Results 161–180 of 12241 for speaker:Philip Hammond

Spring Statement (13 Mar 2018)

Philip Hammond: Yes, the housing investment package that we have put together is important, because it has ensured that financial support will not be the constraining factor in building more homes in this country. We have other constraints—including skills constraints, land supply constraints and materials supply constraints—but finance will be available. The measure that I announced in the...

Spring Statement (13 Mar 2018)

Philip Hammond: It is absolutely always a pleasure to visit Nairn, but I have no immediate plans to do so. As the Prime Minister has told the hon. Gentleman and his hon. Friends on several occasions, we do not interfere in the day-to-day management decisions of the Royal Bank of Scotland—[Interruption.] Let us treat this seriously. The consultation that we published today is about cashless and digital...

Spring Statement (13 Mar 2018)

Philip Hammond: I think that that would involve widening the scope of the intended consultation rather dramatically. I remind the House that, when I referred to this issue in the autumn Budget, I said that I was not minded to lower the VAT threshold because I recognise that, at its current level, it keeps a lot of small businesses out of the administrative burden of VAT. However, we are keen to ensure that...

Spring Statement (13 Mar 2018)

Philip Hammond: I am afraid that it is characteristic of the Opposition that it is able to see the world only through the lens of inputs—

Spring Statement (13 Mar 2018)

Philip Hammond: The reality is that since 2010 we have increased the number of schools that are good or outstanding. That means that 90% of schools are now either good or outstanding, and that 1.9 million more children are being taught in good or outstanding schools. That is the metric that matters to parents and to children themselves in terms of their life chances. It is not always just about the money; it...

Spring Statement (13 Mar 2018)

Philip Hammond: We are committed to the oil and gas industry and, as my hon. Friend knows, to measures that will ensure that every drop of economically recoverable oil and gas in the UK continental shelf is recovered, which is in the interests of the Scottish economy, the UK economy and Her Majesty’s Treasury. I am delighted that the increase in the price of oil, together with the uptick in activity as...

Spring Statement (13 Mar 2018)

Philip Hammond: I do not have the figures to hand, but if my memory serves me correctly, I was able to confirm at the Budget last year that Wales will receive over £1 billion of additional funding, including as a result of changes to the agreed formula. So funding is not down, but up. The failure of services in Wales, mainly in the Welsh health service, that we regularly catalogue across the Dispatch...

Spring Statement (13 Mar 2018)

Philip Hammond: It did. My hon. Friend is right. It is precisely because we have seen the devastating impact of being unprepared for a serious economic downturn following a financial crash that we are determined to ensure that the UK economy is robustly prepared for the next normal cyclical downturn, whenever it occurs. Such things are normal, they happen in everyday economic life, and we must be able to...

Spring Statement (13 Mar 2018)

Philip Hammond: The United States is in a different position from the United Kingdom. Sadly, we no longer operate the world’s reserve currency and are no longer able to borrow under the same conditions as the United States. Decisions on the United States economy are for the United States Administration. This Government have made the right decisions for the UK economy, and the benefit of those...

Spring Statement (13 Mar 2018)

Philip Hammond: I am pleased to introduce to the House the first spring statement. The UK was the only major economy to make hundreds of tax and spending changes twice a year, and major international organisations and UK professional bodies alike have been pressing for change. In 2016, I took the decision to move to a single fiscal event in the autumn, giving greater certainty to families and businesses...

Written Ministerial Statements — Treasury: Spring Statement - consultations (13 Mar 2018)

Philip Hammond: Today I set out the Government’s first Spring Statement, as part of the move to a single fiscal event. As described in the paper HM Treasury published in December, the new fiscal cycle provides opportunities for the Government to consult more openly at earlier stages of policy-making. This Statement delivers on that commitment. It does not make tax or spending changes, but sets out some...

Written Ministerial Statements — Treasury: ECOFIN: 20 February 2018 (6 Mar 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 20 February 2018. The UK was represented by Mark Bowman (Director General, International and EU, HM Treasury). EU Finance Ministers discussed the following: Early Morning Session The Eurogroup President briefed Ministers on the outcomes of the 19 February meeting of the Eurogroup, and the Commission...

Previous Business – Commons: Select Committee (5 Mar 2018)

European Scrutiny: EU Withdrawal. 4:30 pm; Room 8, Palace of Westminster
Witnesses: Rt Hon Philip Hammond MP, Chancellor of the Exchequer Mark Bowman, Director General, International Finance, HM Treasury

Oral Answers to Questions — Treasury: PFI Contracts and Carillion (27 Feb 2018)

Philip Hammond: I am sure that the hon. Gentleman knows this, but just to put it in context, the vast majority of all current PFI projects—86%—were signed under the previous Labour Government. Since coming into office in 2010, this Government have reformed the approach, so that now PF2 contracts deliver better value for money for taxpayers. The performance of PFI contracts, including those where...

Oral Answers to Questions — Treasury: PFI Contracts and Carillion (27 Feb 2018)

Philip Hammond: The hon. Gentleman may be slightly confusing PFI contracts with outsourcing contracts that do not involve capital structures. The resolution of Carillion continues. So far, there has been a very high rate of uptake by private clients of Carillion to continue the services that are being delivered, and we have high hopes of protecting the vast majority of the jobs involved.

Oral Answers to Questions — Treasury: PFI Contracts and Carillion (27 Feb 2018)

Philip Hammond: We absolutely value transparency in the public-private partnerships that are delivered. They are an important part of the overall infrastructure. As I just explained to the House, there are currently no PF2 projects in procurement. That indicates that we have set the bar for value for money in public-private partnerships very high, and we will continue to do so.

Oral Answers to Questions — Treasury: PFI Contracts and Carillion (27 Feb 2018)

Philip Hammond: I have not yet received a letter from the shadow Chancellor, but if he has written to me, I shall of course reply to him and answer his questions.

Oral Answers to Questions — Treasury: Major Infrastructure Investment (27 Feb 2018)

Philip Hammond: As my hon. Friend the Exchequer Secretary to the Treasury has just told the House, there has been more than £0.25 trillion of public and private investment in infrastructure since 2010. We continued to invest in infrastructure in the autumn Budget 2017 by expanding the national productivity investment fund, so that it will now provide £31 billion of additional investment,...

Oral Answers to Questions — Treasury: Major Infrastructure Investment (27 Feb 2018)

Philip Hammond: My hon. Friend is right that the major road network will support the creation of new housing developments by improving access to future development sites and boosting suitable land capacity, so investment decisions for this funding will include consideration of how proposed schemes will unlock land for housing developments, helping to improve how transport is planned for new developments at...


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