Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Kirsty Blackman

Tuesday 28th February 2017 Commons Chamber

[Kirsty Blackman (Aberdeen North) (SNP)]

Oil and gas received only a passing mention in the industrial strategy and was classed as a low priority for the Brexit negotiations. Will the Chancellor commit to actually doing something to support the future of the oil and gas industry in next week’s Budget?

[Mr Philip Hammond]

The hon. Lady will have to wait and see, but I am well aware of the concerns that the industry is expressing. My hon. Friend the Financial Secretary met industry representatives last week and we understand their principal asks.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Kirsty Blackman

Tuesday 17th January 2017 Commons Chamber

[Mr Hammond]

My right hon. Friend has a point in one sense, in that economic forecasters admit that even with a five-year forecast, there will be a high degree of uncertainty about accuracy. On a 50-year forecast, there will be a very high degree of uncertainty indeed, but we will see how the debate goes on the fiscal sustainability report that is published today. I suspect that it will act as a very useful catalyst for discussing some of the really important strategic issues that we face as a nation, not in the white heat of immediate political debate, but over a much longer term—over a 50-year period—so that we can think about where we go in the balance between public spending and taxation, and how we support our vital public services.

[Kirsty Blackman (Aberdeen North) (SNP)]

24. The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?

[Mr Hammond]

My assessment is that by setting out our agenda and by setting out clear objectives, as the Prime Minister is right now, we are meeting the first ask of our European partners, which is to be clear about what we want. We are recognising the political red lines they have set out and saying that we will respect them. That is the first step towards sensible engagement with our European Union partners to reach an outcome that is positive for the UK and for the European Union. That of course must include freedom for financial services firms to continue doing their business.

Autumn Statement

Debate between Lord Hammond of Runnymede and Kirsty Blackman

Wednesday 23rd November 2016 Commons Chamber

[Mr Hammond]

The Department for Work and Pensions has some excellent programmes and my right hon. Friend the Secretary of State for Work and Pensions confirms to me that he has adequate funding for all those programmes.

[Kirsty Blackman (Aberdeen North) (SNP)]

The oil and gas industry has a bright future. When will the Chancellor implement the tangible changes that his predecessor committed to on both decommissioning tax relief and loan guarantees? The industry needs those measures to secure current investment and so secure increased future productivity.

[Mr Hammond]

Yes; I have confirmed again today that we will proceed with those measures. We will proceed with them as quickly as we possibly can.