Oral Answers to Questions

Debate between Bill Esterson and Rachel Reeves

Tuesday 1st July 2025 Commons Chamber

[Rachel Reeves]

It is a bit rich for anyone in the Conservative party to mention black holes, after the one that they left for us to clear up. The hon. Gentleman will have seen the Lloyds business barometer, which has recently been published and shows that business confidence is now at a nine-year high, led by increases in confidence in retail and manufacturing. That report referenced the impact of the spending review on boosting business confidence—a recognition that this Government are backing Britain and backing Britain’s businesses.

[Bill Esterson (Sefton Central) (Lab)]

The Chancellor is quite right to mention that business confidence is at a nine-year high. Does that not go to show that not only were the announcements in the spending review right for business, but her emphasis on stability and certainty in the economy is exactly what is needed? Moreover, it is in sharp contrast to the chaos, constant changes of policy and complete disaster in economic policy that we saw from the Conservative Government.

[Rachel Reeves]

The stability that this Government have returned to the economy has meant that the Bank of England has been able to cut interest rates four times in the last year, taking hundreds of pounds off people’s mortgages—there was such a big impact in that regard under the last Government. The reasons for the increase in business confidence also include the industrial strategy publication, the spending review and the three trade deals, all of which are boosting business confidence and have helped to create 385,000 new jobs in Britain since the last general election.

Spending Review 2025

Debate between Bill Esterson and Rachel Reeves

Wednesday 11th June 2025 Commons Chamber

[Rachel Reeves]

Okay, that is just the Tories—well, they need to explain how they would pay for it.

I appreciate the fact that the hon. Lady welcomes some of our policies, but the job of the Chancellor and the Government is to ensure that the sums add up. We made difficult decisions last October, but I stand by those difficult decisions; without them, today we would not have been able to make the investments we have made in schools, energy and our health service. I am proud of what we have achieved as a Government, and I am proud of the investment that we are putting in today.

[Bill Esterson (Sefton Central) (Lab)]

The warm homes plan will mean healthier and warmer homes and will see lower bills and create jobs in communities right across the country. It is a very good plan, especially for those facing fuel poverty. The last Government’s home energy programme changed every few months, which meant that businesses could not plan and consumers had no confidence in it, not to mention the scandalous misapplication of fixed-wall insulation. Will my right hon. Friend confirm that this is a long-term warm homes plan that will deliver warmer homes and cut bills to the benefit of millions of our constituents for years to come?

[Rachel Reeves]

I thank the Chair of the Energy Security and Net Zero Committee for that question. Warm homes are a big part of our plan to tackle the cost of living crisis, and the money that we have put into the warm homes plan today will mean that millions more homes can be retrofitted with better boilers, insulation and solar panels. On average, that takes £600 a year off people’s bills not just for one year, but for every year to come. My hon. Friend is absolutely right. What we have done today is set out a five-year package of capital investment, because it is crucial that the industry is able to plan for the future and that young people are therefore willing to train up and businesses are willing to invest in apprenticeships. That is why on all of our capital spending, including the warm homes plan, we have set out a five-year plan.

Oral Answers to Questions

Debate between Bill Esterson and Rachel Reeves

Tuesday 8th April 2025 Commons Chamber

[Rachel Reeves]

Trade issues are for the Secretary of State for Business and Trade, but I will say this. There are rightly concerns about global trade imbalances, but the response of the United States by putting tariffs on all countries—including the UK, which does not have a trade surplus—is a disproportionate response to a genuine problem of global trade imbalances.

[Bill Esterson (Sefton Central) (Lab)]

I very much welcome the Chancellor’s commitment to investing in life sciences in this country. May I encourage her to support the bid for a national mental health diagnostics and research centre in my constituency, not least because poor mental health is estimated to cost this country up to £300 billion a year in lost economic production?

[Rachel Reeves]

Yesterday, the Prime Minister announced reforms to speed up clinical trials to ensure that the best new drugs can come to this country, benefiting from our NHS. On the issue of mental health treatment, I agree with my hon. Friend about the importance of addressing that, both for the health and wellbeing of individuals and because of the economic benefit that he speaks to. I am happy to arrange a meeting with the relevant Minister.

Public Spending: Inheritance

Debate between Bill Esterson and Rachel Reeves

Monday 29th July 2024 Commons Chamber

[Bill Esterson (Sefton Central) (Lab)]

Welcome to your place, Madam Deputy Speaker.

It was not just the public finances that the Conservatives mismanaged over 14 years; they failed to support industry too. Figures published today demonstrate that Britain has dropped out of the top 10 countries for manufacturing for the first time since the industrial revolution. I welcome my right hon. Friend’s commitment to leveraging millions more in private investment to make up for the record low levels of private investment we saw under the previous Government. Does she agree that the latest manufacturing figures show how critical it is that the Government work closely with business and trade unions on a long-term industrial strategy?

[Rachel Reeves]

I too saw the numbers today that show that Britian is out of the top 10 manufacturing countries, which is shameful given our history at the heart of the industrial revolution. I pay tribute to my hon. Friend for his work, which ensured that Labour went into the election as the most pro-business party. Through the reforms that we have already announced in our first three weeks in government—planning reforms, the creation of a national wealth fund, reform of our pension system and a modern industrial strategy—we will go about making Britain the best place to start and grow a business, and the best place to invest. We look forward to holding our international investment summit in the UK later this year.