Economic Strength
22 Jun 2026 · Commons Chamber · 8 speeches · Official record
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I am sorry, but the Chancellor’s recollection of her record is fantasy economics from a fantasy economist. Is it not the case that her true record is poor decision making: with U-turn after U-turn on winter fuel payments, business rates and family farm taxes; tax after tax on jobs, investment and savings; a country more indebted with higher interest rates; and a Chancellor unable to cut welfare and unwilling to fund our defence? Full speech
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 refo... Full speech
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, f... Full speech
The Chancellor has obviously had to make some tough decisions since 2024, but the right hon. Member for Ilford North (Wes Streeting) wants her to go further by aligning the capital gains tax rate to the higher rates of income tax. Did she examine the behavioural effects of such a policy before she made a much more modest increase in her first Budget? Full speech
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 Cha... Full speech
The long-term strength of the economy depends on long-term investment in the UK. UK growth companies still struggle for capital, while UK savers’ money flows to trackers, which are concentrated on a small number of US stocks. That is bad news for our future. My right hon. Friend the Chancellor has made brilliant progress on reforming pensions, but can she reassure me that the Treasury is looking at further reforms, to increase the amount of UK savers’ money that is invested in our future? Full speech
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 ... Full speech
17. What progress she has made on strengthening the economy since July 2024. Full speech