Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Darren Paffey Excerpts
Tuesday 3rd December 2024

(2 days, 2 hours ago)

Commons Chamber
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Darren Jones Portrait Darren Jones
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This Government’s commitment to economic growth will improve living standards for people right across the country. I refer the hon. Member to my previous answer and suggest that his party might want to apologise before trying to lecture this Government on the change that we are delivering.

Darren Paffey Portrait Darren Paffey (Southampton Itchen) (Lab)
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10. What steps she is taking to increase long-term investment in the economy.

Alan Gemmell Portrait Alan Gemmell (Central Ayrshire) (Lab)
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11. What steps she is taking to increase long-term investment in the economy.

Rachel Reeves Portrait The Chancellor of the Exchequer (Rachel Reeves)
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We have brought stability back to the economy, which is the foundation for attracting investment and is vital to our growth mission. We have already launched the national wealth fund, which will mobilise over £70 billion of private investment with an expanded remit for the Office for Investment overseen by the Minister for investment. In October, we welcomed global investors from around the world to London for the international investment summit, where we were able to announce a record-breaking £63 billion of private sector investment into our economy.

Darren Paffey Portrait Darren Paffey
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I have been meeting a number of maritime companies in and around the port of Southampton, and they tell me that the single biggest key to unlocking further investment would be the expansion of the national grid to our city. What steps is the Chancellor taking to secure that vital investment, and will she meet me and local industry leaders to discuss how this would boost our local and national economy?

Rachel Reeves Portrait Rachel Reeves
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It was a pleasure to go to my hon. Friend’s constituency in June to see the port and the wealth creation and jobs that it is bringing to Southampton. As I set out in the autumn Budget, as well as focusing on the national wealth fund’s capital investment in ports, we are committed to accelerating grid connections and ensuring that new network infrastructure is built at pace to unlock investment and growth opportunities. We are particularly focused on driving network build, including by completing the strategic planning of the energy system needed for 2030, to ensure that projects such as those my hon. Friend has mentioned in Southampton make the progress that they need to.