Results 181–200 of 12208 for speaker:Philip Hammond

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...

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

Philip Hammond: Yes. There are two ways to get our debt falling as a percentage of GDP. By far the easiest way, and the most agreeable way for our constituents, is to grow the economy so that the denominator shrinks.

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

Philip Hammond: As my hon. Friend knows, we are seeking a bespoke vehicle for a deep and special partnership, and we are certainly prepared to look into any constructive suggestion from any part of the House.

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

Philip Hammond: Yes. We engage frequently with industry and our No. 1 priority is obviously to ensure that we protect the UK economy as we exit the EU. In fact, as a manufacturer of aviation equipment, which has a zero EU tariff, Airbus should be relatively minimally affected. Nevertheless, I think the company’s particular concern is about the ability to bring EU nationals into the UK to work, and we...

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

Philip Hammond: Membership of the European Economic Area, which EFTA would entail, involves under current rules compliance with the four freedoms, and that means free movement of people, which the British people rejected in the referendum in 2016.

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

Philip Hammond: HMRC already has a scheme that can assist companies that are finding cash-flow difficulties in meeting tax liabilities. We agreed last night that HMRC will specifically signpost, via the Carillion-specific websites that are operating, that that facility exists.

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

Philip Hammond: As my hon. Friend knows, the Government are committed to introducing a fair funding formula, and my right hon. Friend, the Secretary of State, has committed to move forward with that programme this year.


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