Finance Bill

Matt Rodda Excerpts

Report stage
Monday 3rd March 2025 Commons Chamber

[Dr Sandher]

The housing formula has rightly been changed to where the need is greatest. In my constituency, for example, planning permission has not been approved to replace derelict factories on brownfield sites with new homes. I have seen too few homes being built and too many things being rejected. I am proud of this Government’s aim to build new homes, and I have full faith in the formula. We need more homes everywhere, including in both of our constituencies.

[Matt Rodda (Reading Central) (Lab)]

My hon. Friend is making an excellent point and an excellent speech. He is right to highlight the importance of housing, in terms of both quality of life and labour mobility, as well as the many other benefits to the economy. I commend the good example of Reading, where many brownfield sites are being redeveloped. The hon. Member for Hinckley and Bosworth (Dr Evans) may wish to visit Berkshire to see how well we are rebuilding our town centres, as are many other cities and towns around the country.

[Dr Sandher]

I could not agree more. Perhaps we should all take a trip to see the great work being done in Reading, because we have to build a lot more homes. My generation is increasingly finding that working hard and getting a good job is no guarantee of owning a home in the end. That is what this Government are fixing with this Budget.

It is not only the young who are not sharing in growth. Growth has gone to capital over labour, and technological change means that machines can do tasks far more cheaply than humans. More payments to capital mean less for workers. The labour share of GDP has fallen by a sixth since deindustrialisation. Today, across the Atlantic, we see the dangers of Bidenomics—