This is a Government who are determined to help good councils and businesses to breathe new life into our high streets and town centres. In April we introduced a permanent reduced tax rate worth almost £1 billion for high street businesses, and in July, in the new Prime Minister’s first week, he and I announced a further 20% cut for pubs, social clubs and music venues. This is a Government who will do what they can to help bring a bit of breathing space from the cost of living and the costs of business.

This is a Government who are determined to help good councils and businesses to breathe new life into our high streets and town centres. In April we introduced a permanent reduced tax rate worth almost £1 billion for high street businesses, and in July, in the new Prime Minister’s first week, he and I announced a further 20% cut for pubs, social clubs and music venues. This is a Government who will do what they can to help bring a bit of breathing space from the cost of living and the costs of business.

My hon. Friend speaks up very strongly for his local area. He is right about the importance of pubs, social clubs and live venues, and about the importance of the 20% cut that we announced in July. These are the things that make the places where we live the places that we also love. Later this year the Government will produce our high street strategy, and I encourage my hon. Friend to contribute to the work of my right hon. Friend the Secretary of State for Housing, Communities and Local Government in that regard. I agree with what my right hon. Friend the Financial Secretary said a few moments ago: he should see the move that we made in July as a down payment on further reform.

My hon. Friend speaks up very strongly for his local area. He is right about the importance of pubs, social clubs and live venues, and about the importance of the 20% cut that we announced in July. These are the things that make the places where we live the places that we also love. Later this year the Government will produce our high street strategy, and I encourage my hon. Friend to contribute to the work of my right hon. Friend the Secretary of State for Housing, Communities and Local Government in that regard. I agree with what my right hon. Friend the Financial Secretary said a few moments ago: he should see the move that we made in July as a down payment on further reform.

What an extraordinary claim! It is hard to take seriously the idea that somehow the Conservatives will save our high streets. We are, of course, concerned about the impact of business taxation. As a Government, we have put in £4.3 billion to help cushion the changes, including in the right hon. Gentleman’s area. We are in the process of taking further steps to review and reform the business rates system, and I will be able to set out more details at the Budget.

What an extraordinary claim! It is hard to take seriously the idea that somehow the Conservatives will save our high streets. We are, of course, concerned about the impact of business taxation. As a Government, we have put in £4.3 billion to help cushion the changes, including in the right hon. Gentleman’s area. We are in the process of taking further steps to review and reform the business rates system, and I will be able to set out more details at the Budget.

The Prime Minister and I have been clear that we must cut the costs of welfare. On levels of taxation, we had a period of Conservative Government, with low growth and high debt. They crashed the economy with the mini-Budget, and we had levels of taxation that were putting pressure on business, adding to the cost of living. What people have seen under this Government is a willingness to recognise those pressures and to do what we can—not to remove them, but to provide relief where we can. It is about giving people and families a bit of breathing space from the cost of living, and giving businesses a bit of breathing space from the costs of business. That is why the move that the Prime Minister and I made in July for pubs, social clubs and live venues was so welcomed.

The Prime Minister and I have been clear that we must cut the costs of welfare. On levels of taxation, we had a period of Conservative Government, with low growth and high debt. They crashed the economy with the mini-Budget, and we had levels of taxation that were putting pressure on business, adding to the cost of living. What people have seen under this Government is a willingness to recognise those pressures and to do what we can—not to remove them, but to provide relief where we can. It is about giving people and families a bit of breathing space from the cost of living, and giving businesses a bit of breathing space from the costs of business. That is why the move that the Prime Minister and I made in July for pubs, social clubs and live venues was so welcomed.

What fiscal steps he is taking to support the renewal of high streets.

What fiscal steps he is taking to support the renewal of high streets.

What recent steps he has taken to increase economic growth.

What recent steps he has taken to increase economic growth.

I welcome the new shadow Chancellor to his place and thank him for his words. I welcome him back to the Treasury brief—perhaps Members on the Government Benches will have more to say about that later. I echo his comments about the right hon. Member for Central Devon (Sir Mel Stride), who has played an important role in this House, including his cross-party work during the pandemic as Chair of the Treasury Committee. We thank him for that as he steps down from the Front Bench.

The shadow Chancellor takes reports in the paper and tries to make serious points in this House. We will set out our plans at the Budget to give families and businesses a bit of breathing space, to back good growth in more places throughout this country, and to rebuild confidence in strong British fiscal discipline—something that was lost under the shadow Chancellor’s Government.

I welcome the new shadow Chancellor to his place and thank him for his words. I welcome him back to the Treasury brief—perhaps Members on the Government Benches will have more to say about that later. I echo his comments about the right hon. Member for Central Devon (Sir Mel Stride), who has played an important role in this House, including his cross-party work during the pandemic as Chair of the Treasury Committee. We thank him for that as he steps down from the Front Bench.

The shadow Chancellor takes reports in the paper and tries to make serious points in this House. We will set out our plans at the Budget to give families and businesses a bit of breathing space, to back good growth in more places throughout this country, and to rebuild confidence in strong British fiscal discipline—something that was lost under the shadow Chancellor’s Government.

The future of this country will be written in our growth rates, after 14 years in which we had low growth, high debt and a Budget that crashed confidence in the British economy. Under this Government, we have already seen a new way of generating growth in more places across the country. Members have seen the way that we will reform the centre of Whitehall, so that we cut through slow decision making, with public leadership and control made accountable to the people. I made announcements yesterday on the ways that we will go further to axe the thicket of administration, to back fast-growth firms, and to change the way that we generate investment across the country.

The future of this country will be written in our growth rates, after 14 years in which we had low growth, high debt and a Budget that crashed confidence in the British economy. Under this Government, we have already seen a new way of generating growth in more places across the country. Members have seen the way that we will reform the centre of Whitehall, so that we cut through slow decision making, with public leadership and control made accountable to the people. I made announcements yesterday on the ways that we will go further to axe the thicket of administration, to back fast-growth firms, and to change the way that we generate investment across the country.

I am disappointed that the hon. Gentleman did not recognise that capping bus fares must be a benefit to his constituency in Norfolk and a benefit to passengers. Beyond that, let me take his contribution as an early Budget representation.

I am disappointed that the hon. Gentleman did not recognise that capping bus fares must be a benefit to his constituency in Norfolk and a benefit to passengers. Beyond that, let me take his contribution as an early Budget representation.

If he will make a statement on his departmental responsibilities.

If he will make a statement on his departmental responsibilities.

Since day one in the job, the Prime Minister and I have been in lockstep in our determination to meet Britain’s fiscal rules. This is the bedrock on which we build good growth and help give a bit of breathing space to families and businesses. We acted in the first week to cap bus fares, cut business rates for pubs, social clubs and live venues, and cut VAT on electricity bills. We have also announced further sanctions on Russia. We have changed procurement rules to back British jobs. We launched a new plan for growth from places right across the UK and £100 million to back British sovereign AI firms. This is a Labour Government who are determined to deliver good growth in every postcode and sound fiscal discipline.

Since day one in the job, the Prime Minister and I have been in lockstep in our determination to meet Britain’s fiscal rules. This is the bedrock on which we build good growth and help give a bit of breathing space to families and businesses. We acted in the first week to cap bus fares, cut business rates for pubs, social clubs and live venues, and cut VAT on electricity bills. We have also announced further sanctions on Russia. We have changed procurement rules to back British jobs. We launched a new plan for growth from places right across the UK and £100 million to back British sovereign AI firms. This is a Labour Government who are determined to deliver good growth in every postcode and sound fiscal discipline.

My hon. Friend is right that the Truss mini-Budget means that families with a new mortgage are now paying £600 a year more and the Government are paying more for our borrowing—money that we could be spending on schools and hospitals. The shadow Chancellor is the same man who at the weekend said that there were “lots of good things” in the Truss mini-Budget. With Labour, Britain is starting to turn the corner; it is clear that with a new shadow Chancellor, the Tories are turning back to Liz Truss.

My hon. Friend is right that the Truss mini-Budget means that families with a new mortgage are now paying £600 a year more and the Government are paying more for our borrowing—money that we could be spending on schools and hospitals. The shadow Chancellor is the same man who at the weekend said that there were “lots of good things” in the Truss mini-Budget. With Labour, Britain is starting to turn the corner; it is clear that with a new shadow Chancellor, the Tories are turning back to Liz Truss.

Indeed, the West Midlands Mayor, Richard Parker, is using the powers that he has, including recently by stepping in and taking action to improve bus services across the west midlands. Yesterday he stepped in to provide support for the Jaguar Land Rover workers who may face redundancy and will certainly be well placed to get further jobs.

Indeed, the West Midlands Mayor, Richard Parker, is using the powers that he has, including recently by stepping in and taking action to improve bus services across the west midlands. Yesterday he stepped in to provide support for the Jaguar Land Rover workers who may face redundancy and will certainly be well placed to get further jobs.

The right hon. Gentleman sets out the challenge facing the country in the long term. That is exactly why we have commissioned Alan Milburn and the Minister of State, Department for Work and Pensions, my right hon. Friend the Member for East Ham (Sir Stephen Timms) to do the reviews they are currently doing. When they produce them in the autumn, we will look at them and act on the recommendations.

The right hon. Gentleman sets out the challenge facing the country in the long term. That is exactly why we have commissioned Alan Milburn and the Minister of State, Department for Work and Pensions, my right hon. Friend the Member for East Ham (Sir Stephen Timms) to do the reviews they are currently doing. When they produce them in the autumn, we will look at them and act on the recommendations.

What steps he is taking to help ensure that the UK remains the fastest growing economy in the G7.

What steps he is taking to help ensure that the UK remains the fastest growing economy in the G7.

May I start by paying tribute to my predecessor, my right hon. Friend the Member for Leeds West and Pudsey (Rachel Reeves)? I am proud to have been a member of a Government with the first female Chancellor in 700 years. She did hard yards on the task of rebuilding Britain’s fiscal credibility, public services and levels of growth after 14 years of Conservative Governments’ failure. I now build on her work.

Yesterday, I set out the Government’s determination to see the next chapter of Britain’s growth story written in more places. That means more devolution and the combined force of the Government to get things done, back businesses and get more investment, innovation and jobs across the UK.

May I start by paying tribute to my predecessor, my right hon. Friend the Member for Leeds West and Pudsey (Rachel Reeves)? I am proud to have been a member of a Government with the first female Chancellor in 700 years. She did hard yards on the task of rebuilding Britain’s fiscal credibility, public services and levels of growth after 14 years of Conservative Governments’ failure. I now build on her work.

Yesterday, I set out the Government’s determination to see the next chapter of Britain’s growth story written in more places. That means more devolution and the combined force of the Government to get things done, back businesses and get more investment, innovation and jobs across the UK.

My hon. Friend does a great job of standing up for the people of Ayrshire. The £11.8 million will fund jobs, training and business start-ups right across Ayrshire. In England, this is a Government who are backing local areas to generate growth in more areas, and I would love to see the Scottish nationalist Government do the same.

My hon. Friend does a great job of standing up for the people of Ayrshire. The £11.8 million will fund jobs, training and business start-ups right across Ayrshire. In England, this is a Government who are backing local areas to generate growth in more areas, and I would love to see the Scottish nationalist Government do the same.

Mr Spock, I think some would say, Mr Speaker! My hon. Friend is right. Despite global conflicts, trade tensions and rising threats in the world, which are pushing up inflation, bearing down on growth and pushing up borrowing costs, the UK economy is demonstrating huge resilience. He is right that in the first six months of this year, the UK economy grew the fastest in the G7. I set out yesterday some early steps to back stronger growth in more places: backing innovation with more investment in fast-growth firms across the north; changing the Government’s Green Book discount rate so that projects across the country with long-term potential will get a fairer hearing; and taking an axe to the thicket of administration that too often slows down decisions, holds back growth and prevents the private investment that we need.

Mr Spock, I think some would say, Mr Speaker! My hon. Friend is right. Despite global conflicts, trade tensions and rising threats in the world, which are pushing up inflation, bearing down on growth and pushing up borrowing costs, the UK economy is demonstrating huge resilience. He is right that in the first six months of this year, the UK economy grew the fastest in the G7. I set out yesterday some early steps to back stronger growth in more places: backing innovation with more investment in fast-growth firms across the north; changing the Government’s Green Book discount rate so that projects across the country with long-term potential will get a fairer hearing; and taking an axe to the thicket of administration that too often slows down decisions, holds back growth and prevents the private investment that we need.

The hon. Gentleman could have asked that question to any Chancellor at any time in the past few decades, and no Chancellor ahead of a Budget would have commented on speculation or ruled out measures. I will set out the decisions I take before the House on 28 October, and I look forward to him being there on that day.

The hon. Gentleman could have asked that question to any Chancellor at any time in the past few decades, and no Chancellor ahead of a Budget would have commented on speculation or ruled out measures. I will set out the decisions I take before the House on 28 October, and I look forward to him being there on that day.