UK-China Economic and Financial Dialogue

Luke Murphy Excerpts

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

The national wealth fund created by this Government will get investment into industries such as carbon capture and storage, green hydrogen, ports and, indeed, steel. We were really pleased at the end of last year to be able to announce investment in carbon capture and storage in Merseyside and Teesside, securing billions of pounds of investment into those economies and securing many thousands of jobs.

[Luke Murphy (Basingstoke) (Lab)]

I thank the Chancellor for her statement. I think it is worth reminding the House that under the previous Government business investment fell to 28th out of 31 OECD countries, which was lower than Latvia, Slovenia and Hungary. Could the Chancellor set out how our industrial strategy will overcome that terrible legacy on business investment left by the Conservatives?

[Rachel Reeves]

One of the reasons for such poor investment—the lowest of all the G7 economies—is that our planning system makes it so hard to get anything done in this country. That is why the planning and infrastructure Bill, which is being brought forward by my right hon. Friend the Deputy Prime Minister, will turn that around, making it easier to invest in transport, in digital, in housing and in so much more. That is the way to get our economy growing after 14 years of failure.