Oral Answers to Questions

Baggy Shanker Excerpts

Tuesday 20th May 2025 Commons Chamber

[Dr Marie Tidball (Penistone and Stocksbridge) (Lab)]

16. What steps she is taking with Cabinet colleagues to help increase economic growth in South Yorkshire.

[Baggy Shanker (Derby South) (Lab/Co-op)]

18. What steps she has taken to help increase economic growth in Derby.

--- Later in debate ---

[Rachel Reeves]

Although I will not get into detailed discussions about one individual company, last year the Government set out the £2.5 billion steel fund in the Budget to preserve and grow steel manufacturing in the UK. In the trade deals we have secured with the US and with the EU in the last couple of weeks, we have reduced tariffs on steel exports, which will be good for the British steel industry.

[Baggy Shanker]

Shockingly, in Derby South 62% of adults in the community are financially vulnerable, which is far above the national average of 38%. To lift people out of this vicious cycle, we need a growing economy, but for those who are worried about how they will make it to the next payday, dreading an unexpected bill or struggling to feed their family, the benefits of growth can feel miles out of reach. Will the Chancellor outline how her plan for growth will put money in people’s pockets and deliver change for those in our struggling communities?

[Rachel Reeves]

We will shortly publish a financial inclusion strategy, as well as extending the household support fund to support some of the most vulnerable. There are huge opportunities in Derby, as my hon. Friend knows. I was at Rolls Royce in Derby just last week. What we are doing on trade deals, particularly with the US, hugely supports our aerospace sector, along with the increased spending on defence to 2.5% of GDP, which helps to invest in Great British firms and, indeed, in Great British steel.