Results 161–180 of 12208 for speaker:Philip Hammond

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: My right hon. Friend is nothing if not persistent and consistent. I cannot remember how many times he has raised this issue. There have been numerous requests for new VAT reliefs since the referendum, some of which are currently not permitted under EU law. We have calculated that if we were to grant all the VAT relief requests that we have received, that would come to more than £38...

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: The Government are continuing with detailed preparations for all possible March 2019 scenarios, including ensuring that Departments have adequate resources to prepare effectively for EU exit. To date, the Treasury has allocated to Departments nearly £700 million for preparation activity, and we are currently in the process of allocating the 2018-19 funding from the additional £3...

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: Strictly, this is an issue for my right hon. Friend the Transport Secretary, and he is looking at how to improve productivity in the railway and how to ensure that every pound we invest in the railway delivers the maximum possible benefit to railway users. He will make further announcements in due course.

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: I am sure that when I go home and reflect on it, the deep meaning of that question will become clear to me. What I will say to the hon. Lady is that if we look at how goods and services flow freely between different parts of our own economy, and indeed between different parts of the United Kingdom, we see at once the huge benefit that it brings to have frictionless borders as we move our...

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: Yes. We have had two quarters of good productivity data, but we should recognise that the productivity challenge we face is long term. The Government have taken a range of measures to address it and we will watch the evolution of the data very carefully, but there is certainly absolutely no scope for any complacency about the scale of the challenge we face, and we are determined to rise to it.

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: We are clear that a future comprehensive trade partnership with the European Union must include goods as well as services. A deal can only be done if it is fair to both sides, and because of the shape of the UK economy it would be very difficult to see how any deal could be fair if it did not include services. We have heard it asserted that it is impossible for services to be part of a trade...

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: We will continue to seek to simplify the tax system, although I have to say that my personal observation is that whenever there is a proposal to simplify, those who benefit from complexities quickly speak up. They are not always people on high incomes; they are often people on lower incomes. We shall continue to try to simplify the system in a way that is fair and appropriate for all.

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: As the House will know, I had the privilege to serve for nearly three years as Defence Secretary and I yield to no one in my admiration for the work of our armed forces. I also understand how complex and challenging managing the defence budget is: it is a multi-annual budget with many complex procurements. My right hon. Friend the Prime Minister and I are working very closely with our right...

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: Yes, I am always delighted to meet my hon. Friend and his colleagues. Hertfordshire is one of the high-pressure housing areas, where it is absolutely essential that we deliver additional housing if we are to improve affordability.

Oral Answers to Questions — Treasury: Topical Questions (27 Feb 2018)

Philip Hammond: I am grateful to the hon. Lady, and I will look into the point that she raised immediately. This is obviously an immediate issue in relation to the cold weather that we are having now. I will find out and let her know later.

Written Ministerial Statements — HM Treasury: ECOFIN: 20 February 2018 (20 Feb 2018)

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

Written Ministerial Statements — HM Treasury: ECOFIN: 23 January 2018 (7 Feb 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) was held in Brussels on 23 January 2018. EU Finance Ministers discussed the following: Early Morning Session The Eurogroup President provided briefing to Ministers on the outcomes of the 22 January meeting of the Eurogroup, and the Commission provided an update on the current economic situation in the EU. Deepening of the...

Written Ministerial Statements — HM Treasury: ECOFIN: 23 January 2018 (22 Jan 2018)

Philip Hammond: A meeting of The Economic and Financial Affairs Council (ECOFIN) will be held in Brussels on 23 January 2018. European Finance Ministers will discuss the following: Early Morning Session The Eurogroup President will brief Ministers on the outcomes of the 22 January meeting of the Eurogroup, and the Commission will provide an update on the current economic situation in the EU. Deepening of the...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: In April, the national living wage will rise to £7.83. That means an annual pay rise of over £2,000 for a full-time national living wage worker since the introduction in 2016 of the national living wage, which has helped reduce the proportion of full-time jobs that are low paid to the lowest level in at least 20 years. Sustaining long-term pay growth relies on improving...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: Income inequality is lower than it was in 2010. In fact, it remains lower than at any point under the last Labour Government. The Gini coefficient, which is an internationally recognised measure of income inequality, is now 3% lower than in 2010. Since my autumn statement in 2016, we have increased the tax contributions of the highest earners while those on the lowest incomes have gained overall.

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: The hon. Gentleman makes an absolutely correct point. In the long run, higher wages can be delivered only through increased productivity. That means investment in infrastructure, investment in skills and training, and investment in research and development—with both public funding and tax incentives for private funding—and it means ensuring that capital is available for businesses...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: My hon. Friend is right. As I said, income inequality is lower than at any point during the Labour Government. People in full-time work on the national living wage have seen a £2,000 a year pay increase as a result of the national living wage and, of course, everybody in work has seen an improvement in their take-home pay as a result of the significant increases in the personal allowance...

Oral Answers to Questions — Treasury: Personal Incomes (16 Jan 2018)

Philip Hammond: The rates for people under 25 were increased in the Budget by the biggest amount ever—[Interruption.] Look, of course we would all like to see high rates of employment and high rates of pay across all age groups in the economy, but for young people, the most important thing—the Low Pay Commission highlights this fact—is that they get into work, because if they are in work...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: In 2010, we inherited the largest deficit since the second world war, standing at nearly 10% of GDP. We have successfully reduced it by three quarters, meaning that it stood at 2.3% at the end of last year, but our debt is still too high. High levels of debt leave us vulnerable to economic shocks and incur significant debt interest, which is why the Government have clear and detailed fiscal...

Oral Answers to Questions — Treasury: Government Borrowing (16 Jan 2018)

Philip Hammond: Yes, I absolutely agree with my hon. Friend that a policy of increasing borrowing simply means passing the cost of today’s consumption to future generations and wasting more taxpayers’ money on debt interest. Even Labour’s shadow Education spokesperson has acknowledged that this is a ultra high-risk strategy that would be a gamble with our economic future.


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