Budget Responsibility Bill

Yuan Yang Excerpts

2nd reading
Tuesday 30th July 2024 Commons Chamber

[Yuan Yang (Earley and Woodley) (Lab)]

First, I would like to congratulate my fellow Members on their wonderful maiden speeches. My hon. Friend the Member for York Outer (Mr Charters) made remarks about budget scrutiny that I agree with. My hon. Friend the Member for Wirral West (Matthew Patrick) spoke cinematically of his peninsula and about the role of reason in political debate. My hon. Friend the Member for Kettering (Rosie Wrighting) and I seem to share a birthday week, and I very much welcome the diversity of generations we see across the Chamber. The hon. Member for Ynys Môn (Llinos Medi) spoke powerfully about her experience of homelessness; I am glad to hear such testimony in the House today. I share a predecessor with the hon. Member for Maidenhead (Mr Reynolds); he displayed an exemplary knowledge of railway bridges, and we share concerns about Sonning bridge and the congestion on it.

I welcome you to your place, Madam Deputy Speaker, and thank you for calling me in this debate on budget responsibility. During the Minister’s remarks, I strained to find a joke to make about national accounts, but I deemed that it would be too much of a liability. I then considered making a joke about fiscal take, but I thought that was too taxing. I assure you, Madam Deputy Speaker, there are no more jokes about economics in my speech. Joking aside, I first became engaged in politics while studying economics 16 years ago, and I very much welcome a change in the way that we manage our economy.

I am proud to stand before Members today representing my home constituency of Earley and Woodley, a new seat on the east and south of Reading. Most of the households in my constituency have never been part of a Labour seat, so for many residents I am their first Labour MP in history. I will work hard continuously to earn the trust of every one of my constituents, although it may be some time before I win over the former Member for Maidenhead, Theresa May.

I want to thank four of my predecessors. My hon. Friend the Member for Reading Central (Matt Rodda) is well loved by his former constituents in my seat. His hard work, alongside the work of his predecessors and our Labour group on Reading borough council, connected the Elizabeth line to Reading.

My other predecessors have retired from the House of Commons. For Theresa May, that retirement is extremely well earned. She stepped up to lead our country at a time of crisis, proving the maxim that it takes a woman to clean up the mess the men have left behind. Even at the height of her national responsibilities, she was always present and well respected in her constituency. John Redwood, the former Member for Wokingham, was a man of conviction and authenticity. I respect that very much in a politician, even though I do not share many of his convictions. Finally, Alok Sharma, the former Member for Reading West, displayed international leadership, convening crucial climate talks as the President of COP.

For the first time in history, we now have three constituencies in Reading and, what is more, three Labour MPs. Earley and Woodley has become a new constituency because of the families who have chosen to settle there, moving out from central Reading, London, the rest of the UK and, indeed, the rest of the world. It is a success story for house building as well as for multiculturalism. It is a beautiful area, stretching from Sonning, on the banks of the Thames, to Shinfield, on the banks of the Loddon. In Earley, my family and I live within dog-walking distance of four lakes and woodlands. I want to ensure that future generations have access to nature and to affordable housing, because both have been under threat for too long.

Sonning has a long history, featuring in the Domesday Book, but most of the area in my constituency has been built more recently. After the first world war, Reading contributed to the national campaign to house returning soldiers, by building homes in Whitley and Whitley Wood. The area is now home to Reading football club. There is high-flying history in Woodley, too, which produced aircraft during the second world war.

Most of the houses in Earley, including my own, were built from the 1960s onwards. At one point in the 1980s, the area was the largest housing development in Europe. Shinfield parish, which covers Spencers Wood, Three Mile Cross and Grazely, has had the most recent developments. Alongside Shinfield Studios, the largest new film studios in the UK, we have the Shinfield Players, a community theatre.

However, our constituency is not without its challenges. In many parts of the constituency, the building of infrastructure has not kept pace with the needs of residents, and we need a new Royal Berkshire hospital. We need to ensure that new investments benefit local people. We face deprivation, too, and I will support our grassroots community organisations to work alongside local authorities on regeneration. For those living in our new builds, reform of the leasehold system is much needed, and I look forward to working on all these points with our new Government.

At the heart of my constituency is the University of Reading, which does world-leading research into climate science and meteorology. We are also home to the European Centre for Medium-Range Weather Forecasts. Now, there has been much competition in the debate this afternoon about who has the sunniest constituency. Although my constituency may not enter that competition, it surely holds the power to adjudicate the winner.

The research prowess of the University of Reading, as well as the Thames valley cluster of science and technology giants, has made our area prosperous as well as diverse. We are proud of our diversity; our diversity makes us stronger. Yet there are those who seek to divide us and to weaponise our country’s problems to turn us against ourselves. It is clear that we face many problems and that the politics of the past has failed to deliver, and in conversations with residents I have heard again and again the despair that has crept into our democracy, but I fundamentally believe that our democracy is worth fighting for.

I was born in 1990 in China, a country without the right to vote. Three decades later, another crackdown on democracy has led to hundreds of thousands of Hongkongers seeking refuge in the UK. It is never easy to leave your home or to move countries. I came here with my parents as a four-year-old and it took them many years to find stable work. I still remember my mother, the evening before I started secondary school, telling me, “Don’t compare yourself to the other kids. Their families have money and connections. We don’t and we don’t know anyone in this country.” As a 10-year-old, I did not know what having connections meant, but I did learn not to compare myself to the other kids, and I think that my mother’s advice has stood me in good stead.

I thank my parents very much for supporting me throughout my campaign, and I feel lucky that we call Earley and Woodley our home. To all those families arriving here, wherever they are from and wherever they started off in life, I want to say that wealth or connections should not be a prerequisite for your children’s success. I am proud to be part of a Labour Government who will do our utmost to break down the barriers to opportunity.

I joined the Labour party after university, because I saw opportunities drying up for my generation. I studied economics during the financial crisis and graduated during the onset of austerity. While studying my masters in economics, I realised how much economic debate had become detached from the real-world crises around us. With fellow students, I set up Rethinking Economics, a charity that campaigns for better economics education.

I have spent most of my career trying to make economics and business news engaging and accessible, starting at The Economist and then spending eight years at the Financial Times, where my colleagues taught me so much and supported me so well. I will miss them, but in the words of Cynthia Freeland: “I fully understand that I am now no longer part of the pack, but part of the prey.” And so it should be in a democracy with media freedoms—although less bloodlust would be welcome across this House, I am sure.

I have worked in places without media freedoms. I have interviewed labour activists, protesters and fellow journalists who gave up their own freedom for their causes. Some are still in jail today. When I stood for election, some of my friends told me I was brave, given the abuse and violence against women and girls in our society and in politics, which I have suffered and which we must address, but I think I would be lucky to have a fraction of the bravery of some of my former interviewees. Their determination makes me even more determined to defend and improve our democracy, which has to be constantly renewed through our actions.

Our democracy has to be renewed through reform—through empowering our communities, widening participation in democracy and ending the corrupting influence of money in politics. Our democracy also has to be renewed through delivery—through building a fair economy that can support people. It is my greatest honour to be part of a Government that will do both.

[Madam Deputy Speaker (Caroline Nokes)]

I call Euan Stainbank to make his maiden speech.