Results 61–80 of 12413 for speaker:Philip Hammond

Oral Answers to Questions — Treasury: Topical Questions (11 Dec 2018)

Philip Hammond: I am happy to look further at the hon. Lady’s Bill. It is an interesting idea and I know that the Cabinet Office commercial secretariat has been looking at her proposals.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: Thank you, Mr Speaker. I welcome the opportunity to take part in this debate today and to make the case to the House for backing the Prime Minister’s Brexit deal, ensuring a smooth and orderly departure from the European Union, delivering on the referendum decision of the British people and, at the same time, securing a close economic and security partnership with our nearest neighbours and...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I have always recognised that leaving the EU will have an economic cost, but the deal that the Prime Minister has negotiated minimises that cost. Our nation is divided on the issue, and I fundamentally believe that we have to bring the country back together in order to succeed in the future. This deal offers a sensible compromise that protects our economy but delivers on the decision of the...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: Yes. As I have said in this House many times, at the beginning of the process, there were people inside the European Union who were contemplating a punishment deal for the United Kingdom—a deal designed to punish us for having the audacity to decide to leave the EU. Clearly, we could not have accepted such terms for our departure.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I will give way one more time and then make a little progress.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: Yes, it is no deal. As I will say later in my speech, if we did leave the European Union without a deal, we would actually be the only advanced economy in the world trading with the European Union on pure WTO terms, with no facilitation agreements whatsoever. In my view, that would be a very bad outcome for the United Kingdom.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: It depends very much on what those rules are. Rules on the goods acquis, the part of EU regulation that deals with goods, are very stable and have been for many years. We know that our manufacturers in this country will continue to follow EU rules on goods, whether we choose to adopt those rules or not, so I think that the economic price of having such rules would be very small. In other...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I completely agree with my hon. Friend. That is the central theme of what I will say to the House today. Yes, leaving the European Union has a cost, but going back on the decision of the British people would also have an enormous cost for our country.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: Yes, and we are already paying a price, and have paid a price, for the uncertainty on our future trading relationship with the European Union. The sooner we can restore certainty, the sooner we can get back on to a path of solid economic growth.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: No. In all scenarios, we expect that economic growth will continue and the economy will carry on growing. What we were looking at in the analysis we published last week is a ranking of five different scenarios based on their impact on the overall size of the economy over a 15-year horizon. The theme of today’s debate, as Mr Speaker has reminded the House, is the economy, and the economy has...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: The backstop remains as the ultimate default, but the agreement we have negotiated with the EU very importantly gives us the choice, if we are not ready to move to our new future partnership on 1 January 2021, to seek an extension of the implementation period for one or two further years. That is a very important part of the architecture of what we have negotiated. I make no bones about...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: The way to do that is to support the proposal that the Prime Minister has presented to the House, which represents a compromise, ensuring that we leave the EU and respect the referendum decision of the British people, but do so in a way designed to minimise any negative impact on our economy and maximise the opportunities for this country in the future.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I am grateful to my hon. Friend, because he gives me the opportunity to clarify for the House that these are not economic forecasts; they are modelled scenarios for what might happen in different circumstances. Like all economic modelling, they depend to an enormous extent on the assumptions that are made. The assumptions in this paper are transparent and the assumptions that the Bank of...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: My hon. Friend is right. Of course, this work seeks to do something quite different: it looks at five different potential scenarios and ranks them in terms of the impact that they would have. I readily concede that it is more important to look at the ranking than the absolute numbers or ranges of numbers attached to them.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I shall make a bit of progress, then give way again. I was saying that the benefits flowing from new FTAs would not compensate us fully for the loss of EU trade from a no-deal exit. That is why we have fought so hard for a deal that delivers the closest possible trading relationship with the EU, while respecting the outcome of the referendum and giving ourselves the ability to form new...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: The deal that is on the table provides the key elements that we will need to maintain our trading relationship with the European Union. It makes a commitment to maintaining our borders as openly and free-flowingly as possible. It eliminates tariffs, quotas, fees and charges. It will protect the vital supply-chain business that is at the heart of our trading relationship with the European Union.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: The Governor is of course absolutely right. The modelling that the Bank has done has been tested against the financial policy committee’s stress tests to ensure that, even in the worst-case scenario, our financial system would be resilient. The work that we have done since 2010—including increasing banks’ capital ratios and introducing risk-reduction strategies around banks and...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: My hon. Friend is right, but I think the most telling point about this issue is the one made regularly by my right hon. Friend the Secretary of State for International Trade. If WTO terms are so fantastic and so good for a trading relationship, why do we need to negotiate free trade deals with all these other countries around the world? We already trade with them on WTO terms, but we clearly...

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: The hon. Gentleman is misinterpreting the analysis. These are not rates of GDP growth; this is an estimate of the relative size of the economy at a 15-year horizon under different scenarios. In all scenarios, we expect that GDP growth will recover and continue.

Business of the House: [3rd Allotted Day] (6 Dec 2018)

Philip Hammond: I am sorry but the hon. Gentleman is wrong. I did not talk about a lower growth rate. I am talking about a smaller overall size of the economy. It is our central view that, once the economy has moved to a new equilibrium, growth will resume in all these scenarios and that our economy will go on getting larger.


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