Oral Answers to Questions

Debate between Rachel Reeves and Catherine Fookes

Tuesday 3rd September 2024 Commons Chamber

[Catherine Fookes (Monmouthshire) (Lab)]

22. What progress she has made on increasing economic growth.

[The Chancellor of the Exchequer (Rachel Reeves)]

Sustained economic growth is the only route to improving the prosperity of our country and the living standards of working people. That is why we have already taken a number of actions to begin delivering on our growth mission —the No. 1 priority of this new Labour Government—which includes a series of planning reforms to get Britain building; the establishment of a national wealth fund to bring in private sector investment; the announcement of a pensions review to unlock growth, boost investment and deliver better returns to pensioners; the launch of Skills England; and the announcement of the forthcoming White Paper on getting Britain working again. This Government are determined to boost growth and improve living standards, and, by doing so, to have the money that we need to fund our vital public services.

[Rachel Reeves]

My hon. Friend is absolutely right to make that point. The Government are committed to delivering longer-term certainty for local authorities, as part of our wider commitment to a more empowered, accountable and sustainable local government system that will support strong public services in all our communities. The Government will set out further details on our plans for local government funding in the upcoming Budget and spending review on 30 October.

[Catherine Fookes]

This year alone, two more high street bank branches have closed in Monmouthshire, bringing the total to eight in the past two years. My constituents now find themselves struggling to access basic banking services—particularly in Caldicot. I was recently handed a petition that had been signed by more than 3,500 constituents. I am sure that the Chancellor understands the importance of high street banking not only to our constituents but to local businesses and local economic growth. What progress has she made in her work with colleagues in the Welsh Government to support high street banks and hubs in Monmouthshire and across Wales?