Results 121–140 of 12241 for speaker:Philip Hammond

Spring Statement (13 Mar 2018)

Philip Hammond: As I suspect my hon. Friend knows well, this is the assumption that the OBR has adopted at the last three fiscal events. It has assumed that any saving from a lower contribution to the European Union will be recycled to fund things that would have been funded by the EU, but will no longer be so. How we choose to use that money and what our priorities are will, of course, be an issue for this...

Spring Statement (13 Mar 2018)

Philip Hammond: I am tempted to say, “Eeyore.” I think that the hon. Lady is making a fundamental mistake by linking the road building programme to air quality. I urge her to take at least a medium-term view of the world. The vehicle fleet is decarbonising. Certainly within her lifetime, if not mine, we will have fully electric vehicles, and probably autonomous ones as well. We should think of...

Spring Statement (13 Mar 2018)

Philip Hammond: If my right hon. Friend will forgive me, I will not make a commitment ahead of the next Budget on any specific tax or duty measures, but of course we will maintain the focus on the cost of living and living standards. He will know—I certainly know—that one of the biggest problems that we have faced over the last year has been the impact on real wages of high levels of inflation....

Spring Statement (13 Mar 2018)

Philip Hammond: I suspect that now is not the moment for a long debate about the structural funding challenges of the NHS, but the hon. Gentleman is right. We have an ageing population. Technology is driving an ever-wider array of interventions that can and should be made to support people with medical conditions—particularly chronic medical conditions—and we have to look at how to ensure that...

Spring Statement (13 Mar 2018)

Philip Hammond: We have asked the ONS to look at this and to consider the metrics that we could use. The objective is to be able to assess clearly where the marginal pound of capital investment should go to achieve the best effect on the economy. Without wanting to pre-empt the outcome of that work, I suspect that in the future, in a very rapidly changing economy, we will find that retraining and upskilling...

Spring Statement (13 Mar 2018)

Philip Hammond: It would be for my right hon. Friend the Secretary of State for Housing, Communities and Local Government to have that meeting with the hon. Gentleman, but I am very happy to pass on his request.

Spring Statement (13 Mar 2018)

Philip Hammond: Actually, while watching Russia Today, I saw a very interesting piece on the Venezuelan economy—apparently everything is going swimmingly.

Spring Statement (13 Mar 2018)

Philip Hammond: Just to correct the hon. Lady on a couple of points, the report that she refers to, which was published by the Exiting the European Union Committee, was not done by HM Treasury. It was prepared, as I think she knows very well, by a cross-departmental group of Government economics professionals in response to the criticism that had been levied at the Treasury model that was used before the...

Spring Statement (13 Mar 2018)

Philip Hammond: As a former Defence Secretary, I yield to no one in my admiration for the armed forces. I understand the challenges that defence faces and the complexity of the defence budget, with its many long-term projects operating at the cutting edge of technology. In case there is any misapprehension, however, I would like the House to be absolutely clear that defence will receive more than £1...

Spring Statement (13 Mar 2018)

Philip Hammond: No. We made our decision to defer Making Tax Digital mainly because there was a need for greater awareness among businesses and more time to prepare for the relevant software and so on. We are confident that businesses will be able to roll out the programme on the current schedule. Although I readily accept that there is some disquiet among potential business users, I also confidently predict...

Spring Statement (13 Mar 2018)

Philip Hammond: We are focused on the needs of those on the lowest pay who are in the workforce. Making work pay, particularly low-paid work, is a priority. I repeat what I said in the statement: partly as a result of the introduction of the national living wage and its subsequent increase to £7.83 an hour, income inequality in this country is now lower than at any point under the last Labour...

Spring Statement (13 Mar 2018)

Philip Hammond: I am not sure about the end of the hon. Lady’s question. Is she asking whether the Government have ruled anything out? The Government have not ruled out anything—we are still considering this issue. Of course these workers must have the pay to which they are entitled and which they should have been paid. What we are doing—the Cabinet Office is leading on this—is...

Spring Statement (13 Mar 2018)

Philip Hammond: My hon. Friend is absolutely right. Over the past few years, parts of the country that have suffered for far too long from low employment and investment have seen increased investment—much of it foreign investment—as well as increased employment and rising wages. They absolutely do not need to take risks on the kind of policies that the shadow Chancellor is proposing, which would...

Spring Statement (13 Mar 2018)

Philip Hammond: The hon. Lady will know, I think, that we also announced—again, this is due to come in in April—record increases in the youth rates of the minimum wage. We have had several exchanges in this Session about the importance of maintaining low levels of youth unemployment and about the devastating effects of youth unemployment—[Interruption.]. I am sorry if she does not like...

Spring Statement (13 Mar 2018)

Philip Hammond: Yes, and my hon. Friend is right to draw attention to two quarters of very good productivity data. I do not want to change policy or to pivot on the basis of two quarters’ data, because data can be revised, but we are starting to think that we might just be at the beginning of a turn in the trajectory of productivity performance in this economy.

Spring Statement (13 Mar 2018)

Philip Hammond: Obviously the best way out of poverty is to get people into work, and the proportion of workless households is at its lowest level since records began. The hon. Lady will know that 200,000 fewer children are in absolute poverty than was the case in 2010. We are focused on using our modern industrial strategy to drive economic growth across the regions of our country, and on working with the...

Spring Statement (13 Mar 2018)

Philip Hammond: My hon. Friend will have to think of a snappy name for that—if she can, please will she let me know? We are investing already in the south-west, including, as my hon. Friend will know, in the crucial A303 programme—£2 billion in a vital transport artery feeding the south-west. I know that many of the bids to the housing infrastructure fund come from south-west authorities,...

Spring Statement (13 Mar 2018)

Philip Hammond: Our target—our commitment—is to deliver 3 million apprenticeships by 2020. The introduction of the apprenticeship levy changed the game, and we were always anticipating that it would have an impact on the profile of starts. The additional £80 million announced today is targeted specifically at small, non-levy-paying businesses to help them to take on apprentices. In a couple...

Spring Statement (13 Mar 2018)

Philip Hammond: Yes. As I said earlier to an Opposition Member, in conversation, businesses—[Interruption.] Perhaps I should just sit down while the shadow Chancellor conducts his own conversation. As I said earlier, businesses, in conversation, identified two risks about which they were concerned: the risk of a bad Brexit deal, which will have an impact on our economy, and the risk of the right hon....

Spring Statement (13 Mar 2018)

Philip Hammond: Of course I did no such thing. [Interruption.] No, I did not. We spend more than £50 billion a year on benefits to support disabled people and people with health conditions. That is a record high, and we have spent £7.5 billion more in real terms since 2010. As a share of GDP, our public spending on disability and incapacity is the second highest in the G7. It amounts to 2.5% of our...


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