Spring Forecast

Debate between Rachel Reeves and Sureena Brackenridge

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

In every month since I became Chancellor of the Exchequer wages have risen faster than inflation. We have increased the national minimum wage and the national living wage to put more money in the pockets of the poorest people, and the interest rate cuts mean that a typical family getting a fixed-rate mortgage will be paying £1,300 less a year than when I became Chancellor. The OBR confirmed today that GDP per capita will rise by 5.6% over the course of this Parliament. I recognise that the legacy of the previous Conservative Government still runs deep and that it will take a while for people to feel the impact of these policies, but I am confident that this will be the year that things start to turn around.

[Sureena Brackenridge (Wolverhampton North East) (Lab)]

Does the Chancellor agree that restoring confidence and hope for families in Wolverhampton and Willenhall is achieved through a stable economy, with borrowing, debt interest and inflation falling faster than expected, moving away from the chaos of spiralling mortgage rates and towards the stability of falling rates?

[Rachel Reeves]

I was very pleased recently to spend some time in my hon. Friend’s constituency, where we met a family who are now able to get on the housing ladder because of the reduction in interest rates. Instead of living with mum and dad, that couple and their young child are now able to get a home of their own. That is only possible because of the stability that we have returned to the economy, giving the Bank of England space to cut interest rates six times since I became Chancellor.

Oral Answers to Questions

Debate between Rachel Reeves and Sureena Brackenridge

Tuesday 9th December 2025 Commons Chamber

[Rachel Reeves]

Employment is up since we took office, and part of the reason for the disparity between those numbers is the fact that people who were economically inactive are now seeking work. That is exactly what we want, for people to be seeking work and to get back into work, but there are more jobs in the economy today than when we took office.

[Mrs Sureena Brackenridge (Wolverhampton North East) (Lab)]

T8. As a former deputy headteacher, I and other school leaders knew of the pressures faced when having to turn libraries into classrooms due to underfunding by the Tories, which disproportionately affected children in our deprived areas. Does the Chancellor agree that her £5 million commitment for libraries and books for secondary schools is an example of how increasing opportunity for all children is good for our future economy?

[Rachel Reeves]

My hon. Friend will know that when I was at secondary school, my school library was turned into a classroom because there were more students than there was space. We have put £10 million into primary schools to get a library in every single primary school in this Parliament, and next year, to celebrate the national year of reading, we are putting £5 million into having more books at secondary schools, and I am really proud to be doing that.

Oral Answers to Questions

Debate between Rachel Reeves and Sureena Brackenridge

Tuesday 20th May 2025 Commons Chamber

[Rachel Reeves]

We have secured an agreement with the biggest pension companies to invest on a voluntary basis in UK unlisted equities and infrastructure, which is something the Conservatives never achieved. We are getting investment into British infrastructure and British businesses because that is the way to grow the economy and support working people.

[Mrs Sureena Brackenridge (Wolverhampton North East) (Lab)]

T4. Will my right hon. Friend outline the steps being taken in the forthcoming spending review to ensure that increased defence spending will stimulate economic growth, so that supply chain companies, such as Collins Aerospace in my constituency, can continue to strengthen national defence capabilities while boosting our local economies, jobs and quality apprenticeships?