Spring Forecast

Debate between Rachel Reeves and Perran Moon

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

We are only a couple of days into this conflict, and it is important to see where things go in the next few days. As I said in my statement, I am in regular contact with international counterparts right across the world, including in the middle east, with the Governor of the Bank of England, and with sectors—both maritime and oil and gas—that are most affected by what is happening. However, people can see from the actions of this Government—whether that is taking £150 off domestic energy bills or the extension of the supercharger to help energy-intensive industries with their energy costs, which will come in next month—that we are determined to help people. In addition, as I just said to my hon. Friend the Member for Llanelli (Dame Nia Griffith), today’s spring forecast includes an additional £540 million of RDEL spending and £15 million of CDEL spending, which the Welsh Government can spend on the priorities of the Welsh people.

[Perran Moon (Camborne and Redruth) (Lab)]

Through the National Wealth Fund and the Kernow industrial growth fund, this Labour Government have invested over £100 million in Cornish critical minerals and renewables, which in turn has unlocked vast sums of private sector investment. Does the Chancellor agree that it is precisely because of this Government’s careful nurturing of the UK economy that she can help unleash the Cornish Celtic tiger, and that while Opposition parties scurry around TV studios trying to talk down the UK economy, she is just getting on with the job of fixing the mess they created?

[Rachel Reeves]

There are huge opportunities in the Cornish economy—in defence, energy and critical minerals—as I saw when I was in Camborne and Redruth and in other parts of Cornwall last summer, including visiting the South Crofty tin mine, which has received National Wealth Fund money. That, alongside the Kernow plan, gives me great confidence that the opportunities that exist in Cornwall will be invested in, both by this Government through our public finance institutions and by the private sector.

Oral Answers to Questions

Debate between Rachel Reeves and Perran Moon

Tuesday 1st July 2025 Commons Chamber

[Rachel Reeves]

In the Budget last year, we increased taxes by £40 billion, but without affecting the pay packets of ordinary working people. We did not increase their national insurance, their income tax or their VAT, and we did not go ahead with the wrong-headed increase in fuel duty that was put in place by the Conservative party. We are protecting working people; the Conservative party picked their pockets time and again.

[Perran Moon (Camborne and Redruth) (Lab)]

Ports are engines for economic growth in sectors such as energy and critical minerals. Falmouth port, in the constituency neighbouring mine, is surrounded by massive tin and lithium deposits, and it has ambitious plans to play its part. In line with our manifesto commitment for a £1.5 billion ports fund, will the Chancellor outline what mechanisms the National Wealth Fund and GB Energy can deploy to invest in ports?

[Rachel Reeves]

I thank my hon. Friend for that question. He will know that this Government have already invested through the National Wealth Fund in the tin mine in his constituency, bringing good-quality jobs paying decent wages to the people of Cornwall, as advocated by Cornish MPs. However, there is more we can do through the National Wealth Fund, including investing in our ports, which is absolutely vital for clean, cheap energy and for creating good jobs in this country, including in Cornwall.

Oral Answers to Questions

Debate between Rachel Reeves and Perran Moon

Tuesday 4th March 2025 Commons Chamber

[Perran Moon (Camborne and Redruth) (Lab)]

T4. Meur ras, Mr Speaker. Under this Labour Government, Cornish tin mining is back. Following the recent National Wealth Fund investment in South Crofty tin mine at the centre of my Camborne, Redruth and Hayle constituency, does the Chancellor agree that, in doubling the National Wealth Fund investment, that is a perfect example of how public funding should be used to unlock private investment in a strategically vital industry?

[Rachel Reeves]

Unlike the Conservatives, we believe that investing alongside private industry is good for jobs and good for economic growth. I visited the National Wealth Fund’s offices last month where I heard at first hand about its equity investment in Cornish Metals. This will help to finance the reopening of Cornwall’s South Crofty tin mine, creating more than 300 local jobs, and—