Autumn Statement

Debate between Lord Hammond of Runnymede and John Redwood

Wednesday 23rd November 2016 Commons Chamber

[Mr Hammond]

I am not responsible for remarks that may or may not have been made during political campaigns. The British people made a decision to leave the European Union, and we must respect that decision. If we are to make a success of this process and if we are going to ensure the success of the British economy in the future, we must move on and not repeat this sterile debate over and over again. We must focus our attention on building an economy that is match-fit for the future and that will enable us to deliver high living standards as we make our way in the world.

[John Redwood (Wokingham) (Con)]

As someone who is much more optimistic about the UK economy’s prospects under the Chancellor’s stewardship than the OBR usually is, I welcome the increased OBR forecast for this year—a faster rate of growth than in its pre-vote forecast. I also welcome its recognition that there will be no post-vote winter recession, as was forecast by some. Does the Chancellor agree that the OBR is probably still quite wrong about 2017? Its forecast is too low, its borrowing forecast is far too high, and we will get good access to the single market once we are out of the EU.

[Mr Hammond]

I hope that my right hon. Friend is right on that last point, which will of course be our objective. I am grateful to him for his implicit confidence in my stewardship. I am well aware of his views, which are, as always, long standing and utterly consistent. However, it is not my job to opine on the report that the OBR has made by statute to Parliament; it is my job to respond to it. That is what I have done today. Obviously, economic forecasting is not a precise science, and I absolutely recognise, as would the OBR, that individual Members will have their own views on the likely future trajectory of our economy. It is probably worth mentioning that the OBR specifically says in its report that there is an unusually high degree of uncertainty in its forecasts because of the unusual circumstances.

EU Membership: Economic Benefits

Debate between Lord Hammond of Runnymede and John Redwood

Wednesday 15th June 2016 Commons Chamber

[Mr Hammond]

I am grateful to the hon. Gentleman. He certainly did not hear me claiming that the EU was uniquely imperfect. It is just another imperfect institution among very many, including our own Government, I am certain.

I know that we are safer because we work with other EU member states to tackle the threats of terrorism and organised crime, and I know that we are better off for being part of a market of more than 500 million consumers, with the combined economic weight of a quarter of the world’s GDP, when negotiating trade deals with the rest of the world. I want to dwell on that point, because it is fundamental. We said back in 2010 that our economic security and our national security are two sides of the same coin, and it remains true today. Without economic security, there is no national security. How could we be safer if we could not afford to invest in our nation’s security and defence? How could we be stronger and more influential if our economy was shrinking?

[John Redwood]

How can the Foreign Secretary say that we are more secure and better off? If we take the fishing industry, for example, the number of fishermen has halved since we joined the EU and the industry has been under a common fisheries policy that has driven us into import dependence on other countries.

[Mr Hammond]

I say that because I take a holistic view. I am looking at the interests of the United Kingdom as a whole, taking into account all the pluses and minuses of our EU membership—yes, there are negatives as well as positives—balancing those arguments and reaching a conclusion about the net benefit to this country of being a member of the European Union.

Daesh: Syria/Iraq

Debate between Lord Hammond of Runnymede and John Redwood

Wednesday 16th December 2015 Commons Chamber

[Mr Hammond]

I long since gave up using the word “clear” to describe anything about Russian policy, because it is anything but clear—it is always opaque. We simply do not know what the Russian strategy is. We do not know what Russia’s objectives are, and my assessment is that most people in the Russian system do not either; perhaps Mr Putin has in his head an idea about what the end game is. What I do know is that some 75% of Russian airstrikes are being conducted against people whom we believe have to be part of the solution to the Syrian problem, not against Daesh, which we are very clear is the enemy.

[John Redwood (Wokingham) (Con)]

I welcome the emphasis on a political solution and possible ceasefire in Syria. Given the growing strength of Daesh in Libya, can my right hon. Friend tell us how we might get political progress in Libya? Are there military consequences of that growing concentration?

[Mr Hammond]

As they say, I am glad that my right hon. Friend asked me that question, because it just so happens that a signing ceremony is planned for tomorrow in Morocco, at which it is hoped by the UN special representative, Mr Martin Kobler, that a majority of the House of Representatives and a significant number of members of the General National Congress will sign an agreement creating a Government of national accord. If that happens tomorrow, the western countries and the Gulf countries will swing behind that Government of national accord and will look to build their capability as soon and as quickly as possible, so that we can start to work in Libya to contain the threat that Daesh now clearly represents in that country.