Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Robert Courts

Tuesday 11th September 2018 Commons Chamber

[Mr Hammond]

I know that he does have such views, Mr Speaker. As my right hon. Friend asked—and I know that her Committee questioned the Governor on this subject last week—I can now announce to the House that I have been discussing with the Governor his ability to serve a little longer in post in order to ensure continuity through what could be quite a turbulent period for our economy in the early summer of 2019. I can tell the House today that the Governor has agreed, despite various personal pressures to conclude his term in June, that he will continue until the end of January 2020 in order to help to support continuity in our economy during this period.

[Robert Courts (Witney) (Con)]

Will the Chancellor please confirm that the income of the lowest-paid has grown more than twice as fast as the income of the very highest over recent years?

[Mr Hammond]

Yes, thanks to this Government’s introduction of the national living wage.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Robert Courts

Tuesday 22nd May 2018 Commons Chamber

[Mr Hammond]

We have a globally competitive offer for businesses seeking to locate in the United Kingdom, and, of course, Northern Ireland will have corporation tax flexibilities of its own in due course. However, we seek to make all parts of the UK attractive to foreign direct investment, and Northern Ireland has done extremely well from that.

[Robert Courts (Witney) (Con)]

Will the Government please explain what is being done to help firms in places such as west Oxfordshire to harness 5G and broadband, making them more competitive, making them raise more money, and creating the capital that will enable us to fund the public services that the Labour party wants to overthrow?

[Mr Hammond]

This is partly about public investment and partly about private investment to encourage the roll-out of full-fibre broadband technologies and give companies access to the funds that they need to make investments and take advantage of the public infrastructure. We will make further announcements about our forward broadband strategy during the summer.

Spring Statement

Debate between Lord Hammond of Runnymede and Robert Courts

Tuesday 13th March 2018 Commons Chamber

[Mr Hammond]

Real income growth is the principal target that we focus on, but the country suffered a recession after the financial crisis that wiped out 6% of our national income, and we are rebuilding our economy from that crisis, hindered and hampered by the fact that the previous Government were ill-prepared for the crisis when it came. As I have made clear today, we are determined to ensure that our economy and public finances are in good shape to deal with the economic cycle in the future, because we do not believe that we have abolished that economic cycle, and we have to prepare for future downturns because that is the nature of economic life.

[Robert Courts (Witney) (Con)]

I welcome the progress made in reducing the debt and the deficit, but will the Chancellor confirm that we are still spending £50 billion in debt interest—more than the armed forces and police force combined receive—and if we do not get control of this, there will be less money for the things we value, such as the housing infrastructure fund, Oxfordshire’s excellent submission for which is so important to my constituents?

[Mr Hammond]

My hon. Friend is absolutely right. This is current spending; this is £50 billion that we could spend on hospitals, on schools, or, if we chose, on investment in infrastructure. The answer to this from the right hon. Member for Hayes and Harlington (John McDonnell) is to increase the amount of borrowing we have, and to increase the amount of money we are pouring down the drain every year on debt interest, reducing the amount of money available for our public services. That cannot be the right way to go.