Speeches by Reeves.

“My hon. Friend’s constituents in Thurrock are right to be angry about the waste and corruption that happened under the previous Government. That money belongs to the British people and in our public services, not in the pockets of fraudsters taking advantage of a national emergency. Tom Hayhoe will leave no stone untur…”

“Sound management of the public finances means spending wisely and not sending money to fraudsters. Today, I have appointed the health expert Tom Hayhoe as our new covid counter-fraud commissioner. As chair of an NHS trust during the pandemic, he saw the urgency of getting personal protective equipment to NHS staff when…”

“I agree it is important that all children learn to swim, especially in our coastal communities. We had to make difficult decisions at the Budget, but I am happy to try to arrange a meeting between the hon. Gentleman and the relevant Minister to make sure the investment can go ahead at pace.”

“We were really pleased to announce an R&D budget of more than £20 billion at the autumn Budget. This is important to funding and accelerating R&D not just in the hon. Lady’s constituency but across the country. Combined with the corporate tax road map, as well as the commitment to continuing funding for Horizon…”

“One of the current challenges, as the hon. Gentleman will know, is that agricultural property relief is often used for tax avoidance. People are buying farmland not because they are family farmers but because they do not want to pay any inheritance tax. That is why we are reforming the system to bring in much-needed mo…”

“I welcome the work that my hon. Friend does on the all-party parliamentary group for Yorkshire and Northern Lincolnshire. As I announced in October, the UK Infrastructure Bank has now become the national wealth fund and it will expand its team and be headquartered in the brilliant city of Leeds, to realise our ambition…”

“I thank my hon. Friend for his question and for the invitation. In October, the Government launched the national wealth fund to mobilise billions of pounds of investment into world-leading clean energy and growth industries. I am pleased that the national wealth fund already announced a £20 million investment in XLCC t…”

“It was a pleasure to go to my hon. Friend’s constituency in June to see the port and the wealth creation and jobs that it is bringing to Southampton. As I set out in the autumn Budget, as well as focusing on the national wealth fund’s capital investment in ports, we are committed to accelerating grid connections and en…”

“We have brought stability back to the economy, which is the foundation for attracting investment and is vital to our growth mission. We have already launched the national wealth fund, which will mobilise over £70 billion of private investment with an expanded remit for the Office for Investment overseen by the Minister…”

“As the right hon. Gentleman will know, home ownership fell under the previous Government. We are determined to turn that around and ensure that more people, particularly families, get on to the housing ladder. As he has confirmed, the right to buy discounts will continue, but in future every penny of that money will go…”

“Let me say this: you have spoken particularly about health services. As you know, we made a £22.6 billion commitment for day-to-day spending over the one-and-a-half to two-year period in the Budget last week. The Health Secretary is making allocations in the usual way for GPs, for example. For local government, there w…”

“We have done a 3.2% real-terms increase for local government, including £600 million in additional money for social care. That is phase 1 of the spending review. As the Health Secretary has said, in the spring we will be setting out the 10-year plan for health, which includes looking at social care.”

“We have now set the envelope for spending for this Parliament, and we are not going to be coming back with more tax increases or, indeed, with more borrowing. We now need to live within the means that we have set ourselves in the Budget and those allocations of spending totals. In terms of what that package means, day-…”

“These are things that absolutely, in the second stage of the spending review, we want to do more of. I will go back to the points I made earlier to the Chair’s question about this. In the second phase of the spending review, we are going to be looking from the bottom up with a zero-based approach to make sure that we a…”

“This Budget was a reset Budget. We are not going to be repeating a Budget like this again—”

“As I said to Dame Harriett, I am not going to write five years’ worth of Budgets—imagine if that had been done in 2019. We might not have had all the tax increases that we’ve had—”

“It would be naive to try and get—you started this session, Mr Glen, with uncertainties about what is happening in the global economy. I am not going to write five years’ worth of Budgets now, but we have drawn a line under the unrealistic path for public spending and the trajectory for public finances and put those on …”

“Let me start by answering your question directly about paying the bill, when there is a bill, and then I will take you through how the numbers stack up. I want to be clear that, for estates where there is going to be an inheritance tax bill, that bill can be paid over a 10-year period, interest free. That doesn’t exist…”

“Then let me come to the issue of the taxation of estates. In the last year that data was available—2021-22—the average claim for agricultural property relief was just under £500,000, and 73% of claims were for less than £1 million.”

“In the last year that data was available, 40% of agricultural property relief went to 7% of estates, and 22% of relief went to 2% of estates—[Interruption.] Let me just finish this point. That was worth £119 million, and it went to just 37 estates. It is not possible to continue the rate of support that was previously …”