Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Ben Lake(6 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
Since 2010 the shadow Chancellor has predicted that the UK would go into recession on no fewer than eight separate occasions—that is eight out of zero. But the UK economy is growing steadily and is now 10.7% bigger than its pre-crisis level, and the Office for Budget Responsibility expects it to continue to grow in each year of its forecast to 2022. While we know that the shadow Chancellor does not think that a growing economy matters, let me tell him why I do: a growing economy means more jobs, more prosperity and more security for working people.
Ben Lake (Ceredigion) (PC)
What consideration has been given to the contribution that varying certain business taxes, such as VAT, according to the nation or region of the UK could make to encouraging economic growth?
Mr Hammond
The Government’s view is that a unified rate of VAT across the United Kingdom is an important part of our single market of the United Kingdom, which is an essential economic good for the whole of this country.
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Ben Lake(6 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
The hon. Gentleman will know that I have been arguing for the last year for a jobs-first, prosperity-first Brexit, which means negotiating the closest possible relationship with the EU after we leave that union, and that is what we intend to do.
Ben Lake (Ceredigion) (PC)
The contribution of the UK internal market is of course important to the economy of Wales. Under Westminster rule, the economy of London and the south-east of England has steamed ahead while Wales remains one of the poorest nations in western Europe. Will the Chancellor commit to ending this rank inequality by rebalancing the UK internal market to ensure that it is not based on a set of Westminster diktats but is instead a partnership of the four nations of the UK?
Mr Hammond
Yes, we have identified regional disparity as one of the drivers of low productivity in the UK. Raising the productivity performance, particularly that of our great cities outside London, is key to raising UK’s performance overall.