Speeches by Reeves.

“What I did in the Budget was to increase by 2 percentage points the basic rates on dividend, savings and property income, and I made some changes to the additional and higher rates as well. I think that is the right thing to do. An increase of 2 percentage points is quite a big increase in the tax rate on any form of i…”

“Yes, but the Bank of England does—the MPC and the Bank of England are a little bit different.”

“We have now made those settlements. When I became Chancellor, there had not been a spending review for a number of years. We had negotiations. We came to the settlement in the spending review, and Departments are now living within those settlements. That should give the confidence that is needed to show that we will be…”

“But not because of Government policy. It is because of the productivity downgrade based on the previous 14 years before we took office.”

“I was very up-front in my speech in Parliament, when I delivered the Budget, that that would mean everyone was having to contribute, in exactly the way that I set out in my speech on 4 November. So I very much stand by the speech I made. I said in that speech that we were going to cut the cost of living, and we did: 0.…”

“Well, they are not paying the same, are they?”

“I am absolutely categorical that that was not an authorised briefing. It was incredibly damaging and frustrating. That is why we have a leak inquiry. It was not “briefing” that was signed off by me or any of my Ministers or officials. It was unacceptable. That is why there is a leak inquiry going on.”

“In the end, what really matters is not whether something is scored or not, but whether you actually get the growth or not. When we are deciding on policies at the Treasury, we do not say, “What will the OBR score?”. We say, “What will actually deliver the growth?” I have been really clear from opposition into governmen…”

“The approach in the Budget provides significant support for low-income households, taking an average of £150 off people’s energy bills from April next year, freezing rail fares and prescription fees for a year, and expanding the free childcare offer. The steps that I have taken as Chancellor, including the removal of t…”

“My hon. Friend may know that about 4,000 children in his constituency will benefit from the removal of the two-child benefit limit. That means 4,000 more children being able to go to bed in houses that are not cold and damp and waking up in the morning and being able to have breakfast, and parents being able to afford …”

“The number of jobs has increased by 329,000 this year. That is the record of this Government in getting people back into work. The youth guarantee is dealing with the fact that when we took office last year, one in eight young people were not in education, employment or training. That is the Conservatives’ record; this…”

“Through the financial inclusion strategy led by the Economic Secretary to the Treasury, we are extending Help to Save within the universal credit system, and working with banks and building societies. I know that, as a Labour and Co-operative MP, my hon. Friend works closely with the co-operative movement and with buil…”

“Since the Budget, the Co-op has cut or frozen the prices of 2,700 essential products at a cost of £1 billion, recognising the impact that the cost of living still has on families, but also reflecting the Budget package that supports our high streets, including our supermarkets.”

“The Office for Budget Responsibility has estimated that productivity will be 4% lower than it would have been had the UK not withdrawn from the EU. However, alongside the trade deals struck with the US and India, the Government are resetting our relationship with the EU to get better deals on, for example, food and far…”

“The Office for Budget Responsibility has produced an independent analysis and confirmed that it believes that 4% is the correct number, and the OBR continues to maintain that in its forecasts.”

“Since we came to office last year, we have reset our relationship with the EU, which is why last May we agreed with the EU an expansive set of changes to our relationship, including on food and farming, on electricity and energy trading, and on youth mobility and Erasmus. We are taking all that forward, but at the same…”

“Transport costs represent 14% of household spending, so the Government took decisive action in the Budget to freeze all regulated rail fares in England for one year from March 2026—the first time that has happened in 30 years.”

“rose—”

“I just want to talk about Stevenage, Mr Speaker. The Government’s action is saving commuters in Stevenage £285 a year on the cost of a five-day season ticket. With the uplift of £120 billion in capital spending, the Government have also committed to the sorts of projects that my hon. Friend mentions, particularly aroun…”

“In Tonbridge, as elsewhere, regulated fares will be frozen for a year from March next year. I know that many of the right hon. Gentleman’s constituents commute into central London every day, and our rail fares freeze will mean that commuters in Tonbridge and all our constituencies have a bit more money in their pockets…”