Budget Resolutions and Economic Situation

Matt Rodda Excerpts

Wednesday 28th October 2026 Commons Chamber

[Matt Rodda (Reading Central) (Lab)]

I warmly welcome the Budget. It offers breathing space for both families and businesses, and, crucially, hope for the future. Although this is a time of really quite severe international headwinds, as we are all very aware, there are real signs of growth in the British economy. We are jointly leading the G7 in terms of growth, and the IMF is welcoming the Government’s measures to reduce debt and deficit.

Let me deal briefly with the key measures that will offer breathing space and support to families and businesses, before moving on to some of the longer-term measures. Many of my constituents live in older properties, in Victorian houses or possibly houses built in the 1930s, and I was delighted to note that they will benefit from a host of measures to reduce their energy bills in what will be a very hard winter for them. That shows a real understanding of the pressures on families at this difficult time. I particularly thank the Chancellor for his offer of £100 paid directly to residents, which I consider very sensible. That, and a range of other measures, will help to reduce the current severe pressure on family finances. The measures to support small businesses, particularly those in our high streets, will also be welcomed in Reading and many other towns and cities. Moreover, 47% of small hospitality, leisure and retail businesses in the south-east will now not pay business rates.

In the time available to me, I want to say something about the longer-term measures, particularly those relating to improved devolution to help businesses and development and regeneration, along with a series of other measures to support businesses and homeowners. When it comes to regeneration, the new mayoralties that have been announced present some real opportunities. I warmly welcome the Thames Valley mayoralty of Berkshire, Oxfordshire and Swindon, and, in particular, the scope for mayors to free up land near railway stations. As many Members on both sides of the House have seen, a huge pool of land is available.

On one side of the railway in my own town of Reading, a £1 billion regeneration project is bringing jobs, growth and new housing to the town centre. On the other side, where there are a series of small, fractured sites where developers are not working with one another, there is no regeneration. One of the significant advances is that bringing in mayors allows the creation of a mayoral development corporation, which can bring together those disparate sites and make them much more attractive to developers. I look forward to hearing more from the Chancellor and the Ministry of Housing, Communities and Local Government about that type of work as the whole mayoral scheme moves forward in the new year.

The support for home ownership, and the support for new council houses, is warmly welcome in my area. We have high house prices, and many people are struggling to get on the housing ladder. The growth of businesses in the Thames valley is partly due to the inward movement of people from across the rest of the UK and around the world, so housing is needed, and these are two important measures to support home ownership and ensure that there are homes for people to rent.

Finally, I warmly welcome the measures to support entrepreneurship, which I hope will significantly support our tech entrepreneurs. Some 300,000 people in Berkshire work in tech or telecoms, and they are driving growth in our county, across southern England and, indeed, across the country as a whole. We have benefited from a number of key infrastructure projects, particularly the Elizabeth line. I look forward to many others in the future, including the western rail link to Heathrow, but the help to support entrepreneurs is important. I warmly welcome that and commend the Treasury for its work.

Thank you, Madam Deputy Speaker; it has been a pleasure to speak today.