Oral Answers to Questions

Rachel Reeves Excerpts

Wednesday 6th July 2016 Commons Chamber

[The Prime Minister]

My hon. Friend makes an important point. A clear instruction has gone out to all our embassies around the world and to UKTI, and Ministers are very clear that we should be doing all we can to engage as hard as we can with other parts of the world and to start to think about those trade and investment deals and the inward investment we want in the UK. Businesses have been clear to us as well: whether they agree or disagree with the decision the country has made, they know we have to go on and make the most of the opportunities that we have.

[Rachel Reeves (Leeds West) (Lab)]

Q12. With the real prospect of a recession on the horizon, the offer from the Chancellor is to cut corporation tax, yet companies worry whether they will make a profit in the UK, not how much tax they will pay on it. Can the Prime Minister tell us what immediate action his Government will take to protect people’s jobs and livelihoods right now?

[The Prime Minister]

Immediate action has been taken, not least the Bank of England decision to encourage bank lending by changing the reserve asset ratios it insists on. That is important because it is a short-term measure that can have some early effect. The Chancellor was talking about how we need to make sure that we configure all our policies to take advantage of the situation we are going to be in. That means changes to taxes and the way UKTI works, and a change in focus for the Foreign Office and the Department for Business, Innovation and Skills. We can make a start on all those things, irrespective of the fact that the hon. Lady and I were on the same side of the referendum campaign.