Economic Growth

Damien Egan (Bristol North East) (Lab) and Catherine Fookes (Monmouthshire) (Lab) asked the Chancellor of the Exchequer, Rachel Reeves, about the progress made on increasing economic growth. The Chancellor responded that sustained economic growth is the government's top priority, and they have already taken several actions to deliver on this, including planning reforms, establishing a national wealth fund, reviewing pensions, launching Skills England, and announcing a White Paper on getting Britain working again. Damien Egan followed up, noting that the delivery of these initiatives relies heavily on local government, and asked what progress has been made on giving local councils longer-term funding settlements. The Chancellor acknowledged the importance of this and stated that the government will set out further details on their plans for local government funding in the upcoming Budget and spending review. Catherine Fookes raised the issue of bank branch closures in her constituency of Monmouthshire, with two more high street bank branches closing this year, bringing the total to eight in the past two years. She noted the impact this has on her constituents' access to basic banking services and the importance of high street banking for local businesses and economic growth. The Chancellor responded by highlighting the government's commitment to rolling out 350 banking hubs in communities that have lost multiple bank branches, and offered to have the Economic Secretary to the Treasury meet with Fookes to work on achieving one such hub in her constituency. Mims Davies (East Grinstead and Uckfield) (Con) then intervened, raising concerns about the potential expansion of Gatwick Airport and the need to balance growth with the impacts on local communities. The Chancellor acknowledged the importance of aviation to the economy but stated that the government must always take local views into account and ensure that any investment or expansion comes with the necessary infrastructure for local communities. Finally, Rupert Lowe (Great Yarmouth) (Reform) questioned the accountability of the state to the taxpayer, suggesting that this lack of accountability is a root cause of the country's lack of growth. The Chancellor responded by stating that the purpose of elections is to hold the government accountable to the taxpayer, and that this government has a mandate from the last election to focus on growing the economy and improving living standards.