Oral Answers to Questions

Debate between Luke Evans and Rachel Reeves

Tuesday 21st January 2025 Commons Chamber

[Rachel Reeves]

Yesterday’s PwC report shows that the UK is the second most attractive place in the world to invest for global CEOs—it is the first time in 28 years that we have been in that position in the league table. And the International Monetary Fund forecast on Friday that the UK will be the fastest-growing major economy in Europe next year.

[Dr Evans]

Last time I raised the markets’ concerns about debt with the Chancellor, she told me to “get real.” What is real is that the cost of debt interest is over £10 billion. What is real are the three choices she has: to increase taxes on people and businesses in Earl Shilton, Burbage and across the country; to cut services for people in Hinckley, Donisthorpe and across the country; or to borrow on the country’s credit card. Will she now be real with the public and tell them which of the three it is going to be?

[Rachel Reeves]

We inherited a high amount of debt from the previous Government, and we have to pay interest costs on that debt. The forecast I set out in the Budget in October showed that debt falling to a sustainable level. As I said, the OBR forecast will be published on 26 March, and I will make a statement at that time.

UK-China Economic and Financial Dialogue

Debate between Luke Evans and Rachel Reeves

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

The stock connect is an initiative first set up by the former Conservative Chancellor Philip Hammond to improve links between the Shanghai and London stock exchanges and to help Chinese businesses to access capital on UK financial markets. That is good for financial services firms operating in London, and the enhancement of that stock connect scheme at the weekend offers new opportunities for British businesses in financial services in the UK.

[Dr Luke Evans (Hinckley and Bosworth) (Con)]

As the Chancellor flew east, the pound plummeted south and Government debt rocketed north. Why? The markets do not believe her plan for growth; that is the fundamental issue. To pick up the question from my right hon. Friend the Member for Stone, Great Wyrley and Penkridge (Sir Gavin Williamson), what is she going to say to the markets to make them believe she really does understand how to deliver growth in the UK?

[Rachel Reeves]

There has been global volatility in markets. It is not reasonable to suggest that bond yields in the United States, Germany and France have risen because of decisions made by this Government. I think the hon. Member should just get real.

Oral Answers to Questions

Debate between Luke Evans and Rachel Reeves

Tuesday 29th October 2024 Commons Chamber

[Rachel Reeves]

On the bus price cap specifically, the hon. Member will know that the previous Government put no money in to extend that cap. We have put money in to ensure that the bus price cap remains at an affordable level for people, unlike the previous Government, who just had short-term gimmicks.

[Dr Luke Evans (Hinckley and Bosworth) (Con)]

2. What estimate she has made with Cabinet colleagues of the additional funding needed to process pension credit applications within target timescales.