Spring Statement

Debate between Alex Baker and Rachel Reeves

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

I am sure that the relevant Health Minister will be willing to meet with the hon. Lady to talk about that. Because of the investment that we put into our national health service at the Budget last year—more than £20 billion of additional funding—we are able to start to rebuild our NHS and reduce waiting lists. Indeed, we have done that now for five months in a row.

[Alex Baker (Aldershot) (Lab)]

As we secure Britain’s role in a changing world, I welcome the Chancellor’s focus on defence innovation and I thank her for referencing my community, Aldershot and Farnborough. We are ready to serve.

When it comes to defence innovation, too many small and medium defence businesses in my community struggle to get access to the banking and finance facilities they need, often on the basis of self-imposed environmental, social and governance criteria. Will the Chancellor join me in welcoming the investors and financial institutions that have responded to the campaign that I am leading with my hon. Friend the Member for York Outer (Mr Charters), calling on our banks and our fund managers to broaden their approach so that we can defend our country, support Ukraine and fire up our industrial base?

[Rachel Reeves]

I was pleased to mention my hon. Friend’s constituency in my statement. As the home of the British Army, on behalf of this Government, we thank the people of Aldershot and Farnborough for the service that they give our country every single day.

My hon. Friend is right to mention the importance of companies in the defence sector, whether big or small, being able to access finance. That has never been more important than it is today, when the threats posed by Putin continue to grow. I therefore urge everyone in financial services to do their part to make sure that our fantastic defence start-ups have the money that they need to grow and help defend our country and our values.