Middle East: Economic Update

Debate between Rachel Reeves and Catherine Atkinson

Tuesday 21st April 2026 Commons Chamber

[Rachel Reeves]

I join the hon. Gentleman in paying tribute to Pakistan for the work that it is doing to de-escalate this conflict by hosting peace talks. I would expect all Members of the House to urge all parties to return to those negotiations as quickly as possible, so that we can end the bloodshed but also ensure that bills come back down for families and prices fall at the pumps. We are already taking action to reduce household energy bills through the help with heating oil. Today’s announcements on decoupling and tiebacks, and last week’s announcement on reducing business energy costs through the BIC scheme, are all things that we are doing to help families and businesses with the cost of electricity.

[Catherine Atkinson (Derby North) (Lab)]

Does the Chancellor agree that economic security, energy security and national security all go hand in hand, which is why home-grown lower-carbon power that we control is so important? Can she tell us more about how small modular reactors, which are being delivered by Rolls-Royce and are backed by this Labour Government, will play their part in delivering power, security and good British jobs?

[Rachel Reeves]

It was great to meet Rolls-Royce apprentices with my hon. Friend in Downing Street last week to see what difference this Government’s investment in small modular reactors through the National Wealth Fund will make. The investment in nuclear is creating good jobs that pay decent wages, providing export opportunities through this new technology and, crucially, giving us energy security on both supply and price.

Spring Forecast

Debate between Rachel Reeves and Catherine Atkinson

Tuesday 3rd March 2026 Commons Chamber

[Rachel Reeves]

The Northern Ireland Executive came to us asking for additional money this year to fund their priorities, which we have provided. Today’s settlement includes an extra £380 million in day-to-day spending and £10 million in capital spending for the Northern Ireland Government to invest. If the hon. Lady does not want that money, I am sure other parts of the country would like it.

[Catherine Atkinson (Derby North) (Lab)]

Derby will be the home of Great British Railways, which, with rail continuing its journey back into public ownership, will be focused on serving passengers rather than profit. Under the previous Government, rail fares rose by 60% between 2010 and 2024. Under Labour, they are frozen. Does the Chancellor agree that bold measures such as that to tackle travel costs will help bring down the cost of living?

[Rachel Reeves]

I was pleased in the Budget last year to announce the plan for Derby, alongside my hon. Friend and her neighbour the Member for Derby South (Baggy Shanker) and the Mayor of the East Midlands. Derby will benefit from hosting Great British Railways, and we will all benefit from better train services under Great British Railways. Rolls-Royce will benefit from higher defence spending and higher energy spending, including on small modular reactors, bringing more good jobs paying decent wages to Derby.

Oral Answers to Questions

Debate between Rachel Reeves and Catherine Atkinson

Tuesday 1st July 2025 Commons Chamber

[Catherine Atkinson (Derby North) (Lab)]

Backing Rolls-Royce, a brilliant Derby business, to deliver small modular reactors with £2.5 billion of investment shows what Labour’s new industrial strategy is about—backing British business, creating more skilled jobs and delivering clean, secure energy. Does the Chancellor agree that, after years of chaos under the Conservatives, Britain is unashamedly open for business?

[Rachel Reeves]

I thank my hon. Friend for that question. We are proud as a Government to back Rolls-Royce, and to have it as our preferred provider for the small modular reactor programme, resulting in lower bills and more good jobs, particularly in Derbyshire.

Oral Answers to Questions

Debate between Rachel Reeves and Catherine Atkinson

Tuesday 8th April 2025 Commons Chamber

[Catherine Atkinson (Derby North) (Lab)]

T5. The defence sector is a vital part of our local economy in Derby, particularly with the landmark £9 billion deal struck with Rolls-Royce, which is supporting the Royal Navy’s submarines and providing a major jobs boost. Does the Chancellor agree that national security goes hand in hand with economic security and, in turn, financial security for households?

[The Chancellor of the Exchequer (Rachel Reeves)]

The first duty of any Government is to keep the nation safe. That is why we are increasing defence spending as a share of GDP to 2.5%—the biggest sustained increase in defence spending since the end of the cold war. Derby has a vital role to play within the UK’s defence sector, particularly in nuclear engineering and aerospace, as demonstrated by the landmark £9 billion deal with Rolls-Royce, which will create up to 1,000 jobs in the city and protect thousands more.

Public Spending: Inheritance

Debate between Rachel Reeves and Catherine Atkinson

Monday 29th July 2024 Commons Chamber

[Rachel Reeves]

My right hon. Friend the Work and Pensions Secretary is considering that report as we speak.

[Catherine Atkinson (Derby North) (Lab)]

For my constituents, this mess goes beyond money. It is about trust in politics. Does the Chancellor agree that the damage goes even deeper than the harm to our economy that she has set out?

[Rachel Reeves]

My hon. Friend is absolutely right. Today’s revelations of a £22 billion in-year overspend come on top of partygate and the handing of contracts to friends and donors to the Conservative party during the pandemic. That dents public trust. I have come to the House today to be open and transparent about the state of the public finances and the action that I will take to sort out this mess.