Results 1–20 of 7130 for (in the 'Commons debates' OR in the 'Westminster Hall debates' OR in the 'Lords debates' OR in the 'Northern Ireland Assembly debates') speaker:Philip Hammond

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: In April, the national living wage will rise to £7.83. That means an annual pay rise of over £2,000 for a full-time national living wage worker since the introduction in 2016 of the national living wage, which has helped reduce the proportion of full-time jobs that are low paid to the lowest level in at least 20 years. Sustaining long-term pay growth relies on improving...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: Income inequality is lower than it was in 2010. In fact, it remains lower than at any point under the last Labour Government. The Gini coefficient, which is an internationally recognised measure of income inequality, is now 3% lower than in 2010. Since my autumn statement in 2016, we have increased the tax contributions of the highest earners while those on the lowest incomes have gained overall.

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: The hon. Gentleman makes an absolutely correct point. In the long run, higher wages can be delivered only through increased productivity. That means investment in infrastructure, investment in skills and training, and investment in research and development—with both public funding and tax incentives for private funding—and it means ensuring that capital is available for businesses...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: My hon. Friend is right. As I said, income inequality is lower than at any point during the Labour Government. People in full-time work on the national living wage have seen a £2,000 a year pay increase as a result of the national living wage and, of course, everybody in work has seen an improvement in their take-home pay as a result of the significant increases in the personal allowance...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: The rates for people under 25 were increased in the Budget by the biggest amount ever—[Interruption.] Look, of course we would all like to see high rates of employment and high rates of pay across all age groups in the economy, but for young people, the most important thing—the Low Pay Commission highlights this fact—is that they get into work, because if they are in work...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: In 2010, we inherited the largest deficit since the second world war, standing at nearly 10% of GDP. We have successfully reduced it by three quarters, meaning that it stood at 2.3% at the end of last year, but our debt is still too high. High levels of debt leave us vulnerable to economic shocks and incur significant debt interest, which is why the Government have clear and detailed fiscal...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: Yes, I absolutely agree with my hon. Friend that a policy of increasing borrowing simply means passing the cost of today’s consumption to future generations and wasting more taxpayers’ money on debt interest. Even Labour’s shadow Education spokesperson has acknowledged that this is a ultra high-risk strategy that would be a gamble with our economic future.

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: Yes, I can agree with my hon. Friend on that. Any party that aspires to government and is serious about properly managing the public finances should be able to explain how it would fund the expenditure it is committing to—and to do so without consulting an iPad.

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: Yes, the Government have given an indemnity to the official receiver so that it can take on the role of special manager of Carillion’s assets to ensure the continuity of public services in the many schools, hospitals and local authorities that have contracts with Carillion. The Treasury has provided the official receiver with a line of credit that enables the official receiver’s...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: I am not aware of any direct exposure of Her Majesty’s Government as a creditor of Carillion, but I will check, write to the hon. Gentleman and place a copy of the letter in the Library of the House.

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: My hon. Friend is right. Our level of debt is too high, and there is a reason why that matters. In response to the financial crisis in 2009, the then Government were able to allow debt to rise. If we had a similar crisis now—God forbid—we would be struggling to be able to do that, because debt is already very close to 90% of GDP. It is urgently necessary that we get our debt level...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: No, and neither do the Opposition. That is why they have already recognised that their plans would deliver the run on the pound for which they are wargaming. I will take no lectures from a party that oversaw a 165% increase in debt, and is proposing to add a further £500 billion to our debt level just when the Government are delivering a reduction in debt.

Oral Answers to Questions — Treasury: UK Internal Market (16 Jan 2018)

Philip Hammond: The UK internal market benefits all the nations of the UK. The Scottish Government’s own latest figures indicate that 63% of Scotland’s exports are to the rest of the UK, compared with 16% that go to the EU, and for Wales it is 80% compared with 12%. Stakeholders across Wales and Scotland have made it clear that it is vital that we continue to support the smooth working of the UK...

Oral Answers to Questions — Treasury: UK Internal Market (16 Jan 2018)

Philip Hammond: Yes, it is absolutely true that for both Scotland and Wales leaving the UK single market would be far more economically damaging than leaving the European single market, which begs the question why the Scottish National party has advocated so strongly remaining in the European single market and also advocated so strongly breaking up the UK single market.

Oral Answers to Questions — Treasury: UK Internal Market (16 Jan 2018)

Philip Hammond: The hon. Gentleman will know that I have been arguing for the last year for a jobs-first, prosperity-first Brexit, which means negotiating the closest possible relationship with the EU after we leave that union, and that is what we intend to do.

Oral Answers to Questions — Treasury: UK Internal Market (16 Jan 2018)

Philip Hammond: Yes, we have identified regional disparity as one of the drivers of low productivity in the UK. Raising the productivity performance, particularly that of our great cities outside London, is key to raising UK’s performance overall.

Oral Answers to Questions — Treasury: Topical Questions (16 Jan 2018)

Philip Hammond: My principal responsibility is to ensure the stability and prosperity of the economy, which means building on the ambitious steps laid out in the autumn Budget to tackle the key challenges we face so that we can create an economy fit for the future. I look forward to doing so, ably supported by my excellent ministerial team. Our balanced approach to the public finances enables us to give...

Oral Answers to Questions — Treasury: Topical Questions (16 Jan 2018)

Philip Hammond: Yes, I agree with my hon. Friend. Keeping business taxes competitive so that we can attract international investment to this country is essential, but there is a quid pro quo: if taxes are low, they must be paid. We are determined to ensure full compliance and to lead in international forums in looking at ways of improving corporate tax compliance.

Oral Answers to Questions — Treasury: Topical Questions (16 Jan 2018)

Philip Hammond: The hon. Gentleman may not have noticed but we have put an extra £6 billion into the NHS. The first two weeks of the year are traditionally the highest pressure weeks in the NHS, and we have seen extreme pressure over the past two weeks. He may also not have noticed that we have a flu crisis going on, which inevitably takes its toll. In an ethically-based health service, we treat the...

Oral Answers to Questions — Treasury: Topical Questions (16 Jan 2018)

Philip Hammond: The answer to that is the £6 billion of additional money that we put in at the Budget. I am glad that the hon. Gentleman raised St Peter’s Hospital in my constituency, because that gives me the opportunity to make an important point. As other Members will know, whatever the media say about the NHS in general, when one speaks to one’s own constituents about their experience in...


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