0.7% Official Development Assistance Target

Harriett Baldwin Excerpts

Tuesday 8th June 2021 Commons Chamber

[The Chief Secretary to the Treasury (Steve Barclay)]

Let me begin by acknowledging the words and the good intentions of my right hon. Friend the Member for Sutton Coldfield (Mr Mitchell). He knows as well as I do that decisions such as this are not easy. In short, this is a hugely difficult economic and fiscal situation that requires difficult actions.

Responding to twin health and economic emergencies, the Government have acted on a scale unmatched in recent history to protect people’s jobs and livelihoods and to support businesses and public services, paying out £352 billion in support since the start of the pandemic last year. That is equivalent to 17% of GDP and one of the largest fiscal support packages of any country in the world.

Our plan is working. The economy grew by 2.1% in March alone, and the Bank of England now expects the economy to return to its pre-crisis levels by the end of this year—two quarters earlier than previously expected. At the beginning of the crisis, unemployment was forecast to reach 12% or more. The latest projections show that it is due to peak at 5.5%, meaning that almost 2 million fewer people will lose their jobs than was expected last spring.

As the House will note, however, much of that response has relied on borrowing. Last year saw the highest peacetime levels of borrowing on record—£300 billion of borrowing—and we are forecast to borrow £234 billion more this year and a further £109 billion the following year, so without corrective action, borrowing would continue at untenable levels, leaving underlying debt rising indefinitely. At our higher level of debt, the public finances are more vulnerable to changes in inflation and interest rates. Indeed, a sustained increase in inflation and interest rates of just 1% would increase debt interest level spending by over £25 billion in 2025-26. The goal of any Government should be sustainable finances, and the current level of borrowing is not sustainable.

My right hon. Friend the Member for Sutton Coldfield used a number of emotive terms around the morality of the context of these changes, but leaving the next generation vulnerable to the degree of fiscal threat that would be entailed with a high debt level is not itself morally sound. At the same time, loading ourselves with more debt now might well damage our ability to spend on aid later. There are some in this House who say that since we are already borrowing to protect jobs and businesses, what is £4 billion more? Indeed, that was the nature of the intervention from my hon. Friend the Member for Winchester (Steve Brine). Crucially, the only reason we were able to act during the pandemic in the way that we did is that we came into the crisis with strong public finances, and we believe it is our duty as the economy recovers to return to a sustainable fiscal position.

[Harriett Baldwin (West Worcestershire) (Con)]

I thank the Chief Secretary to the Treasury for giving way and I appreciate his fiscal stance, but can he explain to the House why the only manifesto pledge he has chosen to break is the one that forces the World Food Programme in South Sudan to choose between feeding hungry children and feeding starving children?

[Steve Barclay]

The point is that we have made a number of difficult decisions, and I will come on to that, but we are also continuing to spend £10 billion in response to the commitments that we have made. I am sure that my hon. Friend, as a former Treasury Minister, is well aware of the fiscal reality we face.

Strong public finances mean making difficult decisions, such as increasing corporation tax. That is one of the difficult decisions that my right hon. Friend the Chancellor has made, alongside the decision around overseas aid. Indeed, this is something that the International Development (Official Development Assistance Target) Act 2015 explicitly anticipates when it refers to the effects of one or more of the following:

“(a) economic circumstances and, in particular, any substantial change in gross national income;

(b) fiscal circumstances and, in particular, the likely impact of meeting the target on taxation, public spending and public borrowing;

(c) circumstances arising outside the United Kingdom.”

In other words, the 2015 Act clearly envisages situations in which a departure from the target may be necessary. It provides for the Secretary of State’s accountability to Parliament by way of the requirement to lay a statement before Parliament and, if relevant, makes reference to economic and fiscal circumstances, as well as circumstances outside the United Kingdom. Indeed, the Foreign Secretary has already committed to doing that, as required by the Act.

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[Harriett Baldwin (West Worcestershire) (Con)]

Mr Deputy Speaker, may I thank you and Mr Speaker for allowing today’s emergency debate and congratulate my right hon. Friend the Member for Sutton Coldfield (Mr Mitchell) on securing it?

I have had the privilege of representing the UK as a Minister in the Foreign Office and the Department for International Development and of seeing, around the world, the good that our aid budget does. Whether from our work in the midst of the Ebola outbreak in the eastern part of the Democratic Republic of Congo—where the fact that the UK had invested in vaccines and their cold chain deployment meant that we were able to contain that deadly disease—or from the work that we put into neglected tropical diseases, which has meant that we have been able to contain and control other diseases from reaching the UK, surely we should have learned how important it is for the UK for us to work on such shared global challenges for humanity.

I have had the privilege of going to Goma, near where the volcano is erupting, and seeing how we have brought fresh water there. It was UK expertise and UK firms that won the contract to do that, which benefits our economy here and those exporters as well. It is a win-win for the UK public and for the world. I feel very strongly that it was a great privilege to say that we were—as we used to be—the only G20 country that met its NATO 2% target and the 0.7% UN target for aid. Surely if global Britain means anything, it means that, and being able to say that so proudly.

I was particularly proud to stand on a manifesto that again committed to those metrics for our position in the world. Politicians hesitate to break manifesto pledges because they know that the electorate will punish them at the next election if they do, whether they are George H. W. Bush saying “Read my lips: no new taxes” or Nick Clegg with his tuition fees. People realise that they should not break manifesto pledges because the electorate dislike it, but in this case I feel that the people who benefit from our aid budget the most are the ones who have no voice in this place. I have met them, and I need to articulate on their behalf how important this spending is.

There is another reason why I feel particularly passionate about the subject: the fact that we have enshrined the 0.7% in law. I know that there is a get-out in section 2 of the 2015 Act, under which a Secretary of State who inadvertently does not meet the 0.7% target can come to Parliament, explain why and state how they will get back to it. However, actually targeting 0.5% is absolutely a contentious legal issue and something that I think may well be challenged in the courts. The Government have a large majority, so the simplest thing to do, if it is such a good idea, would be to come to Parliament for that consent. The power that the Executive have is derived through us in Parliament; therefore they need to show respect for Parliament by coming and asking us, and giving us a vote, as my right hon. Friend the Member for Gainsborough (Sir Edward Leigh) put it so powerfully.

I could expatiate at length about how passionately I feel that we are making the wrong decision, but in this week, when we are hosting the G7, when we need to vaccinate the world and when cases are really beginning to grow exponentially across many African and Asian countries, and when we heard last week from every country at the 142nd Inter-Parliamentary Union Assembly that they need the vaccines, let us get out of this hole by giving our vaccines to the world.

Spending Review 2020 and OBR Forecast

Harriett Baldwin Excerpts

Wednesday 25th November 2020 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

It is almost exactly a year since we launched our manifesto, and today’s sobering statement has laid bare the impact that the pandemic has had on the nation’s finances and the difficult choices the Chancellor is having to make. He has done well to keep manifesto pledges on track, but I feel I need to make it clear that I personally feel ashamed that the only manifesto pledge we are breaking today is our promise to the world’s poorest.

[Rishi Sunak]

I know that this is a topic about which my hon. Friend feels passionately, and rightly so. As she will have heard me say, we do this with a heavy heart. It enables us to make progress on our other priorities, and it is indeed temporary. We intend to return to 0.7% when the fiscal circumstances allow.

Financial Services Bill (First sitting)

Harriett Baldwin Excerpts

Committee stage & Committee Debate: 1st sitting: House of Commons
Tuesday 17th November 2020 Public Bill Committees

[Abena Oppong-Asare]

Q I put the same question to the other witnesses.

Victoria Saporta: To response to your question directly, yes, from the very beginning we had discussions with Treasury colleagues about how, within the narrow confines of this Financial Services Bill—I can talk about the related but quite distinct issue of the future regulatory framework—we could be more accountable, given that the Bill effectively gives the Government powers to revoke particular narrow areas of what will become, on 1 January, primary legislation, and then asks the regulators to fill in those particular gaps. The Government were keen that the process should be part of an enhanced accountability framework.

As Sheldon has said, within the confines of this Bill, the enhanced accountability framework applies to the updating of the rulebook to take into account the new Basel III provisions and the investment firms regulation, and three new “have regards” regulatory principles, which are set out in the relevant schedule and refer to us having to take regard of relevant standards recommended by the Basel Committee on Banking Supervision. That applies obviously to the PRA. We need to take the likely effect of the rules on the UK’s relative standing as a place for internationally active credit institutions and investment firms to carry on activities. Also, we need to take into account the likely effect of the rules on the ability of firms to continue to provide finance to households and businesses. This is an enhanced accountability framework, and the Bill also obliges us to publish how we have taken into account these “have regards”.

Those measures are within the proposals in the Bill to enhance our accountability publicly. There is the separate issue of the consultation that the Government are currently doing on how the future regulatory framework will look, what the enhanced accountability provisions within that are and how they should apply. I would not want to pre-empt that consultation but, clearly, the Government are interested and are trying to look at ways of keeping our feet to the fire, and that is absolutely appropriate.

[Harriett Baldwin (West Worcestershire) (Con)]

Q My questions are for the FCA. In terms of the impact of the Bill on the end consumer and the end user of financial services, what impact assessment has the FCA done on the potential regulatory cost and how that might affect the consumer? We hear a lot from financial services firms about the cost to them, not only of regulations, but also of the fees that they have to pay to the FCA. What business plan and cost assessment has the FCA done on the impact that the measures and the responsibilities in the Bill will have on the industry, which will then be passed on to the consumer, or will it be a reduction in cost?

Sheldon Mills: We have not undertaken a cost-benefit assessment of the Bill. That would be a matter for the Government. We have considered, as we discussed in response to earlier questions, the impact on resources within the FCA. Our current intention is to keep that within our current financial envelope, so we are not predicting at this stage an increase in fees or levies to take account of the Bill. That is all I can say at this stage.

In terms of the impact of the Bill and the onshored legislation, when we review the regulations on the investment firms prudential regime and so on, we will do a cost-benefit analysis of the rules and regulations that we are proposing at that stage. At this stage, we will not be doing that—that would be a matter for the Government, not for us.

In terms of the impact on consumers more generally, as I said, there are aspects of the Bill that are very consumer enhancing. I do not think they came up very much on Second Reading, but the provisions in relation to breathing space will be very helpful for consumers facing issues around statutory debts, which we are interested in as a financial regulator. The issues in relation to the register will be extremely helpful for us in terms of tackling fraud and scams. There are many elements of the Bill that are helpful. It is complicated, but the investment firms prudential regime is also consumer enhancing; currently, the capital requirements facing investment firms are those for the systemically important banks, and they are not fit for purpose. This regime will help us have a capital and prudential regime that is fit for investment firms. So there are a whole host of aspects of the Bill that are supportive of consumer interests and will not necessarily increase costs in a way that will be inimical to their interests.

[Harriett Baldwin]

Q The FCA has not prepared anything specific demonstrating that—it is a hunch based on what is in the Bill—but has it done any cost-benefit analysis of the breathing space measures that you mentioned?

Sheldon Mills: All these measures are Government proposals, so the cost-benefit analysis that is required will be carried out by the Government and not by us. Once the Bill has been passed, in whatever form—we are bringing forward rules and regulations—we will undertake a cost-benefit analysis. I am giving an indicative view, as opposed to one based on a cost-benefit analysis that we are not required to carry out at this stage.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

Q I should like to explore what you have said, particularly about how the Bill will benefit consumers—after all, we are all concerned about the regulation of financial services markets. You set out your interest in the debt respite scheme. We all agree that that is very welcome, but debt prevention is an ultimate aim. How do all three of you think that this way of regulation will help businesses and households with debt prevention?

Sheldon Mills: It is a broader question than the Bill, but I will answer by giving our approach to debt.

As a regulator, our approach is not to have a policy on whether people should be able to access credit, but we are concerned about the impact on people of firms providing credit. We want firms to be able to provide credit in a way that treats individuals fairly, takes account of their needs and circumstances and, in particular, supports vulnerable customers if they are in debt.

We work closely with debt charities. Some of the issues that we are seeing, which we all face and of which the FCA is cognisant, include the accumulation of debt among certain parts of the population, which is why it is important that rules and processes are in place to support people with debt management and why a breathing space policy forms an important part of that. I think that answers your question, but you might have more specific questions.

Financial Services Bill

Harriett Baldwin Excerpts

2nd reading & 2nd reading: House of Commons & Programme motion & Programme motion: House of Commons & Ways and Means resolution & Ways and Means resolution: House of Commons
Monday 9th November 2020 Commons Chamber

[Mr Pat McFadden (Wolverhampton South East) (Lab)]

I thank the Minister and his officials for the information they have shared about the measures in the Bill over the past couple of weeks. I have, of course, been riveted by the Bill in recent days, but I confess that I had to put it down for a while at 5 o’clock on Saturday to watch CNN when something more exciting than the Bill came through on the news.

[Harriett Baldwin (West Worcestershire) (Con)]

Will the right hon. Gentleman clarify whether that is where all his colleagues are this evening? I note that he does not have many behind him. In fact, his Benches are empty.

[Mr McFadden]

There is a phrase: I am not my brother or my sister’s keeper. They will have to answer for themselves.

The backdrop to these measures is formed by two significant events in recent years. The first of those is not Brexit but the financial crash of 2007 and 2008, which exposed the risks being run in the financial services industry and the huge knock-on effects for the rest of the economy when those risks go wrong. That experience prompted a global rethink about banking regulation, the capital levels that banks and other financial institutions are expected to hold, resolution measures in the event of banking failure, and the balance of obligations between the industry and the state. Much of that rethinking was expressed in the series of directives with which the Bill deals and in the Basel process on capital rules.

For all the complexity in the detail of these things, at root the questions are quite basic. First, how much capital should institutions hold as insurance against things going wrong? Secondly, who should be on the hook if things do go wrong? And thirdly, how do we insulate the wider economy from the consequences of instability in financial services? It is on these questions that much financial services regulation has focused over the past decade. The UK has been a key player in this process at both a European and a more global level. These are not things that have been imposed on us; we have played a significant role in the design of the measures that we are onshoring through the Bill.

The second event is, of course, Brexit and the consequent withdrawal from the European regulatory institutions responsible for the oversight and implementation of these directives. By definition, the process requires a recasting of regulatory responsibilities in the UK, and much of the Bill is concerned with that. The key question, then, is not so much the onshoring of the regulations themselves, but what happens next. Do the Government intend to diverge significantly from the rulebook, and in which direction will they go?

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[Harriett Baldwin (West Worcestershire) (Con)]

It is a pleasure to follow my Treasury Committee colleague, the hon. Member for Glasgow Central (Alison Thewliss).

The right hon. Member for Wolverhampton South East (Mr McFadden) talked about the historic events that had distracted him from preparing for his speech, although I do not think anyone would ever have known it, because he spoke in a very well-informed way. We often recognise historic turning points—certainly, Saturday at 5 pm was one of them, and today’s announcement of the Pfizer vaccine is another—and that is why I am a little disappointed that there are so few colleagues here for what is an important turning point in the UK financial services sector. I do not say that because the measures in the Bill are gripping, although they are sensible, practical measures, and they will no doubt be expatiated on at greater length by colleagues. Rather, I put in to speak in today’s debate because I wanted to hear the Minister at the Dispatch Box talk about the vision for post-transition UK financial services.

We are at an important inflection point, which is why I welcome the fact not only that the Minister outlined that vision today, but that the Chancellor was able to come here earlier to talk about the future, as he sees it, for this incredibly important sector. He emphasised in his statement, as the Minister did at the Dispatch Box, what a significant export sector this is. It is our biggest export sector. It pays £75 billion a year in taxes. It helps to fund the public services we all rely on. That is why we need it too to do well in the future and why it is important to note this historic turning point. We may look back at this moment, as we look back on the big bang in 1986, as being a really significant inflection point.

The Chancellor set out today three ways in which we can really build on our existing comparative advantage to become the leading financial services sector of the 21st century. He made some bold statements this afternoon that really reflected what financial services are going to become. First, he spoke about our global openness. It is a matter of regret that we have not been able to mutually agree equivalence with the EU. Obviously, we are entirely equivalent, and it would have been much more satisfactory if we had been able to respect each other’s starting point as being completely equivalent and to go forward from there. It is clear from the way in which the European Union has not been prepared to offer us equivalence that it will continue to use EU regulation in financial services as a bit of a stick with which to beat up on this sector, in which the UK already excels. I am sorry to say that, and it gives me no pleasure, but that would clearly be unacceptable.

In the Treasury Committee, we heard from the Governor of the Bank of England that it would be dangerous to financial stability if we were to allow an external regulator to suddenly take away equivalence from our financial services sector. So the judgment that was made to come to the Dispatch Box and say, “Do you know what? We’re unilaterally going to do it for the UK,” was regrettably the right decision to take historically. It was accompanied with the three statements about the kind of financial services sector that we envision for the 21st century—one that is globally open and inviting of inward investment and listings from around the world, not just from other EU countries.

Secondly, the Chancellor said that the financial services sector should also be technologically innovative. That is so important. We have led the world in the FinTech sector and regulation, and have set up FinTech bridges with other countries. Singapore, another FinTech innovator, was the first with which we established a regulatory bridge. That is clearly how financial services will evolve in the 21st century, and the announcement about the leadership we are showing on digital currencies was incredibly important.

Thirdly, the headline measure—the one that will no doubt get coverage around the world—was the equally important announcement that we will issue a green gilt. I am the first to congratulate my hon. Friend the Member for Grantham and Stamford (Gareth Davies), who has been assiduous in calling for that. We have had announcements on the global vision, the technological vision and the importance of the UK being the lead financial centre for financing the climate revolution of the 21st century. We financed the industrial revolution, and we will finance the green industrial revolution. Countries from around the world will issue bonds in the UK against the green gilt benchmark, so this Bill is historic.

I pay tribute to my hon. Friend the Minister for the work he has done on breathing space. I know how passionate he is about it. He and I were elected in 2010, and he has always championed that issue, so it is wonderful to see him bringing forward legislation to make progress on it.

I want to ask the Minister a few questions. He and the Chancellor highlighted the UK’s importance as a global financial centre. First, what progress has been made on what the UK is hoping to achieve on a US financial services free trade agreement? That has always struck me as important. We are the biggest investors in each other’s countries, and the ability to do more in terms of financial services would help consumers in both countries, so what are his aspirations and ambitions for that?

Secondly, what is the Minister’s vision for the Basel framework, particularly with regard to the very high risk weighting that it gives to investments in Africa? When I was Africa Minister, one of the things that used to get me excited was the potential for inward investment into Africa. We had a big Africa investment summit in January. The risk weighting for assets in many African countries is incredibly high under the Basel rules, so can the Minister update the House on anything he is doing to try to make those assets appear less risky on bank balance sheets?

My third question is about the assets we still own as a result of the financial crash in 2008. Will the Minister update the House on what the exit strategy is for those remaining financial services assets?

Those are my three questions for the Minister. Given the general direction and strategy the Government have announced today, I think this is a historic moment for UK financial services. In 10 or 15 years, we will look back on it as equally significant as the announcement from Pfizer and the US election. I congratulate the Minister on introducing the Bill and I look forward to hearing more detail when he responds.

Economy Update

Harriett Baldwin Excerpts

Thursday 5th November 2020 Commons Chamber

[Rishi Sunak]

It is simply not the case that the wage support schemes we have put in place differentiate between people on the basis of where they live. All the schemes, whether the furlough scheme or the job support scheme, treat people equally wherever they live in every region or nation of the UK. To suggest otherwise is simply wrong and, quite frankly, a misrepresentation of what the hon. Lady knows to be the case. She mentions the TUC, and the TUC welcomes the introduction of the job support scheme, and I am grateful for its help in designing it.

[Harriett Baldwin (West Worcestershire) (Con)]

Last week, the IMF singled out for praise the UK’s economic response to the coronavirus, citing the timeliness, the speed of response, the generosity and the flexibility of the approach. The managing director said:

“We welcome the continuing efforts the government has made to refine its support measures”.

Does my right hon. Friend also agree with the second part of what the IMF said last week, which is that over the medium to long term, we do need to put the UK public finances back on a sustainable footing?

[Rishi Sunak]

My hon. Friend is absolutely right, and she will of course know this well from her own experience. We welcome the independent scrutiny of institutions such as the IMF—they are helpful in providing accountability for the Government in our economic response—and I am delighted that it was so positive about what we have done. She is also right that it said, correctly, that over the medium term, we must restore public finances to a sustainable position. Now is the time to provide fiscal support through a very weak period, but we want to build resilience for future crises so that when the next one of these comes along, we can respond in the same strong and generous way that we have been able to do this time.

Oral Answers to Questions

Harriett Baldwin Excerpts

Tuesday 20th October 2020 Commons Chamber

[Mark Logan (Bolton North East) (Con)]

[Harriett Baldwin (West Worcestershire) (Con)]

[The Financial Secretary to the Treasury (Jesse Norman)]

--- Later in debate ---

[Mr Speaker]

[Harriett Baldwin]

[Jesse Norman]

Finance Bill (Ninth sitting)

Harriett Baldwin Excerpts

Committee stage & Committee Debate: 9th sitting: House of Commons
Thursday 18th June 2020 Public Bill Committees

[Jesse Norman]

Clause 100 is a technical measure that makes changes to put it beyond doubt that tasks that are being done by an individual officer of Her Majesty’s Revenue and Customs may be carried out by HMRC using a computer or other means. It ensures that the intention of Parliament is appropriately reflected in the legislation and confirms that the rules work as they have been widely understood and applied over many years. No new charges or obligations for taxpayers will result. The changes merely clarify legislation.

If I may explain the context for the introduction of the clause, the Government announced by written ministerial statement on 31 October 2019 that it would legislate retrospectively and prospectively to confirm notices to file tax returns and penalty notices issued by HMRC through automated processes as valid. That long-standing practice has been challenged in the courts on the basis that the legislation states that some tasks are to be carried out by

“an officer of the Board.”

The relevant legislation in the Taxes Management Act 1970 is 50 years old and was designed to support a paper-based manual tax system.

The way in which HMRC administers the tax system has evolved over time, in line with taxpayers’ expectations for a modern and digital system. Decisions made by HMRC officers are often given effect by computer-driven processes, so that HMRC can assess and collect taxes in the most efficient and cost-effective way.

[Harriett Baldwin (West Worcestershire) (Con)]

As he expatiates on the value of digital technology to tax collection, will my right hon. Friend share with the Committee his thoughts on making tax digital and how the recent opportunity to make furlough payments has shown the value of a digital tax system?

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[Jesse Norman]

This is another small, technical measure. Clause 103 makes changes to ensure that Public Works Loan Board lending is available to local authorities in order to support worthy capital endeavours that benefit their residents. There is a statutory limit on the total amount that may be lent to local government through the PWLB, a limit that is governed by section 4 of the National Loans Act 1968. That Act allows for two future levels of that limit to be specified in advance through primary legislation and activated through secondary legislation.

The legislation would be exercised through HM Treasury. A date to exercise these powers has not been, and would not usually be, set in advance. The Treasury considers this clause to be a high priority because of the central role the PWLB plays in the capital finance system, supporting local authorities to deliver public services and, still more urgently, supporting communities through the pandemic as the need may arise.

The changes made by clause 103 will amend the predetermined legislated figures in the 1968 Act. The limit is currently £95 billion, and the clause resets the two future amounts to £115 billion and £135 billion. Clause 103 thus ensures the continuity of PWLB lending, which is a key stream of funding for local authorities across the country.

[Harriett Baldwin]

I know that Worcestershire County Council finds the Public Works Loan Board very useful. Can the Minister update the Committee on the interest rate charged on that facility?

[Jesse Norman]

That is a very helpful question. I cannot update the Committee at the moment, because, as my hon. Friend will know, that is a matter for consideration within the Treasury. However, she has usefully put the issue on the record, and I thank her for doing so.

Future Relationship with the EU

Harriett Baldwin Excerpts

Tuesday 9th June 2020 Commons Chamber

[Penny Mordaunt]

All that seeking an extension would do is to prolong negotiations. We need to conclude the negotiations and get a good outcome. Not pushing deadlines out will help do that. Then we need to give our citizens and our businesses time to prepare; time to socialise them with the new border operations. That is our plan; that is what is going to happen. All that extending the transition process would do is push negotiations out. We would be back to where the British people do not want to be—to uncertainty and chaos. They want clarity. They want to get a move on and they want to maximise the benefits of being outside the EU.

[Harriett Baldwin (West Worcestershire) (Con)]

Is this not the only trade deal in history that starts out from a level playing field? Should that not make it much easier for us to find a pragmatic way forward?

[Penny Mordaunt]

My hon. Friend makes a very good point. It is not just that we have been in this partnership with the EU but the fact that its arrangements with other nations set the parameters for many of the things that we are discussing. This is perfectly doable. It is just a matter of good will and focus, but there is good will, and there is increasing focus.

The Economy

Harriett Baldwin Excerpts

Monday 27th April 2020 Commons Chamber

[Rishi Sunak]

As we have demonstrated, we are prepared to support critical transportation services in this country, with huge economic intervention in rail, in buses and, as the hon. Gentleman acknowledged, in ferries. I know my right hon. Friend the Transport Secretary is well on top of that and he will bring to me any issues that he thinks need my consideration.

[Harriett Baldwin (West Worcestershire) (Con)]

I thank the Chancellor and his teams for the speed with which they have managed to get so much money to help so many of my constituents. As he thinks about how he is going to balance the black hole that is his budget at the end of this, may I suggest that he consider not only ending the fair fuel stabiliser now that fuel prices have fallen by so much, but putting a windfall tax on hedge fund managers who are currently selling short the very businesses he is trying to support?

[Rishi Sunak]

I thank my hon. Friend for her support. I cannot comment on future Budgets, but I certainly hear what she has to say. I echo what I said earlier to the hon. Member for Hove (Peter Kyle). We are all in this together. As we look to repair public finances and get our economy going after we exit this crisis, it is important that everybody, from every part of society, plays their part in that.

Economic Update

Harriett Baldwin Excerpts

Tuesday 17th March 2020 Commons Chamber

[Rishi Sunak]

We have put £1 billion into the welfare system to provide extra financial security for those people, to speed up both access and the generosity of all those benefits.

[Harriett Baldwin (West Worcestershire) (Con)]

I thank the Chancellor and his team for all that has been announced today. I know that those in the retail hospitality sector in my constituency will be very pleased to hear about it.

There is a sector of the retail market that is doing incredibly well, and that is the supermarkets. Many of my constituents are worried because they rely on home deliveries from supermarkets. Can the Chancellor update us on what talks he and his colleagues are having with the supermarket industry about increasing capacity for home delivery?

[Rishi Sunak]

That is an excellent point. My right hon. Friend the Secretary of State for Environment, Food and Rural Affairs is engaged in urgent talks with supermarkets to ensure the security of our food supply and to improve accessibility, particularly for those who may now be at home.