Leading MP Calls for Accelerated AI Adoption and Stronger EU Ties to Boost UK Growth
Shadow Chancellor Rachel Reeves to urge rapid integration of AI and deeper EU collaboration to drive economic recovery, as personal insolvencies surge in England and Wales.
Rachel Reeves, the Shadow Chancellor, will call for the rapid adoption of artificial intelligence (AI) and deeper ties with the European Union (EU) to boost economic growth in the UK. Reeves' speech comes as new data shows a surge in personal insolvencies in England and Wales, with the number of debt relief orders reaching a record high.
In her address, Reeves will argue that the UK must embrace AI technology to enhance productivity and competitiveness, warning that the country risks falling behind global competitors if it does not act swiftly. She will also emphasize the importance of strengthening economic cooperation with the EU, Britain's largest trading partner, to drive investment and innovation.
The comments follow a report that the number of people in England and Wales falling into insolvency has jumped by 18% in the past year. In February 2026, there were 11,609 individual insolvencies registered, with a record high of 4,210 debt relief orders (DROs) and a rise in individual voluntary arrangements (IVAs) to 6,631.
The surge in personal insolvencies underscores the challenges facing households amid the cost-of-living crisis and rising mortgage costs. The average two-year fixed-rate mortgage has climbed from 4.83% at the start of March to 5.28% today, the highest level since April 2025. Similarly, the average five-year fixed-rate has increased from 4.95% to 5.32% over the same period, reaching its highest point since February 2025.
