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UK-China Economic and Financial Dialogue 2025-01-14
14 January 2025
Lead MP
Rachel Reeves
Debate Type
General Debate
Tags
Economy
Other Contributors: 41
At a Glance
Rachel Reeves raised concerns about uk-china economic and financial dialogue 2025-01-14 in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
Growth is the No. 1 mission of this Labour Government. To help Great British businesses to export around the world, including to China, we need to engage actively with them. The Chancellor led a delegation that secured tangible benefits for British firms in China, ensuring greater market access while safeguarding national security. Agreements were made on financial services licences and quota allocations, wealth management, sustainable finance, and vaccine approvals among others, delivering significant value (£1 billion) for the UK economy.
Mel Stride
Con
Central Devon
The Conservatives criticise Labour's economic performance, noting negative impacts such as a weakening pound, high borrowing costs, and inflation. They argue that the Chancellor's trip to China was unhelpful given the domestic economic issues. Mel Stride highlights that the deal announced by the Chancellor amounts to £120 million annually but fails to address the £12 billion increase in debt interest due to her Budget.
Rachel Reeves
Lab
Sheffield Central
The Chancellor defends her China trip, emphasising that it secured tangible benefits for British businesses. She criticises the opposition's lack of policy proposals and their previous failure under Liz Truss’s mini-Budget that crashed the economy.
Daisy Cooper
LD
St Albans
Criticises Budget for damaging economic growth, highlighting national insurance increase's negative impact on small businesses and high streets. Questions China visit's value and raises concerns about trade deals involving human rights issues.
Rachel Blake
Lab/Co-op
Cities of London and Westminster
Supports Chancellor for raising case of Jimmy Lai, emphasising importance of strategic engagement with China despite differences.
Chingford and Woodford Green
Questions Government's position on slave labour in supply chains, citing example of Shein refusing to answer questions about forced labour in its supply chain during a Select Committee hearing.
Jeevun Sandher
Lab
Loughborough
Reminds Conservative Members that UK bond yields are rising due to global factors, not local ones. Questions Chancellor on building economic security through domestic energy independence from foreign fossil fuel dictators.
Harriett Baldwin
Con
West Worcestershire
Challenges Chancellor's claim that growth is the top priority when there has been no growth since Budget, urging her to accept responsibility for economic issues.
Yuan Yang
Lab
Earley and Woodley
Supports Chancellor's long-term focus on raising living standards and growth, urges against short-termism in market responses.
Esther McVey
Con
Tatton
Questions whether Chinese Communist Party gave assurance about UK economy performance during Chancellor's visit.
Tim Roca
Lab
Macclesfield
Welcomes Chancellor’s raising of human rights issues in Beijing, calls for consistent approach towards China after Conservative inconsistency.
Stephen Flynn
SNP
Aberdeen South
Asks Chancellor to rule out future spending cuts.
John Grady
Lab
Glasgow East
Asks the Chancellor to engage constructively with large economies like China for trade benefits, referencing the Scottish Government's experience with emergency spending cuts.
Martin Vickers
Con
Brigg and Immingham
Requests reassurance on constructive engagement regarding British Steel's future in Scunthorpe; Chancellor acknowledges ongoing talks but cannot provide an update.
Preet Kaur Gill
Lab/Co-op
Birmingham Edgbaston
Supports the Chancellor for securing economic benefits, criticising Conservatives' lack of seriousness about growth during her China trip.
Gavin Williamson
Con
Stone, Great Wyrley and Penkridge
Asks if the Chancellor spoke with the Governor of the Bank of England on stabilizing bond markets; Chancellor confirms regular communication with him.
Katie White
Lab
Leeds North West
Highlights the Conservative Party's failure to address debt levels and criticises them for their lack of engagement in serious economic discussions, such as those held by Labour.
Andrew Murrison
Con
South West Wiltshire
Asks if human rights abuses were discussed during the Chancellor's trip to China; Chancellor confirms raising issues on human rights and freedoms.
Kanishka Narayan
Lab
Vale of Glamorgan
Praises Labour for cutting deals in national interest and securing benefits, contrasting with Conservative rhetoric.
Sarah Olney
LD
Richmond Park
Questions the Chancellor's focus on China over Europe; highlights UK exports to EU compared to China and seeks commitment to talk more to European partners about trading opportunities.
Callum Anderson
Lab
Buckingham and Bletchley
Asks for details on how the Government plans to reinvigorate the UK-China stock connect, allowing UK companies access to Chinese capital markets.
Luke Evans
Con
Hinckley and Bosworth
Questions the Chancellor's ability to deliver growth given market concerns; seeks clarity on actions taken to address bond yields and currency issues.
Brian Leishman
Lab
Alloa and Grangemouth
Asks if the Chancellor discussed the Grangemouth refinery issue with Chinese counterparts; Chancellor confirms working closely with Scottish Government for a positive future.
Richard Tice
Reform
Boston and Skegness
Questions when the economy will start growing again, highlighting recent economic data showing decline; challenges Chancellor's confidence in growth.
Nesil Caliskan
Lab
Barking
Supports Chancellor's approach of developing international trade relationships alongside public investment and industrial strategy to stimulate growth.
Paul Holmes
Con
Hamble Valley
Critiques the £600 million secured as insufficient given high borrowing rates; questions the effectiveness of the Budget in rebuilding Britain after Conservative policies.
Chris McDonald
Lab
Stockton North
Praises Chancellor's efforts to secure investment through industrial strategy, contrasting with previous Conservative policy on heavy industry sales to China.
Luke Murphy
Lab
Basingstoke
Under the previous Government, business investment fell to 28th out of 31 OECD countries. The current industrial strategy needs to overcome this poor legacy on business investment left by the Conservatives.
Carla Lockhart
DUP
Upper Bann
The Chancellor's 'death tax' will devastate family farms and small businesses, a key part of the economy. She has not met with agricultural unions to address these issues despite her international engagements.
Polly Billington
Lab
East Thanet
The visit to China is consistent with the Government’s approach to engage and compete where necessary, securing tangible benefits for UK businesses.
Nick Timothy
Con
West Suffolk
Investors are concerned about cuts in transport capital budgets despite promises of infrastructure investment. He seeks assurance that there will be no new tax rises or spending cuts in the March statement.
Tony Vaughan
Lab
Folkestone and Hythe
The Government's decision to re-engage with China is yielding economic benefits while allowing for discussions on difficult issues like human rights and labour standards.
Dave Doogan
SNP
Angus and Perthshire Glens
HSBC's annual profit is significantly higher than the £600 million secured from China. Questions whether the Chancellor will raise borrowing, taxes or cut spending to meet fiscal rules.
Deirdre Costigan
Lab
Ealing Southall
Emphasises that growth must go hand in hand with economic security, which previous Conservative governments failed to achieve leading to reliance on foreign gas for heating.
Harriet Cross
Con
Gordon and Buchan
Questions the Chancellor's changes to energy profits levy and their impact on UK’s energy security and tax revenues. Questions why she is undermining the sector rather than supporting it.
Amber Valley
Chinese companies must not provide any support for Putin's illegal war in Ukraine, which was raised by the Chancellor during her visit to China.
Jim Allister
TUV
North Antrim
Asks if concerns were raised about Confucius Institute and Jimmy Lai; received a response that issues were raised privately in re-engagement with Chinese Government.
Ben Coleman
Lab
Chelsea and Fulham
Questions the shadow Chancellor's demand for the Chancellor to return from China, emphasising tangible benefits gained from staying there, including new licences and quota allocations for financial services businesses.
Ben Spencer
Con
Runnymede and Weybridge
Asks if issues about Russian oil and gas imports were raised in the visit to China; received a response that sanctions on Russian oil and gas were increased alongside US efforts.
Chris Vince
Lab/Co-op
Harlow
Seeks clarity on how the Chancellor's visit will benefit businesses and residents in Harlow, while also questioning the current state of the Conservative party.
Shockat Adam
Ind
Leicester South
Asked the Chancellor to explain steps taken to address forced labour in supply chains, particularly at fast fashion companies such as Shein. Requested data on extent of forced labour and actions to strengthen due diligence requirements for sourcing from areas with known human rights abuses.
Jim Shannon
DUP
Strangford
Welcomed the UK-China economic dialogue but highlighted concerns about human rights abuses in China, including issues related to Uyghur Muslims, Tibetan Buddhists and Christians. Asked how safeguards would be put in place for British money and goods to ensure engagements do not support violations.
Shadow Response
Mel Stride
Shadow Response
The shadow Chancellor criticises Labour's economic performance and the value of the Chancellor’s deal with China. He argues that the £120 million deal is insignificant compared to the £12 billion increase in debt interest due to her Budget, highlighting the lack of serious policy proposals from Labour. Stated that issues of forced labour were raised with Chinese counterparts. Emphasised stringent requirements for companies seeking to list in London, as set out by the United Nations and OECD on labour supply and worker treatment. Highlighted the importance of engaging China but challenging values when they do not align.
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