Dear Constituents,

Thank you for taking the time to read my newsletter. 

As City Minister, it has been a very busy month for me and my Treasury colleagues! The Chancellor, Rachel Reeves MP, delivered the first Labour Budget in 14 years. She is the first female Chancellor to do so, and I was proud to stand beside her outside Number 11 Downing Street before heading to Parliament. I hope that the women and young girls who were watching know that they too can be in the driving seat of political change. 

It was also a very special month for me, as I had the pleasure of making the closing statement for the Budget debate, just before MPs began voting on the measures. If you watch my speech, you will see how proud I am of the investment that will be put into our public services – which could not have come sooner. Later in the newsletter you can read my key takeaways from Budget and what it will do for our NHS, housing and schools. 

As usual, I have been meeting with leaders from across the financial services industry to discuss how we can foster economic growth. Over the last month, I have met with the UK CEO of CitiBank, leaders from the Canadian Pension Plan, the UK Open Banking service and the payments company Stripe. From improving female representation in financial services to boosting innovation, these conversations are ensuring that we in work partnership with industry to deliver lasting change. 

It has also been fantastic to spread the word that Britian is open for business, which I did in speeches to UK Finance, the Association of Foreign Banks and the Association of British Insurers this month. I also had the opportunity to do this on an international level too, speaking to the leading lights of Anglo-India relations at the Institute of Directors conference about how we can strengthen our relations further. 

Beyond my Ministerial work, it has been brilliant meeting so many constituents who make a major contribution to our community. Whether it was meeting Ukrainian refugees in Parliament or celebrating Mitzvah Day with the residents of Spring Grove Care Home, I am always touched by the community spirit of Hampstead and Highgate. Alongside that, I have been supporting local residents in raising their concerns, including at a meeting with the local police and council where I raised issues around crime and anti-social behaviour. 

Please read on to see more of what I have been up to both in Parliament and locally. Thank you again for taking the time to read my newsletter and please do be in touch if I can be of any personal assistance on tulip.siddiq.mp@parliament.uk. 

Best wishes, 

Tulip Siddiq MP 

Member of Parliament for Hampstead and Highgate 

The First Labour Budget in 14 Years

The Budget, announced by the Chancellor Rachel Reeves MP, is a significant moment for our public services – rejecting austerity and pushing for investment. Here are some measures that I think will make a real difference for constituents.

Firstly, for people to live happy and productive lives, they need to be healthy. That is why, in the next two years alone, £25 billion will be invested in the NHS to cut waiting times and deliver an extra 40,000 elective appointments a week. This includes money for new surgical hubs, diagnostic scanners and additional hospital beds – building capacity for more than 30,000 additional procedures.

Secondly, housing, including homelessness and the lack of social housing, is by far the most common casework issue that constituents write to me about. To tackle these issues, the Government will inject an additional £500 million into the development of new social and affordable homes – bringing total investment in housing supply to more than £5 billion, supporting the delivery of tens of thousands of new homes.

Beyond these headline announcements, we are increasing the National Living Wage by 6.7% (£1,400 a year), investing £2.3 billion into the core schools’ budget and making business rates fairer to protect our high streets. To read more about my reflections on the Budget for the constituency, read my article in the Ham and High.

Support for Ukraine

I am deeply proud of the efforts that constituents in Hampstead and Highgate have made for Ukrainian refugees since Russia’s invasion, offering their homes, community spaces and financial support. It was therefore a privilege to meet Ukrainian refugees in Westminster Hall earlier this month, after their tour of Parliament. This tour was organised as part of the free educational services that the South Hampstead Synagogue are offering to those who fleeing the conflict. I want to thank the Synagogue, alongside other local faith communities, for their incredible support for refugees over the last few years.

Since the outbreak of the conflict, I have supported many constituents who have offered their homes as a place of refuge, including campaigning successfully for the Government to change its approach to taking in child refugees from Ukraine. This month, as City Minister, I continued this work by bolstering the Government’s support for Ukraine.

Firstly, I introduced the Government’s plans to increase our financial contribution to the European Bank for Reconstruction and development, to help it leverage tens of billions of pounds to fund Ukraine’s reconstruction. Secondly, I had the privilege of closing the Parliamentary debate on the Government’s Financial Assistance to Ukraine Bill, which will use seized Russian assets to fund our support to Ukraine. In my speech, I had the opportunity to pay tribute to my constituents, including South Hampstead Synagogue, for their support for refugees.

Improving Financial Inclusion and Tackling Abuse

Access to the right financial services can be transformational, but over one million adults do not have access to a bank account. I was pleased to speak at a Parliamentary reception, hosted by Fair4AllFinance, to outline what I am doing as City Minister to tackle the financial barriers to opportunity. I want to take a grass-roots approach to the National Financial Inclusion Strategy I am developing, by listening to the views of debt charities, banks, councils and the financially excluded.

Financial education is also crucial to boosting economic inclusion. That is why I supported this year’s Talk Money Week, by the Money and Pensions Service, to encourage people to talk more about their money with those they trust. Read my article to find out what I am doing to improve financial wellbeing with my family.

And finally, a shocking 1 in 7 women are victims of economic abuse by current or former partners. I have heard so many heartbreaking stories from survivors in the constituency and beyond. I felt honoured to speak to a packed room of guests at a Parliamentary reception, hosted by Survivors of Economic Abuse about the need to tackle this serious and widespread issue.

Championing Women in Finance

Number 11 Downing Street is now occupied by the first-ever female Chancellor, Rachel Reeves MP. As City Minister, I am responsible for the Treasury’s Women in Finance Charter, and it was a special moment for me and the Chancellor to host the trailblazers of female representation in financial services at Number 11. I have been working with businesses, who are signatories to the Charter, to go above and beyond to tackle female underrepresentation and ensure everything is being done to support women in the workplace.

Earlier this month, I met with Tina Lee, CEO of Citi Bank UK – a signatory to the charter and a trailblazer in her own right. We discussed the importance of getting more women into senior positions in financial services.

The Opening of the Restored Holly Lodge Pond

On a typically autumnal weekend morning, I had the pleasure of attending the opening of the restored Memorial Pond at Holly Lodge. Celebrating its Centenary year, the estate was originally built for 500 self-sufficient women after the First World War – known as ‘Lady Workers’. The pond is a memorial to Abraham Davis who acquired and built Holly Lodge. Featuring a statue of a young woman, it sits in a wild “secret garden” on the estate. On warmer days, children play hide and seek amongst the bushes and families enjoy picnics together in this very natural space.

It was fantastic to be joined by Camden Labour colleagues including Councillors Richard Olszewski, Anna Wright and Camron Aref Adib. The pond, returned to its former glory, was unveiled by Dame Jenny Abramsky, who was born on and lives on Holly Lodge estate.

Mitzvah Day

Mitzvah Day means a lot to me. It is the largest multi-faith day of social action in the UK. Across the constituency, and the country, people come together from different backgrounds, faiths and perspectives to give back to their community.

It was wonderful to celebrate Mitzvah Day this year with the residents and staff at Spring Grove Care Home. A highlight was the opportunity for me to share a letter from the Prime Minister, Keir Starmer MP, thanking Spring Grove for the role they play in our Camden community.

Supporting the Chancellor at Mansion House

Earlier this month, I was the first City Minister in 14 years to attend a Mansion House speech. This annual event is where the Chancellor outlines their plans for the financial services sector, and this year Rachel Reeves announced some very exciting reforms. These announcements include an innovative new stock market, increased support for the cooperative sector and significant pension reforms to encourage greater investment in infrastructure and high growth companies.

It was a fantastic night to catch up and celebrate this momentous occasion with colleagues too! The following week, I had the privilege of delivering the Mansion House statement to Parliament – answering questions from MPs about the Chancellor’s announcements.

Remembrance Day

On Remembrance Sunday, we honoured all those who have served and remembered their sacrifice. Earlier that week, it was a privilege to plant a stake at the Remembrance Garden in Parliament to commemorate all those in Hampstead and Highgate who have given their lives to service.

This year, I dedicated my stake to Edward Fowler, who served in the Royal Air Force during WWII and was an active community member and Vice President of the Highgate Society for many years. It was important to take this opportunity to remember Edward and all those who have served our country.

Meeting with Local Police Leaders

It is vital that all communities feel safe and protected in Hampstead and Highgate. Sadly, in recent weeks we have seen a number of incidents that have caused distress to many local residents including those in the Jewish community, and I have been in constant contact with the police, council and others to ensure there is no place for hate in our community.

I recently requested a meeting with senior leaders in the local police force to raise these concerns and work together with them to ensure all our faith communities are properly protected and hate crimes are dealt with effectively. They shared some of the steps they have already taken to address these issues and discussed ways of working together more effectively to reassure our local communities. I have been assured that improved information sharing and new plans for managing events should help to prevent future incidents.

I also took the opportunity to raise the worrying rise in crime we have seen in recent years, including retail theft, phone snatching and burglary. I will continue to work with the police and others to make sure our communities are safe and I am working with my colleagues in Government to ensure they have sufficient resources to properly tackle crime.