Commons Sense

House of Commons · Ministers' Questions

Economic Strength

Tuesday 23 June 2026 · 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 2 Partly answered 1 Not answered 0

Key points

  • Since becoming Chancellor, the economy has grown by 2.3%, the fastest among European G7 economies.
  • The Pension Schemes Act 2026 mandates investment in UK businesses and infrastructure to support future growth.
  • The Chancellor's Budget measures have raised an additional 30 billion in taxes from wealthier individuals through various reforms.

Topics (select to filter)

Questions & Answers

Q1 John Grady Lab Glasgow East
Economy
Context

The question pertains to economic progress since July 2024. The MP is concerned about long-term investments for the UK economy.

Question

What progress has been made on strengthening the economy since July 2024?

Answer from Rachel Reeves

Since I became Chancellor, our economy has grown by 2.3%—the fastest growth among European G7 economies in that period. We have progressed our strategy for stronger and more secure growth through fiscal stability by bringing in an additional £120 billion in public investment, crowding in private investment through the National Wealth Fund and the British Business Bank, changing our fiscal rules; removing structural barriers to growth, including reforms to planning and pensions systems, and reducing regulatory burdens on smaller businesses.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Q2 John Grady Lab Glasgow East
Benefits & Welfare
Context

The MP is concerned about the long-term strength of the economy and how it depends on long-term investment. The question addresses pension reforms and their impact on increasing investments in UK businesses.

Question

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 invested in our future?

Answer from Rachel Reeves

Through the Mansion House accord and Sterling 20, we have got pension funds to commit to investing more in British businesses through British venture schemes and infrastructure. The Pension Schemes Act 2026 requires investment in UK businesses and infrastructure. We are also making reforms to how our ISA system works so that after investing £12,000 in cash, any additional money has to be invested in stocks and shares.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Q3 John Glen Con Salisbury
Taxation
Context

The MP questions the Chancellor about aligning the capital gains tax rate to higher rates of income tax, seeking confirmation that such a policy was considered before implementing more modest increases.

Question

Did she examine the behavioural effects of aligning the capital gains tax rate with higher rates of income tax before making a much more modest increase in her first Budget?

Answer from Rachel Reeves

In my two Budgets, I have raised an additional £30 billion through taxes for more wealthy people, including changes to non-dom rules, VAT and business rates on private schools, taxes on private jets, high-value council tax surcharge, and increases in capital gains tax. Combined, that is an extra £30 billion secured for our public services.

Partly answered

Not addressed: The behavioural effects of aligning the capital gains tax rate with higher rates of income tax were not specifically addressed.

How: Broad Statements About Raising Taxes On Wealthy People Without Addressing Alignment

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Q4 Richard Fuller Con North Bedfordshire
Education Economy Taxation Benefits & Welfare
Context

The MP criticizes the Chancellor's record, highlighting poor decision-making and a negative impact on debt levels and public finances.

Question

Is it not the case that her true record is poor decision making with U-turns on winter fuel payments, business rates, family farm taxes; tax after tax on jobs, investment and savings; higher interest rates; and inability to cut welfare and fund defence?

Answer from Rachel Reeves

I am incredibly proud of my record as Chancellor: fastest growing country in G7, rising wages faster than inflation monthly since becoming Chancellor; record investment into UK; rolling out free breakfast clubs and meals; 500,000 children lifted from poverty; creating National Wealth Fund with private sector investment. For the first time since 2019, Government borrowing was less than 5% of GDP.

Not addressed: The specific criticisms were not directly addressed but rather countered by listing achievements.

How: Listing Achievements Instead Of Addressing Criticisms

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)