Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Kit Malthouse

Tuesday 29th November 2016 Commons Chamber

[Mr Hammond]

I cannot give the hon. Gentleman a precise date, but I have discussed this with the business managers. The rules of the House mean that 28 days must elapse before the charter is laid. I think that that will put it in the second half of January, but we will have the debate as soon as we can after the statutory period.

[Kit Malthouse (North West Hampshire) (Con)]

As other Members have mentioned, there is growing alarm about the impact of making tax digital on small business people, of whom I am one. Will the Chancellor confirm that, in time, quarterly tax returns will also apply to Members of Parliament?

Autumn Statement

Debate between Lord Hammond of Runnymede and Kit Malthouse

Wednesday 23rd November 2016 Commons Chamber

[Mr Hammond]

No. I appreciate that the hon. Gentleman will not have had a chance to read the report, but when he does so, he will see that the big drivers of debt are: the deteriorating forecast for growth, which of course has a big impact; the structural change that appears to be taking place in the relationship between a given level of GDP and tax receipts—I mentioned in my statement that we will have to address that—and the measures that the Bank of England took, which have a direct impact on public debt, but only in the short term, because they do unwind over the course of a few years.

[Kit Malthouse (North West Hampshire) (Con)]

I warmly welcome the Chancellor’s significant commitment to British science today, regarding both research and commercialisation. As he moves towards his next Budget, may I urge him to look carefully at removing many of the regulatory barriers and at providing greater tax incentives for individuals to invest in science and technology start-ups so that we can start to build a true enterprise culture in which everybody participates?

[Mr Hammond]

My hon. Friend has been kind enough to come to see me over the past few weeks to make some suggestions in this area. I did announce in my statement that the Treasury will conduct a review of the availability of patient capital in this country, and I include in that genuine individual investment in start-up businesses and how we make sure that that is incentivised to stay in for the long haul. I thank him for his input and we will look at this further.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Kit Malthouse

Tuesday 25th October 2016 Commons Chamber

[Mr Hammond]

The Government are committed to the midlands engine. The hon. Gentleman is absolutely right to say that the midlands conurbation overall has a weight of population and economic activity that allows it to be a rival to the hub of London and the south-east. As I said to my right hon. Friend the Member for Broxtowe (Anna Soubry), announcements about specific projects will be made in due course by the relevant Minister.

[Kit Malthouse (North West Hampshire) (Con)]

One of the most important ways in which the Chancellor could boost economic growth outside—and, indeed, in—London and the south-east is by energising small business. Will he consider reviewing the small enterprise investment scheme, in the hope of simplifying it and of thereby seeing a wall of private cash invested in starting and maintaining small businesses?

[Mr Hammond]

My hon. Friend is right. Ensuring the supply of funding to start-ups and smaller enterprises as they grow is a key to the future of our economy. I assure him that all schemes, taxes and other such structures will be reviewed in the run-up to the autumn statement, and I will let him know my conclusions on 23 November.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Kit Malthouse

Tuesday 19th July 2016 Commons Chamber

[Mr Hammond]

My hon. and learned Friend is absolutely right; raising the UK’s productivity is the long-term challenge of our economy, and infrastructure investment is one of the ways we do that. I draw attention to another point: the success of Cambridge today, not only as a centre of academic excellence but as an innovation hub of global importance, has arisen because of the very foresighted decision of Cambridge City Council many years ago to allow development around the city and the creation of the Cambridge business park, which is now a world magnet for investment.

[Kit Malthouse (North West Hampshire) (Con)]

I, too, congratulate the Chancellor on his ascension. One of the key flows of capital that is likely to increase post-Brexit is the £300 million or so that is invested every year in gilts by those seeking a UK investor visa. This is of little productive value to the UK economy. I wrote to the previous Treasury team suggesting that this money would be better invested in drug discovery but, amazingly, I got the brush-off. May I impose myself upon the Chancellor of the Exchequer and ask for a meeting to explain the merits of requiring these people to invest in the productive part of the UK economy?

[Mr Hammond]

I anticipate that there will be a need to fund UK Government gilt issuance for the foreseeable future, but I understand my hon. Friend’s point and I would be happy to discuss it with him.