Results 41–60 of 11963 for speaker:Philip Hammond

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: My hon. Friend is right to express concern about the vulnerability created by the high level of debt. As the OBR made clear last week, that debt means that if the economy were to face an external shock, we would not be in a position to respond in the way that we would ideally like. That is why we have to get debt down, and the only way to get debt down is to get the deficit down. That means...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: I welcome the hon. Gentleman’s contribution. On an issue as important to our nation’s future as our exit from the European Union, I welcome any opportunity to build consensus across the House and the nation. He is right to draw attention to what the OBR said. Even a very small decline in our productivity performance would add huge amounts to the debt and would reduce, by...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: The hon. Lady is assuming that we will lose trade with the European Union. It is clear to me that, all other things being equal, the ability to enter bilateral trade deals with third countries will be a positive for our economy. Of course, we also want to protect our trade with the European Union. My focus is on ensuring that we get a Brexit deal that protects our existing patterns of trade...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: My hon. Friend is right to warn of the danger of a loss of market confidence in UK fiscal policy—I am looking very hard at the right hon. Member for Hayes and Harlington (John McDonnell). If markets lose confidence in UK fiscal policy, they will re-price lending to the United Kingdom. We already spend more every year on servicing our debt than on our armed forces and police services...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: I was glad to see the hon. Gentleman smiling by the end of that little rant. I do not know which planet he lives on, but I do not feel particularly enfeebled. I do not know what the Labour Treasury team does all day, but my right hon. Friend the Secretary of State for Education made it clear in her statement yesterday that she has put extra money into the frontline schools budget by...

Oral Answers to Questions — Treasury: National Debt (18 Jul 2017)

Philip Hammond: The hon. Gentleman will know—I say that, but perhaps he will not—that public sector net debt will continue to grow until the deficit is eliminated. That is a simple arithmetic fact. His Government pushed our deficit up to almost 10% of GDP, and we have spent the past seven years getting it down to 2.4% of GDP. We will carry on getting the deficit down so that this country’s...

Oral Answers to Questions — Treasury: Economic Growth (18 Jul 2017)

Philip Hammond: Short-term indicators of growth are volatile. Quarterly growth was 0.2% in the first quarter of this year, but this followed strong growth of 0.7% in the quarter before. The underlying economy is robust, thanks to record employment levels. Although a recent rise in inflation, caused mainly by the depreciation of sterling last year, may temporarily dampen consumer spending—today’s...

Oral Answers to Questions — Treasury: Economic Growth (18 Jul 2017)

Philip Hammond: Let me first congratulate my right hon. Friend; it was remiss of me not to do so in my first answer. I very much welcome her to her role on the Treasury Committee, and I look forward to being grilled or toasted by her, or whatever the correct expression is. She is of course exactly right: the only way to build resilience into the economy is to have strong public finances, and the only way to...

Oral Answers to Questions — Treasury: Economic Growth (18 Jul 2017)

Philip Hammond: Yes. The UK oil and gas sector has made a huge contribution to the UK economy, having paid over £330 billion in total in production taxes to date, and supporting over 300,000 jobs. In the next phase of the life of the North sea basin, as many fields come towards the end of their life, we are working with the industry to ensure that we extract every drop of oil and gas that it is economic...

Oral Answers to Questions — Treasury: Economic Growth (18 Jul 2017)

Philip Hammond: As I am sure the hon. Gentleman will know, the short-run effect of a depreciation in sterling would be expected to be a decline in our trade balance performance as we suck in more expensive imports, in sterling terms. But over time the economy will adjust—there are signs that this is happening now—with exporters increasing their output to take advantage of weaker sterling and...

Oral Answers to Questions — Treasury: Economic Growth (18 Jul 2017)

Philip Hammond: The hon. Gentleman is exactly right; those who talk the economy and its prospects down are not doing the country any favours. It is not about borrowing more or taxing more; it is about growing our economy faster and increasing productivity so that we can have sustainable jobs and economic growth that produces the taxation to support our public services as well as rising living standards for...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: My priority is to ensure that the economy remains resilient as we negotiate our exit from the European Union. That means building on this Government’s achievements in reducing the deficit by two thirds, delivering record levels of employment and getting unemployment down to the lowest rate since the mid-1970s, while continuing to tackle the long-term challenge of productivity...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: I agree with my hon. Friend. The UK will have increased the tax-free personal allowance by over 90% compared with 2010, completing a decade of sustained tax cuts for working people. Over 31 million taxpayers will pay less tax in 2017-18, including 3 million taxpayers in the north-west. Since 2010, more than 4 million taxpayers have been taken out of income tax altogether.

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: Yes, I have made it clear on many occasions that when we leave the European Union on 29 March 2019, we will also leave the single market and the customs union. Those are matters of legal necessity. My focus is on ensuring that thereafter we put in place the closest and deepest possible partnership with our European neighbours that will allow us to continue the patterns of trade and business,...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: The hon. Lady is now asking a different question. The Prime Minister has been very clear that Britain is a very large economy in relation to our European neighbours and we would expect to have a bespoke arrangement with the European Union as our long-term future status quo, and indeed a bespoke arrangement for any interim period that is agreed. The hon. Lady is quite right that as we go...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: The hon. Lady, I think, knows that there can be no definitive answer to that question. We do not yet know what the form of our agreement with the European Union will be and we do not yet know what arrangements will be in place for any kind of interim or transition period, so she is speculating. What I can tell her is that the Government are 100% focused on getting the best deal for Britain...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: At the autumn statement, I made a conscious decision to borrow an additional £23 billion for investment in economically productive infrastructure projects—a conscious decision to address one of the challenges we face in improving Britain’s productivity. The Government will continue to combine a prudent fiscal approach with investment in our future through productivity-raising...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: We have to deal with two issues. One is the process by which we uprate business rates, and we all saw earlier this year that long periods followed by dramatic revision are not good for anyone. They cause disruption to business, so we are looking at how we can smooth the process. Secondly, we need to look more broadly at the way in which we address the perceived unfairness that companies that...

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: As the hon. Lady may know, I take a clear view about the confidentiality of conversations between Cabinet Ministers—[Laughter.] While I have had many conversations with my right hon. Friend the Secretary of State for Transport, I make it a rule that it is for departmental Secretaries of State to make announcements when appropriate.

Oral Answers to Questions — Treasury: Topical Questions (18 Jul 2017)

Philip Hammond: No, I do not accept that. However, I readily agree with the hon. Gentleman that, as I have said many times in the Chamber, the process of negotiating our exit from the European Union and then executing that exit is bound to create uncertainty, and uncertainty is always unwelcomed by business. The challenge for us is to secure as much certainty as possible as early as possible for business,...


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