Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Huw Merriman

Tuesday 22nd May 2018 Commons Chamber

[Huw Merriman (Bexhill and Battle) (Con)]

11. What steps he is taking to support businesses and entrepreneurs.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

One year on from the appalling Manchester Arena attack, I am sure that I speak for everyone in the House in saying that on this day our thoughts are with those who lost their lives and their families, and those who suffered life-changing injuries. We will remember them with a minute’s silence later today.

The UK’s 5.7 million small businesses make a vital contribution to our economy, employing 60% of the private sector workforce, and the Government are determined to facilitate their success. We are keeping taxes low and ensuring that firms can access the support that they need to thrive. Following the patient capital review, we are expanding the tax reliefs available to entrepreneurs that will support them in growing their businesses, and we have launched a patient capital action plan to unlock £20 billion of funding to help high-growth firms to reach their potential.

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[Huw Merriman]

In the rural and coastal parts of east Sussex that I represent, infrastructure delivery is key to bringing more businesses and entrepreneurs to the area. What plans does the Chancellor have to continue investment in road, high-speed rail and broadband connections so that we can attract more businesses to rural parts of this country?

[Mr Hammond]

The national productivity investment fund is investing in all those areas. We have the biggest rail investment programme since Victorian times and the biggest road building programme since the 1970s, and we are investing in superfast broadband, which is critical to this country’s future. As my hon. Friend will know, in his area we are investing in the A21, and we are working with Network Rail on exploring options for connecting HS1 services to Hastings via Ashford International.

Spring Statement

Debate between Lord Hammond of Runnymede and Huw Merriman

Tuesday 13th March 2018 Commons Chamber

[Mr Hammond]

Our target—our commitment—is to deliver 3 million apprenticeships by 2020. The introduction of the apprenticeship levy changed the game, and we were always anticipating that it would have an impact on the profile of starts. The additional £80 million announced today is targeted specifically at small, non-levy-paying businesses to help them to take on apprentices. In a couple of weeks, at the beginning of April, large businesses that pay the levy will be allowed to transfer 10% of their levy funds to small businesses in their supply chain to support their engagement and training of apprentices. We will, however, keep the programme under close review. This is a commitment that we must deliver, and if we need to intervene in a different way to deliver it, we will.

[Huw Merriman (Bexhill and Battle) (Con)]

According to page 193 of the OBR report,

“The future is uncertain and the likelihood of unexpected…political developments means…there are significant…downside risks to…forecasts for the public finances.”

Does the Chancellor see any of those political downside risks sitting directly in front of him?