Results 81–100 of 12036 for speaker:Philip Hammond

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...

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: In 2017-18, as a result of increasing the tax-free personal allowance and the higher rate threshold, 31 million individuals will see their income tax bill reduced and 1.3 million individuals will be taken out of income tax altogether; 585,000 individuals will have been taken out of the higher rate of tax in 2017-18.

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: I can absolutely confirm that. I can also tell my hon. Friend the good news that a typical basic rate taxpayer will pay £1,005 less income tax in 2017-18 than in 2010-11.

Oral Answers to Questions — Treasury: Income Tax Thresholds (24 Oct 2017)

Philip Hammond: I am always very open to receiving from colleagues around the House ideas for specifically targeted taxes. If my hon. Friend has such an idea I would be very pleased to receive it.

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

Philip Hammond: As we look ahead to the GDP figures out tomorrow and to the Budget in a month’s time, my focus is on the three key challenges we need to meet as we seek to build an economy that works for everyone: first, protecting the economy by managing short-term uncertainty; secondly, achieving a good Brexit outcome; and, thirdly, addressing the longer term productivity challenge to ensure that...

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

Philip Hammond: I refer my right hon. Friend to the analysis of the Opposition party’s proposals, if we can call them that, done by the Conservative party at the time of the general election. The Government’s policy is to sell assets when there is no longer a policy reason to retain them and to reinvest the proceeds of such sales in policy priorities. Nationalising assets would increase public...

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

Philip Hammond: As the right hon. Gentleman very well knows, our clear objective and priority is to achieve a deal with the European Union. Our preference would be for a deal that gives a comprehensive trade, investment and security partnership between the UK and the European Union in the future. As part of such a deal, we will seek an implementation phase that gives British businesses, and indeed Government...

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

Philip Hammond: The right hon. Gentleman is correct to say that this matter is urgent and pressing, which is why we were so pleased that last week at the European Council the 27 agreed to start internal preparatory discussions for an implementation period. I am confident that we will be able to give businesses the confidence and certainty they need.


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