UK-China Economic and Financial Dialogue

Polly Billington Excerpts

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

I have had the opportunity on a couple of occasions to meet the First Minister and Deputy First Minister of Northern Ireland, and I am sure that the Secretary of State for Environment, Food and Rural Affairs, my right hon. Friend the Member for Streatham and Croydon North (Steve Reed), would be happy to meet colleagues from Northern Ireland. The truth is that we inherited a £22 billion black hole in the public finances from the Conservatives, and in order to stabilise our public finances we had to make difficult decisions on taxes. At the moment we hear from the Opposition that they do not like the increases in taxes but they want increases in public spending. Well, they cannot have it both ways.

[Ms Polly Billington (East Thanet) (Lab)]

I welcome my right hon. Friend’s statement. Could she elaborate further on how this visit and the discussions she has started are not only consistent with the Government’s approach to China, but a vital part of it—co-operate where we can, compete where we need to, and challenge where we must?

[Rachel Reeves]

This is the first economic and financial dialogue between our two countries since 2019. Since then, other countries around the world have continued to engage with China, securing tangible benefits for their economies. I do not want UK businesses and the people working in our country to miss out, which is why this weekend we secured £600 million-worth of tangible benefits for businesses that export to China, thereby helping to create more good jobs paying decent wages in our country.