Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 21st May 2019 Commons Chamber

[Mr Philip Hammond]

We are chasing tax dodgers everywhere. [Interruption.] Yes, we are. We have raised £200 billion of additional revenue since 2010 by clamping down on tax avoidance and evasion. Yet what did I hear when I came into the Chamber today? I heard Labour Member after Labour Member challenging my right hon. Friend the Financial Secretary to the Treasury about the loan charge, a clear attempt to deal with a piece of egregious tax avoidance which Opposition Members seem to have a totally different view about.

[Vicky Ford (Chelmsford) (Con)]

If we want more renewables and more electric cars we need a more resilient electricity grid, and that needs more investment. Does my right hon. Friend agree that the last thing we need for a cleaner, greener Britain is for the Labour party to wipe billions of pounds off our National Grid’s investment capacity?

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 9th April 2019 Commons Chamber

[Mr Philip Hammond]

That is not an issue with which I am familiar, but I should be happy to hear more about it from the hon. Gentleman. Perhaps he would like to write to me in the first instance, setting out the details of his argument.

[Vicky Ford (Chelmsford) (Con)]

In Chelmsford we love our high street. Does my right hon. Friend agree that giving nine out of 10 of our shops a business rates reduction of up to £8,000 a year will help to create a more level playing field between online and bricks-and-mortar shops?

[Mr Hammond]

Yes. As I said earlier, it is essential for the high street to evolve to respond to the digital age, but there is no doubt that smaller shops need a breathing space in which to do so, and reducing their business rates this year and next will help them in that regard.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 5th March 2019 Commons Chamber

[Vicky Ford (Chelmsford) (Con)]

15. What fiscal steps he is taking to establish the UK as a world leader in new technologies.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

The Government are determined to ensure that the UK is at the forefront of the development of new technologies. Since 2016, I have committed £7 billion more—a 20% uplift —for research and development, thus demonstrating clear progress towards the Government’s ambition to raise investment in R&D to 2.4% of GDP by 2027. Among other things, those funds are supporting a £305 million national quantum technology programme and a £950 million artificial intelligence sector deal, and there is £250 million for connected and autonomous vehicles.

--- Later in debate ---

[Mr Hammond]

My hon. Friend is right. Rare earths and other critical elements are at the centre of the electronics industry, which now defines our modern life. Some of the materials are very scarce, and recycling the large amounts that are already in use in batteries is crucial. In the 2017 spring Budget I announced the £246 million Faraday battery challenge, to be funded from the national productivity investment fund. Supported by the fund, the University of Birmingham, together with industry partners, is leading the way in developing new methods of recycling lithium batteries, which power so many of the objects that we use in our everyday lives.

[Vicky Ford]

Quantum technology is one of the most mission-critical technologies being developed today, and so far much of the work has been done at research level. How do the Government intend to help leading British companies such as Teledyne e2v in Chelmsford to commercialise this activity, to ensure that quantum technology remains based in the UK?

[Mr Hammond]

I knew Chelmsford was going to get in there somewhere.

The additional £7 billion I mentioned earlier is focused on applied research and industry innovation and the commercialisation of the UK’s world-leading science base. Quantum technologies have the potential to be transformative, and the UK is a global leader, so last autumn I committed £315 million for a second phase of the UK’s landmark national quantum technology programme. This investment includes a £70 million industrial strategy challenge fund, which will help leading UK firms such as Teledyne accelerate getting their products to the market.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 29th January 2019 Commons Chamber

[The Chancellor of the Exchequer (Mr Philip Hammond)]

The national living wage was introduced by my predecessor. It will rise to £8.21 from April this year. In total, it will have delivered a pay rise of over £2,750 for a full-time minimum wage worker since its introduction in 2016. While we are proud of that achievement, my hon. Friend the Member for Chelmsford (Vicky Ford) will know that in the long term, sustainable pay growth relies on improving productivity. That is why we are investing heavily in infrastructure and are delivering a national retraining scheme to ensure that people are equipped for the technology revolution ahead.

[Vicky Ford]

What steps are the Government taking to make sure that everyone, including those on the lowest incomes, has the opportunity to save for their future?

[Mr Hammond]

The Government are committed to supporting savers at all levels of income and at all stages of life. In September 2018, we introduced Help to Save, which is targeted at people on low incomes and which Martin Lewis of moneysavingexpert.com described as

“a very clever scheme”

that

“enables people possibly to have the best of both worlds”.

It pays a 50% bonus on savings of up to £50 made by working families on low incomes. We have 80,000 accounts open already, and we expect the numbers to rise substantially over the next few months.

European Union (Withdrawal) Act

Debate between Lord Hammond of Runnymede and Vicky Ford

Thursday 6th December 2018 Commons Chamber

[Mr Hammond]

Under the political agreement, there is a commitment by the parties to working in good faith together to minimise any impediments to trade between us. We are confident that, with goodwill on both sides and the evolving technologies that are available, we will be able to design a very efficient and free-flowing border for UK goods and for imports from the European Union.

[Vicky Ford (Chelmsford) (Con)]

I thank the Chancellor for giving way. Does he agree that, under the withdrawal agreement, the UK will continue to trade on the same basis not just with the EU, but with the EEA and other countries, which means that companies such as Young’s of Grimsby would not face a cliff edge, but that if we vote against this agreement, then all is uncertain?

[Mr Hammond]

My hon. Friend is exactly right. One of the huge benefits of the negotiated deal that is in front of the House is the transition period, giving us another two years, to the end of 2020, of clarity and certainty for British businesses about how they will operate in the future.

Let me be clear about the economic benefits of this deal: a time-limited implementation period, as I have just said, giving people and businesses time to adjust; a deal that ensures citizens, both British and European, are properly protected; a political agreement to construct the closest economic relationship between the EU and any advanced economy in the world; a free-trade area for goods with no tariffs, no fees, no charges, and no quantitative restrictions; a commitment to an ambitious relationship on services and investment, including financial services; and for further co-operation across a wide-range of sectors from transport to energy and data.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 3rd July 2018 Commons Chamber

[Mr Philip Hammond]

I assure the hon. Lady that on Friday, as I have done consistently for the past two years, I will argue for a future relationship with the European Union that protects our important supply chains, protects British jobs and protects British business.

[Vicky Ford (Chelmsford) (Con)]

British insurers, such as the ones based in Chelmsford, face a dilemma over what will happen to their European clients’ contracts: it would be immoral for them not to pay out on claims, but illegal if they do so. Will you urge the European regulators to come up with the same sensible, pragmatic solutions as the British regulators?

[Mr Speaker]

Well, I won’t, but the Chancellor might.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 17th April 2018 Commons Chamber

[Mr Speaker]

Single-sentence inquiries: I call Vicky Ford.

[Vicky Ford (Chelmsford) (Con)]

Last night, the pound hit its highest rate against the dollar since the referendum. Will the Chancellor join me in welcoming this sign of international confidence, which is so contrary to the run on the pound predicted by the shadow Chancellor?

[Mr Hammond]

I welcome all signs of international confidence, but I never comment on the exchange rate of the pound.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Vicky Ford

Tuesday 27th February 2018 Commons Chamber

[Vicky Ford (Chelmsford) (Con)]

The services sector makes a huge tax contribution to the public purse. What confidence can the Chancellor give to my constituents who work in financial services that our new free trade agreement will cover services as well as goods?

[Mr Philip Hammond]

We are clear that a future comprehensive trade partnership with the European Union must include goods as well as services. A deal can only be done if it is fair to both sides, and because of the shape of the UK economy it would be very difficult to see how any deal could be fair if it did not include services. We have heard it asserted that it is impossible for services to be part of a trade agreement. I do not believe that that is the case. Next week, I shall make a speech in which I will set out our view of how it is possible to include services within such a trade deal.