Commons Sense

House of Commons · Ministers' Questions

Economic Investment and Growth

Tuesday 29 October 2024 · 10 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 3 Partly answered 6 Not answered 0

Key points

  • Government's growth mission aims to counter 14 years of sluggish economic growth, launching the national wealth fund and securing 63 billion in investments.
  • The Chancellor has invested over 25 billion into UK data centres since taking office, creating thousands of jobs and meeting AI and machine learning demands.
  • The Chancellor will provide further details in tomorrow's Budget about increasing elective appointments per week and plans to partner with the University of Cumbria.

Topics (select to filter)

Questions & Answers

Q1 Ben Coleman Lab Chelsea and Fulham
Economy
Context

The MP is concerned about economic growth in his constituency, particularly since the government has been discussing initiatives to increase it.

Question

What progress she has made on increasing economic growth. The Government's programme for economic growth needs to be seen in action and not just promises.

Answer from Rachel Reeves

The Government's growth mission will counteract 14 years of sluggish economic growth, kick-starting a decade of national renewal. We have launched the national wealth fund, introduced planning system reforms, and secured £63 billion in investments across the UK.

Answered
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Q2 Josh Simons Lab Makerfield
Economy Science & Technology
Context

The MP references the Labour Growth Group's work on digital capital investment, pointing out past cuts by Conservatives in this area.

Question

What steps is the Chancellor taking to boost long-term investment, especially in digital and technology? As co-chair of the Labour Growth Group, I welcome the Chancellor's decision to unleash a revolution in investment in Britain. However, the capital we must invest is not just physical but digital.

Answer from Rachel Reeves

The Government recognise that attracting private investment into digital and technology is crucial. Since taking office, more than £25 billion has been invested into UK data centres, helping to create thousands of jobs and meet the demand for AI and machine learning.

Answered
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Q3 Julie Minns Lab Carlisle
NHS Economy
Context

The MP highlights the importance of a modern NHS for economic growth, mentioning plans for the Pears Cumbria School of Medicine.

Question

Does the Chancellor agree that a modern NHS is essential to our country's economic growth? Will she find time to visit the new Pears Cumbria School of Medicine when it opens in Carlisle next year?

Answer from Rachel Reeves

The NHS plays a crucial role in boosting the economy by getting people back to work. In tomorrow's Budget, further details about increasing elective appointments per week will be provided. The Chancellor is pleased with plans to partner with the University of Cumbria.

Partly answered

Not addressed: Specific visit commitment avoided

How: Pleased With Plans

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Q4 Dave Robertson Lab Lichfield
Economy Transport Local Government
Context

The MP mentions the negative impact of Conservative policies on high streets in his constituency and questions if regenerating them is a priority.

Question

Can the Chancellor assure me that regenerating high streets, as the physical manifestation of how well our economy is doing, is a priority for this Treasury? High streets in Lichfield and Burntwood were let down by 14 years of Conservative neglect.

Answer from Rachel Reeves

This Government are committed to delivering national renewal, including rejuvenating high streets. New powers will be introduced to help fill vacant properties through auctions.

Partly answered

Not addressed: Specific assurance avoided

How: Commitment To Delivery, Introduction Of New Powers

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Q5 Ben Coleman Lab Chelsea and Fulham
Climate Brexit Energy Business & Trade
Context

The MP represents constituents from EU countries and asks about the importance of deepening trade relations with the European Union.

Question

Does the Chancellor agree that we need to deepen our trading links with the EU for full economic growth potential? Can she say how the Treasury is working with other Departments on this?

Answer from Rachel Reeves

The Government have been working to reset our relationship with EU friends and neighbours. The Prime Minister met the President of the European Commission, agreeing to strengthen UK-EU ties on global challenges such as economic headwinds, climate change, and energy prices.

Answered
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Q6 Harriet Cross Con Gordon and Buchan
Economy Taxation
Context

The MP asks about the Chancellor's appreciation for agricultural property relief and business property relief, important to farmers and family businesses.

Question

Can she confirm that she fully appreciates how important agricultural property relief and business property relief are? The questioner inquires about the Treasury's understanding of these reliefs.

Answer from Rachel Reeves

We recognise the importance of passing assets to the next generation, and details will be set out in tomorrow's Budget regarding tax policies including these reliefs.

Partly answered

Not addressed: Specific appreciation avoided

How: Recognise The Importance

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Q7 Wendy Chamberlain Lib Dem North East Fife
Economy Business & Trade Local Government
Context

The MP mentions shared prosperity funding used by local authorities to support small businesses and inquires about its future.

Question

Can we get a commitment from the Government that funding for schemes such as Shared Prosperity Funding will continue beyond April 2025? Fife council has been using this funding to drive economic growth through support for small businesses.

Answer from Rachel Reeves

More details will be set out in tomorrow's Budget regarding consequentials going to the Scottish Government, including funding continuations.

Partly answered

Not addressed: Specific commitment avoided

How: More Details In Budget

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Q8 Desmond Swayne Con New Forest West
Economy
Context

The question arises from criticism of the Chancellor's economic policies affecting business confidence.

Question

Investment requires a measure of optimism, not the collapse in business confidence that the Chancellor has engineered. She would have done better to stress some of the positives that she inherited?

Answer from Rachel Reeves

Some £63.5 billion of investment into the UK was announced at our international investment summit—investment in life sciences, investment in data centres and digital, investment in clean energy—because businesses have confidence that this Government are bringing stability back to our economy and working with businesses to seize the opportunities.

Partly answered

Not addressed: The specific ask was about stressing positive aspects of inheritance rather than addressing current economic optimism directly.

How: Acknowledged Investment But Avoided Discussing Positive Inheritance

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Q9 Dave Doogan SNP Angus and Perthshire Glens
Economy
Context

The question arises from concerns over the impact of UK Government bonds being sold by the Bank of England, potentially affecting long-term investment.

Question

Can the Chancellor tell us, to the nearest £10 billion, how much extra would be available for long-term investment were it not for the fire sale of UK Government bonds by the Bank of England, costing the taxpayer dearly?

Answer from Rachel Reeves

I started my career as an economist at the Bank of England, and unlike Conservative Members, I think it is incredibly important to recognise the independence of our economic institutions, including the Bank of England and, indeed, the Office for Budget Responsibility.

Not addressed: The specific ask about bond sales was not addressed.

How: Changed Subject Entirely

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Q10 Daisy Cooper Lib Dem St Albans
Economy Business & Trade
Context

The question arises from concerns over the business rates system penalising small businesses for investing in their operations.

Question

Small businesses are the engine of our economy, but many of them are penalised for investing in their businesses because of the broken business rates system. Will the Chancellor ensure that investment is exempted from business rates, and will she ensure that the Budget tomorrow is the final Budget in which business rates are a permanent feature?

Answer from Rachel Reeves

In our manifesto, we committed to reform of our business rates system. I will be setting out more details in the Budget yesterday tomorrow, as well as a business tax road map, which will give businesses certainty about the tax environment they will be working with for the next five years.

Partly answered

Not addressed: The specific ask about exempting investments from business rates was not directly addressed.

How: Referred To Manifesto Commitment But Did Not Provide Specifics

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