Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Chris Green(5 years, 9 months ago)
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Mr Hammond
No, we are committing additional funding to innovation and to research and development—the Faraday battery challenge is a good example—and lots of that money is going into the technologies that will underpin the decarbonisation of our economy. However, we have to get the balance right. Consumers of energy in this country do not want to see their bills rising because we have made imprudent decisions. We have to do this in a way that takes public opinion with us as we decarbonise our energy sector, our homes and our industry in a sustainable way.
Chris Green (Bolton West) (Con)
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and Chris Green(6 years, 11 months ago)
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Chris Green (Bolton West) (Con)
The Chancellor of the Exchequer (Mr 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 plans to reduce borrowing further and to ensure that debt falls.
Mr 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 an ultra high-risk strategy that would be a gamble with our economic future.
Chris Green
Does my right hon. Friend agree that uncontrolled debt is bad for the economy and bad for the young people who have to pay the debt off, and that we should avoid following the model preferred by the Opposition, which has all the qualities of the parliamentary sewage system?
Mr Hammond
Yes, I can agree with my hon. Friend on that. Any party that aspires to government and is serious about properly managing the public finances should be able to explain how it would fund the expenditure it is committing to—and to do so without consulting an iPad.
Daesh: Syria/Iraq
Debate between Lord Hammond of Runnymede and Chris Green(9 years ago)
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Mr Hammond
As I have already said, we have provided support to the Syrian opposition in logistical terms in trying to prepare its role as a negotiating convention, and we will continue to do so. Nobody should underestimate the power that Saudi Arabia has because of the position of the King of Saudi Arabia as the custodian of the two holy mosques. That creates a unique convening power which allows Saudi Arabia to bring together people who do not particularly want to sit in a room together and force them to engage with each other. Frankly, in a storm we need to work with partners who have the capabilities that we need, and Saudi Arabia has that capability.
Chris Green (Bolton West) (Con)
Syria needs political stability so, although we may have to deal with the Assad regime in the short term, does my right hon. Friend agree that the Assad regime cannot be part of the long-term solution, even if other regional partners support his continued dictatorship?
Mr Hammond
Yes, as I have already said, our position is that for both moral and practical purposes we will not get a solution that involves Assad as a long-term part of the political structure in Syria.