Commons Sense

House of Commons · Ministers' Questions

National Wealth Fund: Regional Growth

Tuesday 8 April 2025 · 4 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 3 Not answered 0

Key points

  • Minister visited Stockport to see regeneration work linking housing and transport infrastructure.
  • New reforms for procurement rules enable more British businesses to win contracts, including small businesses in food and farming.
  • Chief Secretary is working with mayors on priorities for the spending review to support economic initiatives in regions like South Yorkshire.

Topics (select to filter)

Questions & Answers

Q1 Navendu Mishra Lab Stockport
Defence Economy Transport
Context

The MP highlights Stockport's historical significance in the industrial revolution and mentions KNDS, a local business manufacturing military equipment.

Question

What steps is she taking through the national wealth fund to increase regional economic growth? As a fellow north-western MP, I am sure that you, Mr Speaker, share my pride that the banks of the River Mersey were the birthplace of the industrial revolution. My constituency of Stockport continues to be a hub for innovation with businesses like KNDS manufacturing military bridging systems and the Boxer armoured vehicle. Can she outline how the national wealth fund will fuel economic growth in Stockport?

Answer from The Chancellor of the Exchequer (Rachel Reeves)

I visited Stockport with my hon. Friend last year to see regeneration work there, linking new investment in housing with transport infrastructure. Last month, alongside an increase in defence spending to 2.5% of GDP, we set the national wealth fund’s strategic direction, focusing on support for the defence sector through dual-use technology and creating more good jobs across all parts of the country, including Stockport.

Partly answered
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Q2 John Hayes Con South Holland and The Deepings
Economy Business & Trade Agriculture & Rural Affairs
Context

The MP emphasises the importance of Lincolnshire in food production, highlighting global trends to protect industries like agriculture. He calls for government procurement to support British jobs.

Question

Does he recognise that an age where the two biggest economies are protecting their industries—including agriculture—the time has come to reinvest in manufacturing and consume more of what we produce here? To echo the Liberal Democrats’ spokesperson, they should buy British. That means using Government procurement to back British jobs, projects and workers.

Answer from The Chancellor of the Exchequer (Rachel Reeves)

My right hon. Friend has set out new reforms for procurement rules enabling more British businesses to win contracts, including small businesses in food and farming. We provided a record settlement of £5 billion last year to support this part of our economy.

Answered
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Q3 Marie Tidball Lab Penistone and Stocksbridge
Transport
Context

The MP highlights the lack of tram network and train service to rural areas near Sheffield. She calls for an extension of the Sheffield tram-train service to support economic development.

Question

There is currently no tram network from central Sheffield to Oughtibridge, Wharncliffe Side, Deepcar or Stocksbridge, and no operational train service to those areas. My constituents want the Sheffield tram network extended to Stocksbridge and connecting rural communities with jobs, education and hospitals. Will he meet me and the Mayor of South Yorkshire before the spending review to discuss next steps?

Answer from The Chancellor of the Exchequer (Rachel Reeves)

The Chief Secretary is working closely with mayors, including Oliver Coppard, on priorities for the spending review in June. We are backing the airport at Doncaster to bring more good jobs to South Yorkshire.

Partly answered

Not addressed: Meeting specifically requested by the MP not addressed directly.

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Q4 Sammy Wilson DUP East Antrim
Economy Northern Ireland
Context

The MP inquires about discussions with the Northern Ireland Executive on using the National Wealth Fund for economic growth in Northern Ireland, questioning high taxation levels.

Question

What discussions has he had with the Northern Ireland Executive to ensure that the national wealth fund is used to promote economic growth? Does he not agree that the big impediment to growth is taxing businesses to death?

Answer from The Chancellor of the Exchequer (Rachel Reeves)

The Office for Budget Responsibility has revised growth upwards from next year, expecting a larger economy by the end of the forecast period. We are supporting businesses throughout the UK with the national wealth fund, British Business Bank and UK Export Finance, recently announcing significant investment at Thales in Belfast for defence jobs.

Partly answered

Not addressed: Taxation concerns not directly addressed.

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