Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Nigel Huddleston

Tuesday 5th March 2019 Commons Chamber

[Mr Philip Hammond]

As I have told the House many times—I will elaborate more at the spring statement next week—in what I now think is the unlikely event of a no-deal exit, the Government have both fiscal and monetary tools available to them to support the economy. Of course, the likely shock would be on the supply side of the economy, and we would have to be careful that fiscal interventions did not merely stimulate inflation. If we are to find ourselves in that situation, we have the firepower and the clear intent to intervene to support the economy.

[Nigel Huddleston (Mid Worcestershire) (Con)]

T6. I am sure that all those on the Treasury Bench agree that it is a really important responsibility of the Government to ensure that our children and young people can achieve their full potential. With that in mind, can my right hon. Friend assure me that skills and education funding will receive the priority attention it deserves in the upcoming spending round?

European Union (Withdrawal) Act

Debate between Lord Hammond of Runnymede and Nigel Huddleston

Thursday 6th December 2018 Commons Chamber

[Mr Hammond]

The Governor is of course absolutely right. The modelling that the Bank has done has been tested against the financial policy committee’s stress tests to ensure that, even in the worst-case scenario, our financial system would be resilient. The work that we have done since 2010—including increasing banks’ capital ratios and introducing risk-reduction strategies around banks and financial institutions—has ensured that the system will be resilient, even against the most extreme circumstance that the Bank of England has modelled.

[Nigel Huddleston (Mid Worcestershire) (Con)]

With regard to the deal versus no-deal scenario, does the Chancellor agree that the problem with the WTO option is that it is silent on swathes of modern British industry, so it does not cover our economy completely? Aviation is one of the most obvious sectors that is not covered by the WTO option. It is very dangerous for us to go into a situation in which those sectors are not adequately covered.

[Mr Hammond]

My hon. Friend is right, but I think the most telling point about this issue is the one made regularly by my right hon. Friend the Secretary of State for International Trade. If WTO terms are so fantastic and so good for a trading relationship, why do we need to negotiate free trade deals with all these other countries around the world? We already trade with them on WTO terms, but we clearly believe that we can do much more if we negotiate something better than WTO.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Nigel Huddleston

Tuesday 17th April 2018 Commons Chamber

[Mr Hammond]

We touched on this matter earlier, I think. It is important that HMRC deals with matters separately from Ministers, but we are aware that HMRC is in discussion with the trustees in this case and we hope for a resolution soon.

[Nigel Huddleston (Mid Worcestershire) (Con)]

T2. Does the Chancellor agree that consideration should be given to making expenditure such as gym membership tax deductible in recognition of its health benefits and, ultimately, cost-saving benefits for the NHS?

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Nigel Huddleston

Tuesday 16th January 2018 Commons Chamber

[Nigel Huddleston (Mid Worcestershire) (Con)]

The Chancellor will be aware that Government debt per household is around £65,000. Another name for that debt is deferred taxation. Does the Chancellor agree that the best way to increase tax revenue and reduce our debt is to grow the economy, which is exactly what we are doing?

[Mr Hammond]

Yes. There are two ways to get our debt falling as a percentage of GDP. By far the easiest way, and the most agreeable way for our constituents, is to grow the economy so that the denominator shrinks.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Nigel Huddleston

Tuesday 24th October 2017 Commons Chamber

[Nigel Huddleston (Mid Worcestershire) (Con)]

16. I am very proud of the fact that this Government have taken 3 million of the lowest paid out of paying income tax altogether. These are people who cannot afford to pay more tax. Some Opposition Members—and, indeed, others—often say that they would not mind paying more tax. Can we find a mechanism for them to do so?

[Mr Hammond]

I am always very open to receiving from colleagues around the House ideas for specifically targeted taxes. If my hon. Friend has such an idea I would be very pleased to receive it.