Full speech
Like many parents all over the country, this month, my wife and I will drop off our child at university for the first time-in this instance, to begin an engineering degree. What assessment has the Minister made of the economic benefits of helping more young people into secure work? What assurance can she give all our young people starting in education or training this month that the Labour Government are alive to their fears about rising costs, technological changes and global uncertainty, and a... Full speech
The Chief Secretary has promised good growth in every postcode. Blackburn has the talent, the institutions and the major employers-such as EG On the Move-that are willing to invest in local people, but we need Government investment to match that ambition. Will the Chief Secretary make Blackburn a test case for this plan and back an employer-led jobs and skills partnership to create good local jobs? Full speech
On that note, after two decades of failed SNP governance, 29% of children in Clackmannanshire are living in poverty. The Labour Government have lifted the two-child benefit cap, which will reduce that figure and help life chances. Improving economic growth is, of course, laudable, but could we go for some classic Labour redistribution of wealth, and also look at taxing multimillionaires and billionaires? Full speech
We are working in close partnership with business, and the hon. Gentleman is right to say that we have to unleash talent and business investment in his own constituency and elsewhere, but as I said to the Chair of the Treasury Committee, the way that the public financial institutions work is by independently assessing the potential of firms and then backing them. That is what the Chancellor was talking about today. We set the strategic priorities and those independent economic organisations asse... Full speech
As I outlined to the hon. Member for Glastonbury and Somerton (Sarah Dyke), it is right that we focus on rural communities as well as urban areas and city regions. I will convey that message to the Chancellor, but I will not be writing the Budget right now. Full speech
The Minister cites our world-class universities and an ambition to double the number of UK unicorns that run frontier technologies such as quantum and AI, but does she recognise that those breakthroughs often come from the curiosity-driven frontier physics research in our universities, and that that research base now faces a £700 million funding gap? Full speech
Too often decisions have been made in Westminster with an assumption that investment, opportunity and growth flow naturally to the south, but in reality Portsmouth has been ignored and faces real pressure on housing, transport and education. Will the Minister work with me to ensure that my city and the people of Portsmouth are no longer an afterthought but at the heart of the Government’s plan for growth and opportunity? Full speech
I thank the Minister for her statement and for early sight of it. On a day when the country was listening for a message of change, it was the same old, same old: a continuity Chancellor, with continuity policies and a continuity team of Ministers in the Treasury. Does the Minister recognise the harsh irony that-given the Government could find plenty of money to hire 14,000 more civil servants in SW1-the Chancellor chose to go to the west midlands, just a few miles away from Jaguar Land Rover, bu... Full speech
May I reassure my hon. Friend? One of our trailblazer projects in the place-based business cases is with Birmingham, which is obviously the beating heart of the west midlands. Full speech
The right hon. Gentleman is right to raise this issue. As I have said, we have given strategic steers to the public financial institutions to ensure that they are focusing on regional growth, and that is also about opening up opportunities for the kinds of businesses that he has mentioned. Full speech
Will the Minister confirm that the reforms to judicial review of infrastructure will apply to the West Yorkshire mass transit project? Does she consider that project to be nationally significant infrastructure? Full speech
The hon. Member will know that rural communities are close to my heart, given my previous ministerial role and because I have a semi-rural constituency. There is huge potential in rural communities. The Prime Minister visited rural Cornwall in his first few weeks in the job. We will do more, and we are doing more, to improve local transport and rural connectivity, including the £2 cap on bus fares. She is right to say that there is great potential, which we must realise. Full speech
The Chief Secretary talks about £150 million for investment in the north. How much of that funding is actual new capital expenditure from this Government, or is it simply a repackaged, reannounced sum of money for the north? Full speech
I do not believe in trashing nature and the climate either, but if we want to tackle climate change, we cannot stop every renewable project from going ahead, which is what the Greens would have us do, just as they would prevent the building of new nuclear power. Full speech
I call the shadow Chief Secretary to the Treasury. Full speech
Hopefully they will get back not to me, but to the hon. Member. Full speech
Can I say gently to the hon. Lady that Scotland has rightly had plenty of devolution, but that does not mean that the two decades of SNP Government have been successful? Full speech
I profoundly believe that we have to drive a win-win. We can deliver good infrastructure and good jobs and limit the number of consultations, and have an eye to the impact on the environment. I will come back to my hon. Friend on her specific question. Full speech
The Prime Minister is clear that the hospitality sector is close to his heart. It is one that he worked closely with when he was Mayor of Greater Manchester. Earlier this summer we announced the business rate reductions for pubs, social clubs and live music venues, and we will go further in the Budget. Full speech
I thank the Chancellor and the Minister for their speech and statement. We know that the Conservatives’ Brexit deal has hit national GDP by as much as 8%, costing the country up to £90 billion a year in lost tax revenues. Will the Government now pull the largest zero-cost growth lever available to them by negotiating a growth and defence partnership with the EU, including joining the single market and a new customs union, rather than clinging to the same failed red lines, which are costing busin... Full speech
Order. We have the Health Bill debate later on today, so we are pressed for time. I ask colleagues to keep their questions short and the Minister to be on point. Full speech
I would disagree, because the mayoral strategic authorities are about local authorities coming together in a combined authority and working together across the borders of the west midlands-an area I know extremely well. This is about driving growth and driving good decisions across the region. Full speech
We are now on the fourth round of consultation on East West Rail, the latter rounds of consultation consulting on the outcomes of the earlier rounds of consultation. At the same time, we are in the middle of building the most expensive nuclear power station in the history of the human race because of the four rounds of consultation required for Sizewell C. When we tried to build the lower Thames crossing, the total consultation for the development consent order process was 359,000 pages. That is... Full speech
As I said in response to the shadow Minister, the Business Secretary is working closely with the chief executive and leadership of the company. Jaguar Land Rover employs 30,000 people in different parts of the country. We supported the company last year in the wake of its cyber-attack. We are supporting automative with £4 billion in capital and research and development funding to manufacture zero-emission vehicles. My thoughts are with the workforce; this is a very difficult time. As I understan... Full speech
As the Chief Secretary to the Treasury will know, many of those Jaguar Land Rover employees live in my constituency, but they are across the whole midlands. In August, the Government committed to consulting on the zero emission vehicle mandate. Will she undertake to ensure that the consultation is as quick as possible, so that we can give our car manufacturing firms the best chance to compete globally? Full speech
As I said to the hon. Member for Glastonbury and Somerton (Sarah Dyke), we take the economic success of rural communities really seriously. We are improving connectivity, whether digital connectivity or local transport connectivity, to ensure that the areas are more successful, but there is obviously more to be done. Full speech
Last week, the Prime Minister boasted in the same breath that we had the fastest growth in the G7 and that the decade of slow growth was caused by Brexit. If we are ahead of the pack, it cannot be caused by Brexit, can it? Full speech
I welcome the reference that the Chief Secretary to the Treasury has made to the Oxford growth corridor and localising power and resources, but my constituents are deeply concerned about ensuring that infrastructure comes before the many developments that the Government have in mind. Can she confirm that along the Oxford-Cambridge growth corridor there will be an “infrastructure first” approach, and can she let me and my constituents know which Minister now has responsibility for that corridor? Full speech
I call the Liberal Democrat spokesperson. Full speech
I thank the Chair of the Treasury Committee for her question, and I agree with her: public financial institutions must make independent decisions about the businesses that they support. The Chancellor has talked today about new strategic priorities for the NWF, and that is also the right thing to do. That goes in parallel with what my hon. Friend was saying. On oversight of mayoral strategic authorities, my hon. Friend is right that if we are going to devolve more power and, critically, more res... Full speech
The Minister spoke about global instability. There is no doubt that energy costs are having an impact on the cost of doing business, but this summer, local businesses told me that domestic Government had raised the cost of doing business, through national insurance and business rates rises. Will the Chancellor do something about that in the next Budget? Full speech
It is money that already sits with the British Business Bank, but the change is the focus on the north, on scale-up businesses, to ensure that we unleash their growth potential. We are not announcing new funding; we never said we were. Full speech
I thank the right hon. Member for his question. We were once parliamentary neighbours, so I understand the concern that he is expressing. Over the weekend, I spoke to the Business Secretary about this issue. We are holding a consultation, which will be a quick one. Full speech
Is it not bizarre that just a few hours after the Secretary of State for Housing, Communities and Local Government came to the House to pause local government reorganisation on the basis of legal risk, so that she can have more consultation, the Chief Secretary to the Treasury said, “We will bring an end to consultation culture and, with guidance from the Attorney General on legal risk, give Ministers the confidence to make decisions”? Will they have a greater appetite for legal risk, or will th... Full speech
The rhetoric might have changed a bit under the new Prime Minister, but it seems that we have a continuity Chancellor on the policy front. The Minister talks about the failures of privatisation, but where is the action to bring water back into public hands? She talks about the need for an active state, but where is the action to tax wealth fairly, so that we can invest in the services we need? Fundamentally, we cannot get good growth unless it is both green and fair. We will not build sustainabl... Full speech
I strongly agree with the Government’s policy on devolution and better technical and scientific education, but all that will be for nought if we do not do something about the cost of energy. We cannot grow and compete as an economy when we have higher energy costs than our major industrial competitors. We have closed more than half our oil refineries in the past 20 years, which means we are now importing a majority of our energy. Will my right hon. Friend do something about those destructive pol... Full speech
The Sea Shanty café on Ynys Môn is desperate for hope. Paying 20% VAT is simply unsustainable. Hospitality is a major employer on the island, but our businesses are being squeezed by rising costs. Cutting VAT to 10% would be a quick win, driving growth by giving businesses some breathing space and protecting jobs. Will the Chief Secretary consider that? Full speech
On a day when Jaguar Land Rover has announced 4,000 job losses, how many more jobs have to be lost before the Government change course? Full speech
Imagine that you are a worker at JLR worried about your future, and you have the misfortune of watching the Chancellor’s speech, which contains searing economic insights like, “I want to see businesses make a profit.” There was nothing about scrapping electric vehicle mandates, bringing down energy costs by getting rid of net zero targets, or bringing down the cost of employing people by getting rid of the increase in employers national insurance. Is it not the truth that it is the Government wh... Full speech
I absolutely agree. As the Chancellor stressed this morning, and as the Prime Minister has repeatedly said, this Government will drive good growth in every postcode. My hon. Friend is right that the situation in London is not simple; it is an economic powerhouse, but there are high levels of poverty in many parts of London. I assure her that we will focus on Barking and other parts of London, too. Full speech
Labour promised £200 million for Grangemouth, none of which has materialised. Labour promised 1,000 jobs for GB Energy, and it turns out that a third of the 130 delivered so far are not actually in Scotland. If the Prime Minister’s localism project is not just for Manchester, what extra powers will be devolved to Scotland as a result of the decisions being made? Full speech
Sometimes it is necessary, in order to fund improvements in our national health service and to fill the £22 billion fiscal black hole that we inherited. Full speech
With permission, I will make a statement on the Government’s plan to deliver good growth in every postcode. At the G20 in North Carolina last week, the Chancellor and I met Finance Ministers from leading economies to discuss our shared economic challenges. Global instability, conflict and trade frictions are continuing to drive up inflation and interest rates around the world. While these shocks are international in nature, their impact is also being felt here in the UK-from the cost of the week... Full speech
I can reassure the hon. Gentleman; the east midlands and the west midlands are really important. The changes that the Chancellor outlined to the discount rate today will benefit places such as his constituency, because they will ensure that we value the longer-term benefit of regional investment projects more fairly. As we have said, we will drive growth in every postcode and that includes his constituency. Full speech
The Chief Secretary to the Treasury’s comments about regional growth and the active state are music to my ears, but rather than simply picking winners or de-risking private investment, how will she ensure that we get detailed local industrial strategies that build our domestic productive capacity and supply chains? Full speech
I, too, am a bit concerned that the Minister is missing a page of her statement, because there has been no mention of the east midlands. The Prime Minister was right when he blamed Margaret Thatcher for picking winners and abandoning whole regions, and that appears to be happening to the east midlands this time. In my constituency, Leicestershire and Rutland receives a grand total of zero pounds in infrastructure investment. On skills funding, Leicester gets £11.30 per head, compared with £52.10... Full speech
As the Chancellor set out this morning, we are determined to speed up infrastructure provision. Frankly, compared to other countries, we are just too slow at building high-speed rail and other types of rail. We are determined to press ahead and ensure that we speed up infrastructure provision, so that we can develop other areas. I also have an interest in the Cambridge-Oxford growth corridor, because my constituency is not very far away. Full speech
I can absolutely do that. May I thank my hon. Friend for the work he does to further the cause of co-operatives and mutuals? When I was Economic Secretary, I very much enjoyed working with the sector, because building societies often offer more innovative products-to first-time buyers in particular-and do sterling work. Full speech
The Government are on the side of young people-both young graduates and those who pursue technical education. As the Prime Minister set out in his first two weeks in power, we want to ensure parity between technical education and university education, and to drive good growth in every postcode, including in my hon. Friend’s constituency. Full speech
I thank my hon. Friend for his question and his work on this agenda. I reassure him that, as the Chancellor set out this morning in his growth speech, we will work across Departments to ensure that we open up public procurement to smaller and start-up businesses, so that they stay here, rather than go elsewhere when they scale up? Full speech
It is a great pleasure to be opposite the hon. Gentleman again, as we were earlier in this Parliament. I will address his points, but I say kindly to him that I would rather be continuity Labour than continuity Liz Truss. The hon. Gentleman was right to mention Jaguar Land Rover. It is a concerning time for the workforce, and the Business Secretary is working closely with the chief executive and the leader of the trade union Unite, bringing them together tomorrow to discuss the situation. Jaguar... Full speech
Can I make a pitch to the Minister for a part of the country called the midlands, which I know that she knows well? Not everything is about the south or the north. There is a swathe of counties that form a band of engineering and manufacturing prowess in this country, from Shropshire through to Lincolnshire. They do not have the powerful mayors of the north or the economic growth that the south has had. In my constituency, the chemical industry talks to me about UK REACH double regulation, the s... Full speech
I welcome the Chief Secretary’s statement and her commitment that the British Business Bank’s new fund will not be interfered with politically, because when the Treasury Committee looked at the National Wealth Fund, we were very clear that it needed to be able to get on and do its job crowding in that private investment. There should not be a chop-and-change approach to the policy; it should not be a delivery vehicle for different Government policies, as Governments can change. I have spent my c... Full speech
My right hon. Friend talked about good growth in every postcode, which I welcome, as well as the £150 million scheme with the British Business Bank, but there was nothing for the midlands, which was ironic given where the Chancellor delivered his speech. The truth is, the midlands is being squeezed from the north and from the south. Will she help me to revisit the limit, resurrect the previously canned scheme on the A46, and meet me to discuss investment in our region? Full speech
Being from Wolverhampton, I agree with my hon. Friend that the midlands is a very important part of the country. He is a really powerful advocate for his area, and he will know that we have put forward a ceramics support package to ensure that his area, and others in the region, thrive. Full speech
My hon. Friend is right to talk about the trade deficit. When I was at the G20 in North Carolina last week, there was a discussion about global trade imbalances, and that is something that we are considering putting on the agenda for our G20 presidency. Full speech
I can reassure the right hon. Gentleman that when I was Environment Secretary I visited the port of Belfast and saw the kinds of checks that were going on there. The sanitary and phytosanitary agreement that we are negotiating with the EU will help to reduce that friction. Full speech
The Government insisted on applying the social time preference rate to the disastrous Chagos deal to make an appalling deal look slightly better. Will the Minister confirm that the changes she has announced today as part of her Green Book revision will increase the cost of that deal by £288 million, which is 10 times the amount that she proposes to cut from the Army training budget this year? Full speech
I share my hon. Friend’s impatience. I want to get things done, and so does the Chancellor. The Attorney General will provide guidance to Ministers, so that we can make quicker decisions. She will advise on where we need consultation and where we do not. My hon. Friend is absolutely right to be impatient for change; I am too. Full speech
We have to get local government reorganisation right, so I make no apology for the Secretary of State coming to the House to update colleagues-for a couple of hours; it was a very long statement. I know that lots of Members from across the House have strong views on the issue, but it is important that the Government get this right. Full speech
We are working with the mayor on that issue. Our colleagues will get back to you on that. Full speech
I can absolutely give my hon. Friend that reassurance. The Government are intent on driving good growth and job creation opportunities across the country-in the north, the south, the midlands and every other part, too. Full speech
The Government talk a lot about how they will create economic growth. There is no way for them just to legislate their way to growth; there are, however, plenty of ways to legislate against it, as small rural businesses in North Norfolk know only too well. Will the Minister tell those rural businesses what she is doing to help them grow? More importantly, what things that get in their way will she stop doing? Full speech
I will ask a slightly different question from the one I originally intended to ask. Every time we come to this Chamber to discuss the economy, we spend a lot of time debating public spending, but we never seem to discuss our trade deficit. We have not been in surplus since 1998. What will the Government do to ensure that we start paying our way in the world again? Full speech
I am glad to know that some of what I say is music to my hon. Friend’s ears. I can reassure her that that will be for mayoral strategic authorities to take forward. She is in a part of the country that has had great success in taking forward devolution and using those powers to drive economic growth. I am sure that her area will thrive under this Government, too. Full speech
The Minister will know from her previous ministerial role that the cost of fuel is the single most important business cost for rural businesses. I am not asking her to write the Budget today, but will she convey to the Chancellor the importance of continuing the fuel duty freeze for rural businesses beyond the end of December? Full speech
Since 2020, Governments, Prime Ministers, Ministers, UK Research and Innovation and businesses have all supported the BioYorkshire project, which will address issues to do with the environment and the climate crisis, as well as providing good-quality jobs and a return for the Treasury. However, the Government have not been able to get money out of the door, so can the Minister say more about how she will invest and spend that money? Full speech
I agree with my hon. Friend that it is simply not acceptable that we live in a country where children are in poverty. The last Government plunged 900,000 children into child poverty. We are proud to be the Labour Government who lifted the two-child limit and lifted 450,000 children out of poverty. Full speech
I heartily welcome my right hon. Friend to the Dispatch Box in her new role. In 1954, the Co-operative Permanent building society opened its office in Peterborough. In the 70 years since-now as Nationwide-it has provided advice and support for lenders and people buying a house. There are few better examples in this country of a commitment to our high streets and to growth in every postcode than building societies and the mutual movement. We have a manifesto commitment to double the size of the c... Full speech
The Chancellor has rightly identified trade frictions as a major impediment to economic growth. As a result of the Windsor framework, the internal market in the UK has been severely disrupted by EU-imposed restrictions on trade, which mean customs unions, mountains of paperwork and physical barriers. What steps does the right hon. Lady intend to take to remove this barrier to economic growth in Northern Ireland? Full speech
The concept of devolution and localisation is to empower local communities by bringing the decision-making process closer to them. In Birmingham, the city council is being forced to relinquish its planning powers to the regional mayor. That is anti-devolution. Does the Minister agree, and what will she do to ensure that the council does not lose its planning powers? Full speech