Oral Answers to Questions

Meg Hillier Excerpts

Tuesday 10th March 2026 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

I am glad that the Government are introducing things like the youth guarantee and working to help those who are not in education, employment or training. However, as the hon. Member for Henley and Thame (Freddie van Mierlo) highlighted, AI is also an increasing concern. Businesses I have spoken to are concerned about the number of people they will not be employing in the future. The Minister has hinted that the Government are looking at this systemically. What conversations is he having across Government and, crucially, with businesses so that we can plan for what could be a real crisis in the future?

Middle East: Economic Update

Meg Hillier Excerpts

Monday 9th March 2026 Commons Chamber

[Madam Deputy Speaker (Caroline Nokes)]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

My right hon. Friend is right to focus on the cost of living and de-escalation in the middle east. I am pleased to hear her confirm again that there is money for the Ministry of Defence and access to the special reserve to deploy additional capabilities to the middle east. Can she give us a figure or a range for how much money the Treasury is providing to the Ministry of Defence to deploy?

[Rachel Reeves]

It would not be right to disclose that sort of information. As I said, we will provide all the support that is needed for our operations in the middle east.

Spring Forecast

Meg Hillier Excerpts

Tuesday 3rd March 2026 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

I have to say that the sound and fury from the shadow Chancellor is extraordinary, given that it was his Government who ran the country and its citizens into chaos, with interest rate and inflation increases under the Truss mini-Budget. I welcome today’s forecast partly because there has been so little speculation along the way, which I am sure the Chancellor, the markets, the public and businesses welcome. That is the stability and confidence that we need to see. The Chancellor laid out her three choices to promote growth. She will be appearing in front of the Select Committee next week, when we hope to probe her further. In the meantime, can she tell us which of those three areas to grow the British economy she is most excited about?

[Rachel Reeves]

I thank my hon. Friend for that question. The biggest change that we can make is ensuring that growth takes place in all parts of our country, rather than just for a few people in a few parts of Britain. The changes to economic geography that we have started by changing the Green Book to give every part of our country the fair chance to get the investment and opportunity that they deserve mean that growth will benefit everybody, not just a small few.

Business Rates

Meg Hillier Excerpts

Tuesday 27th January 2026 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

I welcome the support for music venues as well as pubs in my constituency. I also welcome the Minister’s engagement and willingness to speak to the Select Committee and to be questioned by us. I am sure, Mr Speaker, you would agree that it would increase the Minister’s favour in your eyes were he to do that with dispatch and not leave it for too many weeks, so I thank the Minister for his engagement on that.

On the wider issues of business rates, changes have been announced, but will the Minister outline the timeframe within which we will see a significant change? It was a Labour manifesto commitment to change business rates, but it will take time because of the valuation procedure. Does he propose to change that wholesale, and in what timeframe? Businesses of all types, including pubs, need certainty most of all, so that they know the trajectory in good time and can plan.

[Dan Tomlinson]

The review of the methodology for pubs that we have announced today will be conducted as rapidly as possible, and I hope that it will conclude this year. We also want to look closely at the methodology used to value hotels, which is similar but not quite the same as that used for pubs. I am sure we will get into that in Committee in due course. We want to ensure that those reviews about the changes to the methodology conclude in good time for the next revaluation, which is set to come into operation in 2029. My hon. Friend asks about the Government’s ambition to rebalance the system. As I outlined, last year’s Budget introduced a significant rebalancing, with the largest businesses having a tax rate multiplier that is 33% higher than that of typical businesses on the high street. I look forward to continuing to engage with hon. Members and businesses on business rates in the run up to the Budget in the usual way.

Oral Answers to Questions

Meg Hillier Excerpts

Tuesday 27th January 2026 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

As well as the British Business Bank, the National Wealth Fund plays a crucial part in investing taxpayers’ money. I welcome the Government’s response to the Select Committee’s report on that issue. Will the Minister indicate when the National Wealth Fund will have the ability to borrow from private markets in order to increase its independence, secure funding for infrastructure, and get the taxpayer off the hook?

[Lucy Rigby]

It is absolutely right that we have increased the amount of funding going into the National Wealth Fund. On my hon. Friend’s specific question, my understanding is that we have not set a date, but I am more than happy to write to her with further information—to the extent that it exists.

Business Rates: Retail, Hospitality and Leisure

Meg Hillier Excerpts

Monday 19th January 2026 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

Many pubs in my constituency are seeing eye-watering increases in business rates. We know from the Valuation Office Agency, which gave evidence to the Treasury Committee last week, that the formula used is the same formula that has been used for 20 years. This should have been no surprise, as the shadow Chancellor said, yet we learned in that meeting that more than 2,000 pubs have had their business rates doubled. This Government came in with a mission to transform business rates, and they came in part way through a valuation cycle. Aside from the question of what will happen to the hospitality sector, where are the plans for the reform of business rates in the medium to long term?

[Dan Tomlinson]

I thank my hon. Friend for her leadership of the Treasury Committee. At the Budget, we set out the first significant fundamental reform of the business rates system that we have ever seen. For the first time, there is a very significant divergence in the tax rate paid by businesses on our high streets and by the very largest businesses, including online giants. The tax rate is around 13p lower for high street businesses than it is for the largest businesses. That is a 25% reduction, which cost around £1 billion. It is a £1 billion reduction for businesses on the high street, paid for by higher taxes on those who can most afford it.

Oral Answers to Questions

Meg Hillier Excerpts

Tuesday 9th December 2025 Commons Chamber

[The Economic Secretary to the Treasury (Lucy Rigby)]

The Government of course recognise that innovation is key to our long-term economic growth and to higher productivity, and indeed to living standards. That is exactly why we are investing more in R&D, and we have made other incentives available too.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

It has been a rocky week for the Office for Budget Responsibility, so I am glad that the Chief Secretary to the Treasury recognises and has reiterated the value of an independent regulator in this space. Nevertheless, a lot of criticism of the OBR is swirling around. Would the Chief Secretary or the Chancellor like to remind people about the role of the fiscal risks and sustainability report, which does look longer term at the economy, and the importance that this has in planning? As the Chancellor said, it is not destiny just because of the figures, but that report is particularly useful in that respect.

[Rachel Reeves]

I have huge respect for the Office for Budget Responsibility, and I reappointed Richard Hughes for a second term earlier this year. We deeply regret the publication of the Budget document ahead of the Budget. Richard Hughes has apologised for that and has resigned, but I thanked him for his leadership of the OBR. My hon. Friend is right to point to the longer-term risks that the OBR also points out. That is why at the Budget we took measures on electric vehicles and on high-value properties, because we need to reform the tax system so that it works for the future.

OBR: Resignation of Chair

Meg Hillier Excerpts

Wednesday 3rd December 2025 Commons Chamber

[James Murray]

I thank the shadow Chancellor for his questions. As I made clear in my opening remarks, the decision for Richard Hughes to resign was a matter for Mr Hughes himself. I referred in my earlier remarks to the media reporting of the letter that the OBR published. The publication of that letter was agreed to by the Chancellor; it is completely untrue to suggest otherwise.

The reason for publishing the letter was the unique nature of the Budget and the context of the OBR’s productivity review, as it said itself, while acknowledging that that would not become usual practice owing to the importance of preserving a private space for discussions. We are completely committed to the OBR’s independence; it is a vital part of our fiscal framework. In fact, one of the first acts of this Parliament was to introduce a fiscal lock so that the OBR could never be sidelined.

The shadow Chancellor also referred to comments by Professor Miles at the Treasury Committee earlier this week. I note that, among his remarks, Professor Miles was very keen to be clear that the positive headroom number in the forecast of 31 October did not in any way suggest that the OBR assessment was that the fiscal outlook was problem-free.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

When I last spoke in this House, Richard Hughes was still chair of the OBR. I pay tribute to him. He was a tenacious champion for its independence. A highly intellectual man, he ably led that organisation and made an honourable decision to take responsibility for what happened last Wednesday.

The Minister says that a leak inquiry is under way in the Treasury; leak inquiries have a habit of not finding someone responsible. But if somebody is found responsible, will they follow the lead set by Richard Hughes?

Office for Budget Responsibility Forecasts

Meg Hillier Excerpts

Monday 1st December 2025 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

Thank you, Mr Speaker—[Interruption.]

[Mr Speaker]

Order. Members have to learn that they cannot run in front of other Members when they are speaking, please. It looks really bad on TV, and it is not courteous.

[Dame Meg Hillier]

I, too, welcome the fact that the OBR has put its report out so quickly, so that it can put its house in order and make sure this never happens again. I have been saddened and troubled by the number of leaks, advertent and inadvertent, during the Budget process. Will the Chief Secretary please assure the House that there will be proper discussion in Government about how to prevent them? I need only point him to the words of the permanent secretary at the Treasury to the Treasury Committee on 12 February this year, when he was very clear that leaks can be market moving and must not happen. Let us be clear that the Debt Management Office was still trading during the Budget process, and was selling gilts at a higher price as a result.

[James Murray]

Mr Speaker, I can reassure my hon. Friend, you and the whole House that this Government take the Budget process and their responsibilities to this House very seriously. As I mentioned earlier, the permanent secretary has made it clear that the Treasury puts the utmost weight on Budget security. The permanent secretary made it clear in his letter to the shadow Chancellor that he will continue to keep all aspects under review to ensure the integrity of the Budget process.

Budget: Press Briefings

Meg Hillier Excerpts

Monday 17th November 2025 Commons Chamber

[Mr Speaker]

I call the Chair of the Treasury Committee.

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

There has been either a leak or wild speculation about the Budget, and it would be helpful if the Minister could advise us which it is. In doing so, could he outline—as he will obviously not go into detail, quite rightly, a week before the Budget—what this Budget’s strategic objectives are for the country?

[James Murray]

I thank my hon. Friend for her question. Regrettably, there is always noise and speculation ahead of a Budget, but I am not going to comment on that speculation. As the Chancellor set out in her speech earlier this month, although we face challenges going into the Budget, we are very clear about the priorities of this Government, which are to make the public finances more resilient, to reduce inflationary pressures and to bring down the costs of borrowing, because that is the way we can focus on the priorities of the British people—the NHS, the cost of living and getting debt down.