Financial Services: Mansion House Speech
Polly Billington Excerpts(3 days, 17 hours ago)
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Tulip Siddiq
I know that the right hon. Member did a huge amount of work in the financial services sector while he was in office. The civil servants still talk about how amazing he was—much to my dismay sometimes! We agree that there needs to be a change in appetite in this place. Transparency is top of the list, as the Minister for Pensions just whispered in my ear. We thank the right hon. Member for his constructive approach on the review, and urge him to tell the people he knows in the sector to respond to and feed in to the consultation.
Ms Polly Billington (East Thanet) (Lab)
The Minister will know that investment in our energy system is vital to our mission of being a clean energy superpower, creating jobs and cheaper, cleaner and more secure home-grown energy to power our economy. What is she doing to ensure that financial service regulators support the Government’s mission while upholding high industry standards?
Tulip Siddiq
I know that my hon. Friend takes a keen interest in this area—she been talking about it for the 25 years that I have known her. We agree that it is important. The FCA and the PRA are required to have regard to the UK’s net zero emissions target, as set out in the Climate Change Act 2008. The Mansion House speech set out the Government’s next steps to deliver a world-leading sustainable finance framework. That will be a huge part of our financial services strategy, as part of the industrial strategy, next spring. I urge her to consult and feed in on that.
Oral Answers to Questions
Polly Billington Excerpts(3 weeks, 2 days ago)
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Kirsteen Sullivan (Bathgate and Linlithgow) (Lab/Co-op)
Ms Polly Billington (East Thanet) (Lab)
The Chancellor of the Exchequer (Rachel Reeves)
This is likely to be the last time that the shadow Chancellor, the right hon. Member for Godalming and Ash (Jeremy Hunt), is up against me at the Dispatch Box. We have had the privilege of these exchanges for just over two years now, and I have a huge amount of respect for him. He steered our country through a very difficult time after the mini-Budget, and I wish him well in whatever he chooses to do next.
If UK living standards, as measured by real household disposable income per capita, had grown by the same amount between 2010 and 2023 as they did between 1997 and 2010, the amount would have been over £4,000 higher in 2023. We are committed to boosting economic growth to turn that around. Although it will have been welcome news for millions of families that inflation is now below 2%, there is still more to do. Earlier this month, we delivered our first international investment summit, announcing over £60 billion of investment and unlocking nearly 38,000 jobs in the UK, all focused on creating and spreading opportunities to lift living standard.
Rachel Reeves
I thank my hon. Friend for her question and congratulate her on her great work on the Co-op’s food justice policy. As she knows, we are right behind her in our commitment to raise living standards across the country. We made a manifesto commitment to update the remit of the Low Pay Commission so that, for the first time ever, it will take into account the cost of living when making recommendations about the minimum wage.
Ms Billington
As my right hon. Friend will be aware, coastal communities such as mine struggle with a low-pay, low-skill economy. Does she acknowledge the importance of the minimum wage in tackling this problem and supporting our communities and local economies?
Rachel Reeves
My hon. Friend is absolutely right. It is why we will ensure that the Low Pay Commission takes into account the cost of living, and why we will close the gap between the youth rate of minimum wage and the overall rate, so that all adults can be paid a fair wage for their work.
Public Spending: Inheritance
Polly Billington Excerpts(3 months, 3 weeks ago)
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Rachel Reeves
I fully understand the hon. Gentleman’s concerns. I know that during the election campaign, like so many Members across the House, he will have campaigned in good faith, believing that the money was there. I can say in all candour today that the money was not there for this hospital programme. Although it is not my apology to make, I apologise on behalf of the Conservatives for the state of the public finances that they have left for us to sort out. My right hon. Friend the Health Secretary will meet the hon. Gentleman and everyone affected so that we can do whatever we can to make sure that we can get hospitals in the condition that his constituents, and so many of our constituents, rightly expect.
Ms Polly Billington (East Thanet) (Lab)
Will the Chancellor confirm that, despite the Conservatives’ failure to set aside money for transport commitments, Labour’s plan to modernise the network—vital for my community in East Thanet—will deliver a unified rail system that means we can deliver more for passengers and local communities?