Results 61–80 of 12270 for speaker:Philip Hammond

Written Ministerial Statements — Treasury: Notification of contingent liability (21 Jun 2018)

Philip Hammond: I have today laid before the House of Commons a Departmental Minute describing the contingent liability associated with the new financial framework between HM Treasury and the Bank of England (the ‘Bank’)[1]. On this occasion it has not been possible to notify Parliament in advance of the contingent liability coming into effect, which is due to the market sensitive nature of the...

Written Ministerial Statements — Treasury: ECOFIN: 22 June 2018 (21 Jun 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) will be held in Luxembourg on 22 June 2018. ECOFIN will be preceded by a morning meeting of the EIB Board of Governors: Annual EIB Governors meeting The EIB Board of Governors meeting will include a speech by the EIB President Werner Hoyer, a Governors discussion, reappointment of the Board of Directors, and approval of the...

Written Ministerial Statements — Treasury: ECOFIN: 25 May 2018 (11 Jun 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 25 May 2018. EU Finance Ministers discussed the following: Early Morning Session The Eurogroup President briefed the Council on the outcomes of the 24 May meeting of the Eurogroup, and the European Commission provided an update on the current economic situation in the EU. Banking Package The Council...

Written Ministerial Statements — Treasury: ECOFIN: 25 May 2018 (24 May 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 25 May 2018. EU Finance Ministers will discuss the following: Early Morning Session The Eurogroup President will brief the Council on the outcomes of the 24 May meeting of the Eurogroup, and the European Commission will provide an update on the current economic situation in the EU. Banking Package The...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: One year on from the appalling Manchester Arena attack, I am sure that I speak for everyone in the House in saying that on this day our thoughts are with those who lost their lives and their families, and those who suffered life-changing injuries. We will remember them with a minute’s silence later today. The UK’s 5.7 million small businesses make a vital contribution to our...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: We have already introduced business rate concessions to reduce the burden of rates on small businesses, including by bringing forward by two years the switch in indexation from the retail prices index to the consumer prices index. We are ensuring that Britain is the world’s leading place to start and grow a business, including through reducing corporation tax rates. There are almost...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: The national productivity investment fund is investing in all those areas. We have the biggest rail investment programme since Victorian times and the biggest road building programme since the 1970s, and we are investing in superfast broadband, which is critical to this country’s future. As my hon. Friend will know, in his area we are investing in the A21, and we are working with...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: The hon. Gentleman is right that skills are a critical factor for business in an economy with such high levels of employment and low levels of unemployment as we have achieved. We are investing in apprenticeships with the new apprenticeship levy, providing funding for more and better apprenticeships; we are investing in T-levels, improving substantially the level of technical training for 16...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: The hon. Lady correctly identifies the underlying problem: the nature of retailing is changing. Britain is leading the world in the adoption of online retail, which has huge opportunities, but will also bring huge changes. This is a microcosm of the changes we will face in this economy over the next 10, 20 or 30 years, as the digital revolution changes fundamentally the way we do business....

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: We have taken steps that I have already outlined this morning to reduce the burden of taxation on businesses large and small, although of course small businesses are most beneficially affected by the £10 billion programme of reducing business rates costs through the reduction in corporation tax levels. But we are always looking for further ways to support the smallest businesses and to...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: I do not know whether that was an announcement of a change in Labour party policy. My understanding is that the Labour party’s position is to increase corporate tax rates for small businesses. Perhaps the hon. Gentleman will tell us whether he has changed his position. On the question of our future customs arrangements with the European Union, the hon. Gentleman will know that I have...

Oral Answers to Questions — Treasury: Support for Businesses and Entrepreneurs (22 May 2018)

Philip Hammond: I have already answered the hon. Gentleman’s questions about my meeting with Mr Cameron last October. In a meeting that ranged across a number of issues, Mr Cameron was good enough to inform me of his intention to take up this role with a fund promoting investment both in China and the UK. The Government support all initiatives that improve trade and investment between the UK and China.

Oral Answers to Questions — Treasury: New Technologies (22 May 2018)

Philip Hammond: The Government are committed to helping firms to harness the benefits of new technologies, and we are taking action to do so. For example, we have set the annual investment allowance at £200,000 a year, its highest-ever permanent level; we have announced a 10-year action plan to unlock more than £20 billion to finance growth in innovative firms; and we have delivered the biggest...

Oral Answers to Questions — Treasury: New Technologies (22 May 2018)

Philip Hammond: Yes. I congratulate my hon. Friend on his commitment in this regard, especially in his role as chairman of the all-party parliamentary group on the fourth industrial revolution. Science, research and innovation are areas in which the UK has huge strengths. Our challenge is to provide the right environment—including the right tax environment—to ensure that that potential stays in...

Oral Answers to Questions — Treasury: New Technologies (22 May 2018)

Philip Hammond: We have a globally competitive offer for businesses seeking to locate in the United Kingdom, and, of course, Northern Ireland will have corporation tax flexibilities of its own in due course. However, we seek to make all parts of the UK attractive to foreign direct investment, and Northern Ireland has done extremely well from that.

Oral Answers to Questions — Treasury: New Technologies (22 May 2018)

Philip Hammond: This is partly about public investment and partly about private investment to encourage the roll-out of full-fibre broadband technologies and give companies access to the funds that they need to make investments and take advantage of the public infrastructure. We will make further announcements about our forward broadband strategy during the summer.

Oral Answers to Questions — Treasury: New Technologies (22 May 2018)

Philip Hammond: Once we have left the European Union the money that was reaching the UK from EU sources will be allocated to the UK shared prosperity fund, and over the course of this year we will consult on both the distribution and the application of those funds and the size that that fund should be.

Oral Answers to Questions — Treasury: Economic Growth (22 May 2018)

Philip Hammond: The best way to drive economic growth is to raise our productivity growth rate. That is why since 2010 the Government have overseen over half a trillion pounds in capital investment including in the national productivity investment fund, have increased investment in skills and have reduced taxes for business, and I tell my hon. Friend that the way not to support economic growth is through...

Oral Answers to Questions — Treasury: Economic Growth (22 May 2018)

Philip Hammond: Since 2010 the shadow Chancellor has predicted that the UK would go into recession on no fewer than eight separate occasions—that is eight out of zero. But the UK economy is growing steadily and is now 10.7% bigger than its pre-crisis level, and the Office for Budget Responsibility expects it to continue to grow in each year of its forecast to 2022. While we know that the shadow...

Oral Answers to Questions — Treasury: Economic Growth (22 May 2018)

Philip Hammond: The Government’s view is that a unified rate of VAT across the United Kingdom is an important part of our single market of the United Kingdom, which is an essential economic good for the whole of this country.


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