Spring Statement

Debate between Lord Hammond of Runnymede and Sammy Wilson

Wednesday 13th March 2019 Commons Chamber

[Mr Hammond]

I can give my right hon. Friend that assurance. I am acutely conscious of the fact that we are committed to building a tunnel under the Thames but we have not yet committed to the link roads that will link that tunnel to the rest of the road network, and of course we absolutely will do so. This is a broader-based review to look at how we replace PFI and EIB funding over the medium term.

[Sammy Wilson (East Antrim) (DUP)]

I welcome this statement and the news that despite the best and concerted efforts of those who think that by talking the UK economy down they can somehow stop us leaving the EU, it is pleasing that employment is up, job creation is up, and the Government finances are in a better shape. That shows that we do not need the EU as some kind of economic crutch in order to enable us to stand on our own two feet. I also welcome the Barnett consequentials for Northern Ireland.

For the future, what progress has been made on the review of air passenger duty and VAT on the hospitality industry in Northern Ireland? If the Chancellor is going to help subcontractors deal with late payments, will he consider the use of project bank accounts, which have been very successful in Northern Ireland in ensuring that public sector spend on infrastructure projects actually reaches the companies that spend the money?

[Mr Hammond]

I welcome the right hon. Gentleman’s comments. I draw the House’s attention to the fact that one of the features of the jobs growth we have delivered is the regional distribution of it. This is not London-centric jobs growth; it is across the country. Productivity, wages and employment have grown in every region of the UK, which is very welcome.

The APD working group has been established, as the right hon. Gentleman knows, but we are not in a position to take any action in that area until there is a devolved Administration in Stormont. On VAT, as he knows, we are not able to take any action while we are members of or subject to the rules of the European Union, but we will continue to look at these issues.

Spring Statement

Debate between Lord Hammond of Runnymede and Sammy Wilson

Tuesday 13th March 2018 Commons Chamber

[Mr Hammond]

Yes, I can. I am happy to tell my hon. Friend that since we reduced the rate of corporate tax to 19%, the yield—the amount of tax we raise for our public services, our hospitals and schools—has gone up 54%. It is clear that being one of the most competitive tax jurisdictions in the G20 is one of the determining factors in many investment decisions coming to the UK, creating the jobs and prosperity we need for the future.

[Sammy Wilson (East Antrim) (DUP)]

The Chancellor is right to talk up the UK economy when there is good news, because there are plenty in this House who will recklessly talk it down. There was, however, one gap in today’s statement. He promised an inquiry, in time for the autumn Budget, into air passenger duty and VAT on the hospitality industry. When will he make an announcement on when that inquiry will start and on the terms of it?

[Mr Hammond]

I have laid a written ministerial statement today that sets out the reviews and consultations, and that is among them. If the right hon. Gentleman looks at that after this statement he will see that it is there.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Sammy Wilson

Tuesday 18th July 2017 Commons Chamber

[Mr Hammond]

As I am sure the hon. Gentleman will know, the short-run effect of a depreciation in sterling would be expected to be a decline in our trade balance performance as we suck in more expensive imports, in sterling terms. But over time the economy will adjust—there are signs that this is happening now—with exporters increasing their output to take advantage of weaker sterling and their greater competitiveness in international markets, and indeed not just exporters, but those who would substitute imported products with domestically produced products, which is often the best way forward for smaller companies.

[Sammy Wilson (East Antrim) (DUP)]

One of the ways of reducing the deficit is by increasing economic growth, rather than increasing taxes or reducing spending. What steps is the Chancellor taking to produce economic growth, and how are his efforts being affected by those who continually talk the economy down and predict dire effects from Brexit, even though their predictions to date have been proved wrong?

[Mr Hammond]

The hon. Gentleman is exactly right; those who talk the economy and its prospects down are not doing the country any favours. It is not about borrowing more or taxing more; it is about growing our economy faster and increasing productivity so that we can have sustainable jobs and economic growth that produces the taxation to support our public services as well as rising living standards for our population.