Results 1–20 of 12401 for speaker:Philip Hammond

Written Ministerial Statements — Treasury: ECOFIN: 22 January 2019 (22 Jan 2019)

Philip Hammond: A meeting of the Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 22 January 2019. The Council will discuss the following: Early Morning Session The Eurogroup President will brief the Council on the outcomes of the 21 January meeting of the Eurogroup, and the European Commission will provide an update on the current economic situation in the EU. Following this, the...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: Will the hon. Gentleman acknowledge that the cross-Government modelling to which he refers looked at the situation 15 years out? Of course it does not reflect the inclusion of the backstop. The backstop, if it were used, would be a temporary arrangement, so it is completely irrelevant to the stable state 15 years out.

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: This has been a wide-ranging and interesting debate that has exposed clearly the different and passionately held views on all sides of the wider argument about Brexit. In my contribution to this debate on 6 December, I set out the economic case for a deal, the damage that would be likely to result from disruption of cross-border supply chains in a no-deal scenario, and how a deal would...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: The deal that the Prime Minister has presented to Parliament very clearly is a compromise between the views of people on both sides of this argument. It will not deliver 100% of what anybody wants, and the Prime Minister herself has recognised that only this afternoon. I want to mention my right hon. Friend the Member for New Forest West (Sir Desmond Swayne), because I think he summed up...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I have been making effectively the same point myself for about the last year. We concluded that the EEA model would not work for Britain’s most important sector, financial services. The deal that the Prime Minister has negotiated has within it good and strong provisions for financial services and will be a much better result for the financial services industry than the EEA model would be.

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I will give way briefly to the hon. Gentleman and then I must make some progress.

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: Without wishing to digress too far, the simple point is this. Under an EEA model, the whole of the UK financial services sector and all its sub-sectors would be subject to European Union regulation in perpetuity, without any ability to opt out. Under the model that we have agreed with the European Union under this deal, we will be able to seek equivalence where it is right for us to do so...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: Mr Speaker, we are engaged in a debate here and, whether the hon. Member likes it or not, a number of my colleagues have advocated the merit of a no deal exit. I have made it very clear that I do not agree with them, but I respect their position because it is a sincerely held position, consistently expressed. While I do not agree with them, I will vigorously defend their right to express...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I will not give way; I need to make some progress. It is clear to me that the majority of this House is opposed to no deal, for very good reason in my view. When the British people voted narrowly to leave the EU, they did so at the end of a campaign that had emphatically promised them a better life outside the EU. Like the vast majority of us in this House, I won my seat at the general...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: It is very clear, and I have had the discussion in the Chamber many times, that the closer our relationship with the European Union, the closer the trading partnership we are able to maintain and the less friction there is in our trading relationships, the greater our prosperity and our economic growth will be. A no-deal Brexit would not do that. I believe we have an obligation to deliver...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: My hon. Friend is of course right. A number of hon. Members have appeared to suggest in their remarks that we might be absolutely worse off in certain circumstances. The analysis the Government have published shows that that is clearly not the case. The country will be better off. The economy will grow in every modelled outcome. The question is merely by how much. I believe the great...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: The hon. Lady acknowledges something that the Chancellor of the Duchy of Lancaster said in his contribution a couple of days ago. It is important for us to remember that any form of negotiated solution requires a withdrawal agreement, and that has to include provisions around the financial settlement, citizens’ rights and the Irish border. The EU has made it clear that it is not prepared to...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: I do not know how much engagement my right hon. Friend has with the insurance industry, but it would baulk at the notion that an insurance policy is time-limited. If someone is covered by an insurance policy against the acquisition of some terrible disease, such as asbestosis, it may be 10 or 20 years later that they discover they are a sufferer. They would expect the insurance put in place...

Leaving the EU: European Union (Withdrawal) Act (14 Jan 2019)

Philip Hammond: It is a balance, and I have personally come to the conclusion that the damage that would be done to our political system, the resulting instability and the economic consequences mean that the economic cost of going back would outweigh the economic cost of going forward. I am sorry if the hon. Lady does not agree, but I can assure her that I have thought very long and hard about this. Those...

Written Ministerial Statements — Treasury: ECOFIN: 04 December 2018 (17 Dec 2018)

Philip Hammond: A meeting of the Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 04 December 2018. The UK was represented by Mark Bowman (Director General, International Finance, HM Treasury). The Council discussed the following: Early Morning Session The Eurogroup President briefed the Council on the outcomes of the 03 December meeting of the Eurogroup, and the European Commission...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: Budget 2018 announced our plan for the high street, which provides £1.5 billion of support to fund local areas as they make their high streets fit for the future. The plan includes a £675 million future high streets fund, planning reforms, a high streets taskforce, support for community assets and a cut by a third to the business rates bills of independent retailers for two years from April...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: My hon. Friend makes a point that has been raised on many occasions. There is concern about the way the business rates system works. In 2016, we conducted a fundamental review of business rates that agreed that property-based taxes were easy to collect, difficult to avoid and stable. There was no consensus around any replacement for business rates. My hon. Friend will know that separately the...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: Yes, I am happy to join my hon. Friend in congratulating Barnstaple on the success of its high street. Of course, there are many successful high streets throughout the United Kingdom, even at a time when the high street overall is under pressure. I am sure my hon. Friend is aware that Devon’s success does not stop at the high street; it has seen a wider economic achievement, with...

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: The answer, of course, is to ensure that we leave the European Union in a way that supports our economy across the United Kingdom. That means a negotiated deal that allows us to have a smooth exit and retain a close trading partnership with our European neighbours in the future.

Oral Answers to Questions — Treasury: Support for the High Street (11 Dec 2018)

Philip Hammond: I am not sure whether the hon. Gentleman was in his place for the Budget, but I did in fact announce a digital services tax based on turnover. I also announced a reduction of one third in the business rates for independent retailers. I am very happy to have a meeting with him and explain the changes in detail.


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