Results 1–20 of 11963 for speaker:Philip Hammond

Upcoming Business – Commons: Main Chamber (22 Nov 2017)

Budget Statement – Philip Hammond. Financial Statement

Written Ministerial Statements — HM Treasury: Bilateral Loan to Ireland (7 Nov 2017)

Philip Hammond: I would like to update the House on the UK’s bilateral loan to Ireland. In 2010, the Government committed to providing a £3.2 billion bilateral loan to Ireland as part of an international assistance package of €67.5 billion including loans provided by the International Monetary Fund (IMF), European Union (EU), euro-area Member States and other bilateral lenders Sweden and...

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: In 2010, we inherited the UK’s largest deficit since the second world war, at 9.9% of GDP. We set out a clear fiscal framework to restore confidence in the economy and reduce the deficit, which has subsequently fallen by more than two thirds. We have delivered the lowest corporation tax rate in the G20 and cut employment costs through the employment allowance. Our unemployment rate, in...

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: My hon. Friend is absolutely right to say that we have the lowest unemployment rate for four decades, and that is a remarkable achievement. The British economy has performed with remarkable resilience since June 2016. Last year, we had the second highest growth rate in the G7. The British economy is fundamentally strong and resilient. Yes, we have some short-term uncertainty, but underneath...

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: We are preparing for all outcomes in our negotiations with the European Union, but the Government’s objective is to reach a deal. As the Prime Minister made clear in her Florence speech, as part of that deal we want to agree an implementation period, during which businesses and Governments can prepare for the new relationship, and we want to agree the principles of that period as soon...

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: One of the remarkable achievements of the past seven years has been the increase in participation in the workforce, particularly in the number of women participating in the workforce. That is in large part due to the family-friendly policies this Government have pursued, with huge increases in the availability of childcare—free childcare—and in the tax deductability of childcare....

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: No, and that was not what my right hon. Friend said, as the right hon. Gentleman very well knows. I would, however, agree with him that increasing activity in the construction sector is a very good way of creating jobs, but he will know that at 4.3% our economy is approaching full employment and the output gap is extremely small.

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: I am sure he did, Mr Speaker. My hon. Friend raises an interesting but technical point that has been raised with me by others, including the TUC. I will take what he said as a Budget representation and look into it carefully.

Oral Answers to Questions — Treasury: Unemployment (24 Oct 2017)

Philip Hammond: The Government made commitments on the personal allowance and higher-rate threshold in their previous election manifesto. We reiterated them in the 2017 manifesto, and we remain committed to those policies. Of course, I will take into account all the representations I receive from right hon. and hon. Members, and I shall take the hon. Lady’s comments on the work allowance as such a...

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: The UK internal market benefits all the nations and regions of the United Kingdom. It is essential that no new barriers to living and doing business in the UK are created. Exports to the rest of the UK are vital to the success of Scotland’s economy, generating £50 billion in 2015. That compares with £12 billion of exports to the EU and £16 billion to the rest of the world...

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: I strongly agree with my hon. Friend that the fragmentation of the UK internal market would be damaging for the Scottish economy, particularly small businesses. This is not just an issue for Scotland, though. We all agree that protecting the UK internal market is in our shared interests, and the Government will work to make sure that there are no new barriers to doing business across the UK.

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: As I have already said, the Government are preparing for all possible outcomes of the negotiations with the European Union, as any prudent Government would, but the Prime Minister has made it very clear that our strong preference is to achieve a deal, which is good for Britain and which protects British jobs, British businesses and British prosperity—by which I mean the jobs,...

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: I am very confident that, whatever the outcome, all of this talent will not leave. The Prime Minister made it very clear yesterday that her top priority remains giving assurance to EU citizens living in the UK, which is why she is working hard to deliver a deal on citizens. It is the area in which our discussions with the European Union are most advanced. The hon. Lady has the Prime...

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: My hon. Friend is right to draw attention to the important role of financial services and insurance in the Scottish economy as a subset of the broader point that the internal market works extremely well for Scotland and is very important to Scotland’s exports. It would clearly be catastrophic for the financial and insurance services sector if businesses based in Scotland were no longer...

Oral Answers to Questions — Treasury: Scottish Economy (24 Oct 2017)

Philip Hammond: The Government’s position is very clear: the benefits of the UK internal market are absolutely clear to all of us and we will not allow it to be compromised. In our negotiations with the European Union, we hope and expect to agree a deal that will allow British businesses to continue to enjoy the benefits of access to the European marketplace and European companies to continue to enjoy...

Oral Answers to Questions — Treasury: Deficit Reduction (24 Oct 2017)

Philip Hammond: The Government have reduced the deficit by well over two thirds—from a post-war high of 9.9% of GDP in 2009-10 to a low of 2.3% of GDP in 2016-17. We have done that not out of some ideological obsession, but because the key challenge is to get debt falling to increase the resilience of our country so that if the need were ever to arise, we would have the capacity to support the economy...

Oral Answers to Questions — Treasury: Deficit Reduction (24 Oct 2017)

Philip Hammond: Yes. It is not responsible to make so-called hard choices by loading the price on to the next generation and the generation after that. We have to make difficult decisions and we have to bear the consequences of those decisions. At £65,000 per household, our public debt is still far too high, so I can confirm to my hon. Friend that we will continue the plans that we have announced to...

Oral Answers to Questions — Treasury: Deficit Reduction (24 Oct 2017)

Philip Hammond: My hon. Friend puts his finger on an important problem. Corporation tax in the UK—in fact, in all countries—is levied on profits generated by the activities of companies within the territory. The big global digital companies present us with a new challenge of attributing profits effectively to individual jurisdictions. We are continuing to work with the OECD’s taskforce on...

Oral Answers to Questions — Treasury: Deficit Reduction (24 Oct 2017)

Philip Hammond: No. Of course a Government need to be able to respond to an external shock, but a prudent Government have got the economy in good shape to respond before such a shock arises. The problem in 2008-09 was that the then Labour Government were borrowing tens of billions of pounds at the top of the economic cycle—grossly irresponsibly.

Oral Answers to Questions — Treasury: Deficit Reduction (24 Oct 2017)

Philip Hammond: As I have already said, the Government have made it clear—the Prime Minister set this out in the Florence speech—that we want to agree an implementation period as part of a deal with the European Union. We are greatly encouraged by the fact that, at last week’s European Council, the 27 agreed to start internal preparatory discussions on guidelines in relation to an...


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