Results 101–120 of 12036 for speaker:Philip Hammond

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

Philip Hammond: The hon. Gentleman will see, if he looks at that revision, that the cause is lower-than-anticipated returns on UK investment stocks held overseas, principally returns on mining and petroleum-related activities.

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

Philip Hammond: We are acutely aware that inflation has spiked, but the overwhelming majority of forecasters expect it to start to fall again in the new year. The spike in inflation has been driven primarily by the depreciation in the value of sterling last year, but I will take the hon. Gentleman’s comments on VAT as a representation for the Budget and will consider them carefully.

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

Philip Hammond: Yes. As I said earlier, the UK economy is fundamentally strong. We have the world’s second largest services export sector at a time when emerging economies across the globe are sucking in new demand for services, and we have a global lead in various areas of emerging technology that will drive the fourth industrial revolution. This country has a bright long-term future. Of course we...

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

Philip Hammond: We need to invest in our infrastructure and the skills of our people, we need to ensure that our high growth businesses have access to long-term capital, and address the regional disparity in productivity performance. If we can tackle those four things, we can start to close Britain’s productivity gap and see real wages rising sustainably over many years ahead.

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

Philip Hammond: As I have said several times today, we are reassured by the fact that at the European Council the 27 agreed to start the internal preparatory discussions on an implementation period. We are absolutely aware of the needs of business in this area, and they have been reinforced again by business leaders this week. We are confident that we will be able to deliver reassurance to business in...

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

Philip Hammond: The hon. Lady will be aware of the increase in inflation—CPI inflation stands at 3%. Most forecasts suggest that it might go 0.1% higher before falling steadily from late this year. Obviously any increase in inflation will have a negative impact on real wages, and we very much look forward to CPI inflation falling and real wage growth resuming in this country next year.

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

Philip Hammond: Yes, British business has made it clear that it wants the earliest possible certainty about the implementation of interim arrangements. It has also made it very clear that it does not want any Marxist mayhem.

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

Philip Hammond: We consider all areas of taxation in the run-up to all fiscal events, but I have certainly heard my hon. Friend’s comments and I will take them as a representation.

Previous Business – Commons: Select Committee (11 Oct 2017)

Treasury: The Work of the Chancellor of the Exchequer. 9:45 am; The Thatcher Room, Portcullis House
Witnesses: The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, HM Treasury Ms Katharine Braddick, Director General, Financial Services, HM Treasury

Previous Business – Lords: Select Committee (12 Sep 2017)

Economic Affairs Committee: Chancellor of the Exchequer. 3:30 pm; Room 1, Palace of Westminster
Witnesses: (at 3:35 PM) Rt Hon Philip Hammond MP, Chancellor of the Exchequer

Written Ministerial Statements — HM Treasury: Notification of contingent liability (5 Sep 2017)

Philip Hammond: The Governor of the Bank of England requested on 3 August 2017 to raise the limit on purchases that may be undertaken by the Asset Purchase Facility (APF). This will ensure that the Term Funding Scheme (TFS) can continue to lend central bank reserves to banks and building societies during a defined drawdown window at rates close to Bank Rate, to ensure that the very low level of Bank Rate is...

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

Philip Hammond: Debt has climbed steadily since 2009 as a result of the high levels of deficit. Since 2010, we have reduced the deficit by three quarters, so national debt will now peak at just under 90% of GDP this year. As the OBR’s “Fiscal risks report” of last week makes clear, that level of debt—a legacy of Labour’s recession—leaves us vulnerable to future shocks,...

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

Philip Hammond: My hon. Friend is absolutely right. He might have added that were anyone to suggest that they were able to do that, they could be accused of practising a deception on the people to whom they were offering that proposal. The cruelty of that would become apparent when it would have to be admitted that the proposal could not possibly be delivered. We face a debt challenge in this country, and we...

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...


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