Spring Forecast

Debate between Rachel Reeves and David Burton-Sampson

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

It is important that we wean ourselves off oil and gas prices that are set on international markets, but I absolutely accept the hon. and learned Gentleman’s point, and I am happy to suggest that the relevant Minister meet him.

[David Burton-Sampson (Southend West and Leigh) (Lab)]

The Liz Truss Budget in September 2022 affected many homeowners, with mortgage rates shooting up and the average two-year fixed rate exceeding 6%. When I was working in the mortgage industry, I saw the impact of that on working people’s finances. That is still being felt, but does the Chancellor agree that it is because of the actions of this Labour Government in restoring economic stability that we have seen six interest rate cuts since the general election—a welcome relief for many? The Opposition parties, by contrast, have no credible plan, and would return this country to the devastating days of Liz Truss.

[Rachel Reeves]

My hon. Friend speaks with authority about mortgage costs, given the jobs that he did before he became a Member of Parliament. It is true that, since the general election, somebody getting a fixed-rate mortgage will be paying £1,300 less a year than they were when we came into office. That means they have more money to spend on their high streets, on their families and on the things that matter, rather than just paying for the essentials, the price of which went up under the Conservatives.

Spring Statement

Debate between Rachel Reeves and David Burton-Sampson

Wednesday 26th March 2025 Commons Chamber

[Rachel Reeves]

The plans that we inherited from the previous Government saw the OECD forecast that the UK would have the slowest growth in the G7 this year. It is now forecasting us to have the second-highest growth. That is the difference that this Labour Government are making, moving us up the league tables.

[David Burton-Sampson (Southend West and Leigh) (Lab)]

I thank the Chancellor and her team for the prudent work that they are doing to restore stability to our economy. Figures show that wages are already increasing in my constituency under this Labour Government, and inflation is falling. Does my right hon. Friend agree that that, alongside the new living wage, worth £1,400 a year, will make work pay and start to lift more people out of poverty?

[Rachel Reeves]

I was pleased to be able to announce in the Budget last year a 6.7% increase in the national living wage, as well as a record increase in the youth rate of the minimum wage. That will help lift working people—working families—out of poverty. That comes alongside our Employment Rights Bill, which will ensure greater security for those who go out to work.