Oral Answers to Questions

Chris McDonald Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Rachel Reeves]

Before I became a Member of Parliament I was an economist at the Bank of England and I respect the independence of the Bank of England. The previous Government undermined that independence. That contributed to the economic chaos that we saw under the last Conservative Government. This Government will never go down that route.

[Chris McDonald (Stockton North) (Lab)]

T7. Will the Chancellor of the Exchequer confirm that her decisions are targeted at winning new investment in green industry in places such as Billingham in my constituency?

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

I welcome my hon. Friend to this House, because he brings a great deal of expertise on green steel from his previous career. This Government’s plan to launch the national wealth fund is precisely to create investment across the country in some very important strategic industries, and that includes decarbonisation of steel and the steel industry.