Autumn Statement

Debate between Lord Hammond of Runnymede and Owen Thompson

Wednesday 23rd November 2016 Commons Chamber

[Mr Hammond]

It is a fair question, and the answer is that the Ministry of Defence, unusually among Government Departments, has the ability, and does in practice use the ability, to hedge currency risk, because so much of its capital expenditure programme is denominated in US dollars. So it does have a degree of protection over the coming years; that protection will not last forever, and if sterling’s current relative weakness against the US dollar persists, we will have to revisit this. But I would hope and expect that, as the cloud of uncertainty around the British economy disperses in due course, and people are able to see the strong prospects for this economy in the future, we will see sterling gradually finding its feet again.

[Owen Thompson (Midlothian) (SNP)]

I welcome the fact that the Edinburgh south-east Scotland city deal is still in today’s autumn statement, but the local authorities involved in this process have been making plans for it for more than two years. In June, they were expecting sign-off by December, but we have not seen anything come forward yet. Can the Chancellor confirm when the city deal will finally get sign-off?

[Mr Hammond]

No, I cannot. We are committed to, and engaged in, the process, and I have just confirmed that today, but, obviously, there are things that have to be agreed between the parties. I am not into the details of the negotiation on Edinburgh, but we clearly have to get to a conclusion as quickly as possible to see that the benefits are delivered to the people of Edinburgh. I hope the hon. Gentleman will urge the city council to engage enthusiastically in getting this done.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Owen Thompson

Tuesday 19th July 2016 Commons Chamber

[Mr Hammond]

The hon. Gentleman is right to say that the shock of the exit vote at the referendum has created short-term turbulence in the UK economy, but we are well placed to manage it. In answer to his question about data, a series of data publications during the late summer and autumn will inform a proper response at the autumn statement.

[Owen Thompson]

The Conservative Government’s so-called long-term economic plan has resulted in their failing on key economic indicators and missing the targets that they set for themselves. Will the Chancellor tell the Chamber whether we will witness an end to this disastrous era of austerity?

[Mr Hammond]

The UK continues to run a very large fiscal deficit by international standards and we will have to address that deficit. We have already announced that we will no longer seek to bring the budget into balance by 2019-20, but that does not mean that we can go forward without a clear framework for achieving fiscal balance over an appropriate timeframe. We will address that issue in the autumn statement.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Owen Thompson

Tuesday 12th July 2016 Commons Chamber

[The Secretary of State for Foreign and Commonwealth Affairs (Mr Philip Hammond)]

As my right hon. Friend the Prime Minister has said, we must ensure that the interests of all parts of the United Kingdom are properly taken into account as we progress these negotiations. So, as we prepare for talks with the European Union, we will fully involve the Scottish, Welsh and Northern Ireland Governments as well as the Mayor of London, the overseas territories and other regional interests. Officials of the new EU unit, which I mentioned a few minutes ago, will be making contact with counterparts in the devolved Administrations.

[Owen Thompson]

While that answer is encouraging, it does not exactly give a lot of detail—much like the plans of the Brexiteers as they went into the referendum. What formal role will the Scottish Government and the other devolved Governments have in the process of formalising Brexit?