Spring Statement

Part of the debate – in the House of Commons at 1:17 pm on 13th March 2019.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 1:17 pm, 13th March 2019

Yes, I will be voting against us leaving without a deal. I have always believed that leaving without a deal would be bad for the UK economy, and that continues to be my view. May I just take the hon. Gentleman up on his point about the relatively higher growth forecasts we saw until a year or so ago? We need to remember that this is a structural downgrade. The OBR revised its estimate of the growth rate of productivity in the economy. Until we get that productivity growth rate back, we will not see sustainable higher growth in the economy. That is why it is my No. 1 priority, and it drives every announcement I make.