Financial Services Reform

Preet Kaur Gill Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I refer the hon. Lady to page 63 of the strategy, which is very useful. It sets out an ambitious timeline for implementing the reforms that the Chancellor set out at the Mansion House last night and in Leeds yesterday morning, and shows her that we have already taken action to implement some of the decisions we took in November last year, such as introducing the private intermittent securities and capital exchange system. PISCES is a new private intermittent securities market that is open for business, and for which we legislated in May. That demonstrates how we are working at pace. Other things will take a little longer, and her extensive experience in this place and in government means that she will understand that some of those things require primary legislation. However, she will see through the two-page summary at the back of the strategy how we plan to implement the reforms at pace to unleash the potential of the financial services sector.

[Preet Kaur Gill (Birmingham Edgbaston) (Lab/Co-op)]

Too many of my constituents are trapped in the rental market, paying off someone else’s mortgage instead of saving for a home of their own. Average rents in Birmingham have now passed £1,000 a month for the first time, driven sharply upwards since the mini-Budget. I strongly welcome the Chancellor’s Leeds reforms, which will help 36,000 first-time buyers on to the housing ladder. Will the Minister say more about what the Government are doing to boost housing supply so that home ownership can become a reality for more people in cities such as mine?

[Emma Reynolds]

As was said previously, the package that we announced yesterday, as well as the announcement by the Bank of England and the FCA’s discussion paper, go to the heart of making sure that we have the right balance between ensuring people have affordable mortgage products and ensuring that those products are accessible to more people up and down the country. As she will know—I am sure that she is referring to this—the Planning and Infrastructure Bill and some of the other planning reforms that we set forward are some of the most ambitious for a generation. They will unlock the potential for those homes to be built so that we can get more and more first-time buyers on to the housing ladder.

Spending Review 2025

Preet Kaur Gill Excerpts

Wednesday 11th June 2025 Commons Chamber

[Rachel Reeves]

Let me put that right: the people of Somerset will benefit from a 3% uplift in NHS spending; the people of Somerset will benefit from free school meals for their children if they are on universal credit; and the people of Somerset will benefit from stronger defences and stronger borders through the investment that we are making. This is a spending review for the whole country, including people in Yeovil in Somerset.

[Preet Kaur Gill (Birmingham Edgbaston) (Lab/Co-op)]

The Chancellor, who visited Birmingham last week, knows that the west midlands region has the talent and ideas to thrive. A fair settlement in today’s spending review is not just support; it is a smart investment in Britain’s future. Over 26,000 people are on the housing register in Birmingham, so I thank her for doubling investment in the affordable homes programme. I also thank her for the announcement on the midlands rail hub investment, which I have been campaigning for. Does she agree that that will be transformational in delivering a decade of renewal and growth that works for everyone?

[Rachel Reeves]

I thank my hon. Friend for that question. We will build more housing, which is what the investment in affordable homes grants will achieve, and that goes alongside transport investment—significant transport investment—in the west midlands and Birmingham. I was very pleased that my hon. Friend joined me in Birmingham last week, when we were able to celebrate the investment to extend the Metro out to east Birmingham and then to Solihull.

Spring Statement

Preet Kaur Gill Excerpts

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

The world has changed, and we can see that all around us, which is why our defence is more important than other things. That is why it is so astonishing that the SNP continues to oppose the nuclear deterrent.

[Preet Kaur Gill (Birmingham Edgbaston) (Lab/Co-op)]

I commend the Chancellor for her statement. Does she agree that the Conservative party does not understand the link between its total failure to build houses and infrastructure, which our constituents desperately want, and the economic constraints that we face today?

[Rachel Reeves]

My hon. Friend speaks powerfully on behalf of her constituents in Birmingham. We need to build the homes that all our constituents are crying out for. The level of home ownership declined under the previous Government and we are determined to turn that around, as well as to build the affordable and social houses that our country needs. As we build those homes, there will be more good jobs for young people who take pride in their work. Those good jobs, which will pay decent wages, will be backed by the increase in the national living wage and by our Employment Rights Bill.

UK-China Economic and Financial Dialogue

Preet Kaur Gill Excerpts

Tuesday 14th January 2025 Commons Chamber

[Rachel Reeves]

My right hon. Friend the Business Secretary has met Mr Li, from Jingye, on a number of occasions. Talks are ongoing, but I am not able to provide an update on that today.

[Preet Kaur Gill (Birmingham Edgbaston) (Lab/Co-op)]

The Chancellor has only my admiration and support for the tough decisions that she is taking to fix the fundamentals. While Conservative Members were carping about the Chancellor’s whereabouts this week, she was having serious discussions with the world’s second largest economy and securing access for UK firms. Is it not clear that only Labour Members are serious about growth?

[Rachel Reeves]

I will always stand up for Britain’s national and economic interest, which is why I am helping some of our best businesses to export around the world. That is what I did in China at the weekend, and it is what I will continue to do. I will always stand up for our economic interest.