Eurozone

Peter Bone Excerpts

Monday 10th October 2011 Commons Chamber

[Mr Osborne]

That was quite a sweep of history. Of course, Britain has always sought to maintain the balance of power in Europe and one could argue that the enlargement policy was quite a successful extension of that policy, but the decision has already been taken with the monetary union and we have to make it work because we would be directly impacted by its failure.

[Mr Peter Bone (Wellingborough) (Con)]

Is not the euro like the parrot in the Monty Python sketch—dead, extinguished, without life—and is not the German Chancellor like the shopkeeper in saying that it is actually healthy and that we really must buy it? Should not the Chancellor be like John Cleese and say, “This is dead and we should bury it”?

[Mr Osborne]

I think the parrot was a Norwegian blue, and Norway is not in the euro.

Finance Bill

Peter Bone Excerpts

Tuesday 28th June 2011 Commons Chamber

[Mr Jones]

The facts do not bear that out, and I shall return to that point in a moment. If people wish to spend their money on health care, that is entirely up to them—I am not opposed to that. What I am saying is that I and others should not be subsidising that choice. We should be putting the money, as the Labour Government did, into ensuring that the general population have access to good-quality NHS care and do not have to worry about the cost.

[Mr Peter Bone (Wellingborough) (Con)]

The hon. Gentleman is making a powerful socialist speech, which is nice to hear in this Chamber. Is he not wrong about the new clause, however, because we would not be subsiding from the taxpayer? Anyone who takes out new private medical insurance because of the subsidy would be saving money for the NHS and so more money could be spent on the people who wish to use the NHS? [Interruption.]

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[Mr Chope]

I certainly support the national health service, but I do not think that the hon. Gentleman understands my point. My point is that even in very socialistic countries, such as Sweden, the other Scandinavian countries and others in Europe—quite apart from the United States—the proportion of total health spending that comes from the private sector is much higher than it is in this country. I think that it would be much better if a higher proportion of our total health spending came from the private sector and from individuals and companies.

[Mr Bone]

My hon. Friend is, as ever, making a powerful speech. Will he explain why some people think that not having private money gives us a better health service? Our European colleagues have better outcomes when they have more private money.

[Mr Chope]

My hon. Friend makes a good point. I think, and some of the research suggests, that when people contribute directly to the cost of their health care they take a greater interest in outcomes and hold the health service to account to a greater extent than when they can be told, “It’s all free, so what do you expect?” We talk about the health service being free at the point of delivery, which of course it is, but I want a health service that is available at the point of need, and the two things are very different. That is the gap that exists at the moment. A little more private sector resource, which would relieve some of the burden on the taxpayer or complement taxpayer resources, would be a good thing.

--- Later in debate ---

[Mr Bone]

The right hon. Gentleman is being very generous in giving way, and I should say something nice about his speech, but I cannot think of anything. This Government’s first priority on health, however, was to make sure that we increased health spending at more than the rate of inflation. It was something that his party would not guarantee.

[Frank Dobson]

Let us turn to a bit of history. When the previous scheme was introduced, neither the Department of Health nor the Treasury made any calculation whatever of what it would cost the taxpayer. It was a decision flying blind—[Interruption.] I notice the Financial Secretary looking to the Box, but if those in the Box give him an honest answer, he will have to confirm that the Treasury made no calculation of the cost of introducing the scheme originally and neither did the Department of Health. When I had the scheme abolished, I found it very difficult to discover how much it had cost. It took the Treasury quite a bit of time, too, because it had not logged the effect of the scheme—which it introduced.

The proposition is that, if people have private health insurance, they will not place any demands on the national health service. First, however, they would get the tax concession most of the time, but, during the years—one would hope that there were many of them—when they did not need any health care at all from anybody, they would not be relieving demand on the national health service because they would not have any demand to supply.

Secondly, as my hon. Friend the Member for North Durham (Mr Jones) has already pointed out, large numbers of people—certainly if they have a difficult or complex operation—do not resort to their private health insurance, because private providers are not up to providing them with the quality of care that is needed, so they resort to the national health service.

I remember a proposal to build a private hospital on the Odeon site on Tottenham Court road, and the brochure that the projectors of this brilliant scheme provided had a paragraph that can be summarised as stating, “It doesn’t matter if anything goes wrong in our private hospital, because you’ll be next door to the world-famous University College hospital, so you’ll be transferred there and then you’ll be okay.” Almost all intensive care is provided in the national health service; private sector providers do not generally provide it, so when things go wrong people are shifted.

--- Later in debate ---

[Frank Dobson]

Let me return to the point. The proposition before us is to divert £200 million of taxpayers’ money to a group of pensioners—not to the national health service, or even to the private health care sector, but to those particular pensioners. I cannot believe that many people in this country, at this moment, believe that that is the first priority of anyone sensible—it is certainly not my priority—but that is what we are being asked to say by those who want us to vote for this new clause.

I can remember the claims that were made when the old scheme was introduced. Despite that, nobody was able to adduce any evidence that it added to the number of pensioners who took out health insurance or stayed as pensioners who had health insurance. When it was abolished, the predictions from the national association of scaremongers, led by Bupa and others, created the impression that the whole system would collapse, that hardly anybody would keep using private health insurance, and that legions of the formerly insured would be pouring into every hospital, clinic and doctor’s surgery. That did not happen. The main function of the scheme was to put a few bob in the pockets and handbags of the better-off pensioners, and that is what it did. It had virtually no impact whatever on health care either in the national health service or in the private sector, and I suspect that the situation would be similar today.

If we have £200 million to spare—apparently we do—and we want to put it into health care, I would be very happy to see some of it go into my local hospitals so that they were not laying off nurses and doctors and other staff in the next couple of years while having to put up with the ridiculous marketising shambles that the Health Secretary has wished on the country. In case it has not been clear, I am opposed to this proposition and, given the opportunity, will vote against it.

[Mr Bone]

It is a great pleasure to follow the right hon. Member for Holborn and St Pancras (Frank Dobson), who has been very consistent in his views over the years and, I think, represents the real views of the Opposition.

I congratulate my hon. Friend the Member for Mole Valley (Sir Paul Beresford) on proposing—

[Mr Kevan Jones]

Will the hon. Gentleman give way on that point?

[Mr Bone]

I will not give way on congratulating my hon. Friend because I am not going to change my view about that. He has proposed a very small and sensible measure that I support because it would benefit people’s health. That is its basis; it is not being done for any other reason.

Over many years, I had the opportunity to observe at very close hand someone who was very seriously ill and was being treated in the national health service and in private hospitals, and they got wonderful treatment in both cases. I pay tribute to the staff in all our health institutions. I do not single out any one group as being better than the other; they all did a very good job.

I believe passionately in insurance. People should insure against things that might go wrong in future; they hope that they will not, but they take out insurance and pay a small fee for that benefit. In the case of the person I mentioned, the cost to the private medical company ran into hundreds of thousands of pounds. My argument is simple: had they not taken out private medical insurance, that money would have had to be paid by the national health service. One of the sad things I saw during that period of years was elderly, retired people at the private hospital putting down £10 notes to get a service that they would have got at a fraction of the price had they taken out insurance. By offering tax relief, we will get more people to do the right thing. It is right that we encourage people to provide for their own medical care. It is simple: if someone is getting 20% off in tax relief, the other 80% is a saving to the national health service.

Let me deal with the dead weight argument. I suspect that the Government will say, as Opposition Members have said, that because people are doing the right thing they should be penalised. If they are doing the right thing in saving money for the NHS, they should benefit from it. The new clause would encourage more people to take out private medical insurance—in this case, only those who are retired. Come February next year, when I introduce my private Member’s Bill on extending the proposal to cover all patients, we can go even further, but this would be a small step in the right direction.

[Frank Dobson]

The hon. Gentleman is trying to justify this on the grounds that people should be rewarded if they place a lesser demand on the national health service. Is he suggesting tax cuts for people who stay slim, do not drink too much or do not smoke, because that would have a much bigger impact on demand on the national health service?

[Mr Bone]

Some of those things were tried in the past by the previous Administration—incentives for people to stop smoking, for instance. That is not what I am talking about, and I think you might well say, Mr Deputy Speaker, that I was out of order if I started to drift on to those subjects. One of the great things about today’s debate, of course, is that we have all night to scrutinise the Bill. One of the benefits of having no programming is that nobody can stop our discussions, and so far there has not been any filibustering.

[Ian Swales (Redcar) (LD)]

Clearly we have a financial problem in this country. Has my hon. Friend made any assessment of the number of people who do not currently sign up for private medical insurance but would be likely to do so in order to establish the costs of the new clause?

[Mr Bone]

The proposal applies to retired people, so I think that it will affect people who have private medical insurance through their companies or who can afford to have it while they are employed, but who drop it when they retire, at the very time when they are most expensive to the national health service. The more people we can encourage to take it up, the better.

[Mr Kevan Jones]

I am very interested in this point. Will the hon. Gentleman say what evidence there is? When this tax relief was withdrawn, 4,000 people did not continue with their health insurance, so there is no evidence at all that people drop out. Likewise, there is no great evidence that by introducing this measure, the previous Conservative Government increased the numbers. What it did was give a tax break to people who already had private health insurance.

[Mr Bone]

I am grateful to the hon. Gentleman, because he said first that 4,000 dropped out and then that nobody dropped out. He had already proved that 4,000 people dropped out.

I believe that the proposal will improve the uptake of private medical insurance enormously, which will mean that there will be less of a burden on the national health service and that more money will be put into private hospitals, allowing them to develop. This country needs more health care of a higher quality. That does not need to be centrally controlled, but can be done by a mixture of NHS and private providers.

To get the idea that the priority of this Government has not been the NHS, Opposition Members must have been asleep. A thorough new Bill has come forward, which has been scrutinised by Parliament. There have been slight shrivels on the way, and it has now gone into Committee. This proposal would be a very minor adjustment to the NHS programmes of this Government. It deserves the support of the House and it will be interesting to see what happens when we divide.

--- Later in debate ---

[Mr Bone]

On a point of order, Mr. Speaker. A very unusual thing just occurred during the Division. I was one of the tellers. The doors were locked at the appropriate time, then unbelievably, they were unlocked again. Given the closeness of the result, do you think that the vote should be taken again?

[Mr Speaker]

I see no reason for it to be taken again, but I am strikingly impressed by the fact that, although it is three minutes past 11 o’clock, the sense of humour for which the hon. Member for Wellingborough (Mr Bone) is renowned throughout the House has not deserted him. However, it is only fair to say that the Chair has discretion to allow the vote to continue for slightly longer in particular circumstances. A very large number of Members were seeking to get through one Lobby so I extended the time. I think we will leave it there, and I am grateful to the hon. Gentleman for the manner in which he has raised his point of order.

New Clause 6

Rate of value added tax

‘(1) In section 2(1) of the Value Added Tax Act 1994 (rate of VAT), for “20 per cent” substitute “17.5 per cent”.

(2) In section 21(4) of that Act (restriction on value of imported goods), for “25 per cent” substitute “28.58 per cent”.

(3) The amendment made by subsections (1) and (2) has effect in relation to any supply made on or after 30 August 2011 and any acquisition or importation taking place on or after that date.’.—(Jonathan Edwards.)

Brought up, and read the First time.

Oral Answers to Questions

Peter Bone Excerpts

Tuesday 21st June 2011 Commons Chamber

[Mr Hoban]

Perhaps the hon. Gentleman should speak to the right hon. Member for Edinburgh South West (Mr Darling), who said that imposing the bank levy again simply would not work.

[Mr Peter Bone (Wellingborough) (Con)]

Are the losses on banks that accumulated because of their bad judgment being allowed to be set against future profits? In other words, are they avoiding future tax on future profits?

[Mr Hoban]

The corporation tax arrangements for banks are similar to those for other businesses. That is one reason why we have imposed the additional bank levy, which will raise more each year over this Parliament than the previous Government’s bank payroll tax did. It is important that the banks make a contribution to reflect the risk that they pose to the wider economy.

Eurozone (Contingency Plans)

Peter Bone Excerpts

Monday 20th June 2011 Commons Chamber

[Mr Hoban]

When the Greek Government agreed last year’s debt bail-out package, it was assumed that they would be able to re-enter the markets in the spring of next year. That is clearly not the case, given current market pressures, which is why the Greek Government had to seek a second round of refinancing. However, they still need to take action to improve Greece’s competitiveness, reduce the size of the state sector through further privatisation and improve taxation, to get the economy back on track.

[Mr Peter Bone (Wellingborough) (Con)]

I congratulate the hon. Member for Birmingham, Edgbaston (Ms Stuart) on securing this urgent question, and I say gently to the Minister that it is a shame that he did not volunteer to make a statement on this matter first. What is Her Majesty’s view on whether the euro can survive in its current format?

Regulatory and Banking Reform

Peter Bone Excerpts

Thursday 16th June 2011 Commons Chamber

[Mr Hoban]

That response clearly demonstrated the emptiness of the Opposition’s thoughts on these matters. They have had a year to consider whether these reforms are in the interests of strengthening financial regulation and whether they will strengthen the banking system, but here they are today, a year later, with no idea on the best way to proceed. That is not surprising given that the shadow Chancellor was a champion of light-touch regulation when he was the City Minister and he presented that argument not just in London but across the world. It is time for the Opposition to make their mind up: are they prepared to acknowledge the mistakes of the past and accept the tougher regulatory regime we have proposed, or are they going to cling to the legacy and wreckage of the previous Government’s financial regulation system?

Let me deal with one or two of the points that the hon. Gentleman raised. It has been clear from the outset that one of the roles of the interim Financial Policy Committee, which is meeting formally for the first time this afternoon, is to provide advice to the Treasury on the macro-prudential tools that it believes would be appropriate for the FPC. Until the interim FPC has concluded its work it is very difficult to give the House information on that, but what we are doing in the Bill is making sure there is a process in place to ensure there is consultation and that there is discussion in the House. Those tools will not be given to the Bank until we have gone through a legislative process in this place.

The hon. Gentleman raised the issue of Northern Rock. As someone who was born and brought up the north-east, I understand his concern and the importance of Northern Rock to the regional economy. We have, as part of our review, considered remutualisation and our financial adviser Deutsche Bank is reporting to UK Financial Investments on Northern Rock. The advice is to proceed in the first instance with a sale option and the option of remutualisation has been explored with Co-operatives UK and the Building Societies Association, which commissioned the report by Professor Michie. The final decision will be judged against such other options as an initial public offering or a stand-alone remutualisation, but I remind the Opposition that it is important to secure taxpayers’ interests, as we have invested £1.4 billion in Northern Rock.

On the Independent Commission on Banking, we have indicated that we would support the proposal, but we have said that we want to see the final proposal that Sir John Vickers makes. We have dealt with an issue that the previous Government failed to tackle. They closed down the topic of whether there were some structural issues in the UK banking sector that put taxpayers at risk. They were not prepared to confront that debate, but this Government have been prepared to do that and to take some serious and difficult decisions on that matter.

On the issue of bank lending, it is all very well the hon. Gentleman preaching, but the previous Government did not in any way attempt to get the big banks together to talk about increasing lending to small businesses. As the banking sector and the economy deleverage, it is important that those businesses seeking finance have that opportunity. That is why we secured commitments from the banks, and they are held to account on the published targets that were announced earlier this year. The package of measures we have announced demonstrates the progress we are making towards a new settlement on financial regulation and banking, and it is a pity that the Opposition are not prepared to face up to their responsibilities and take part in this debate.

[Mr Peter Bone (Wellingborough) (Con)]

I thought that the shadow Minister let the Government off far too lightly regarding Parliament. This place should hear new policy from the Government first. Yesterday, this was published by the BBC first and was then announced at Mansion House. I am afraid that the Government have failed on this occasion. Will the Minister please publish the media grid?

[Mr Hoban]

I would just point out to my hon. Friend that last night the Chancellor did not read out the White Paper—the blueprint for reform that we have before us today. That is the centrepiece of today’s announcement. We have engaged fully with Parliament on this and he will be aware that what we are doing is starting a process of pre-legislative scrutiny to ensure that Members across the House can take part in debate on this. Throughout this whole process, we have sought to keep Parliament informed of the actions we are taking and to ensure that Parliament has a chance to scrutinise the decisions that the Government have made.

Common Consolidated Corporate Tax Base

Peter Bone Excerpts

Wednesday 11th May 2011 Commons Chamber

[Justine Greening]

As my right hon. Friend will be aware, important discussions on economic governance are under way and are being resolved. I assure him that we have no intention, as I have said, of seeing any further powers transferred to Brussels. We keep a watching brief on not only the topic that we are discussing, but across the board. I am sure he is aware of a number of areas in which we are expressing concerns to the Commission, because we are concerned that further powers may be taken by Brussels.

[Mr Peter Bone (Wellingborough) (Con)]

Has my hon. Friend noticed that Her Majesty’s official Opposition do not seem to care much about this matter? I cannot see anybody other than the shadow Minister on the Labour Benches.

[Justine Greening]

Perhaps the actions of Labour Members demonstrate how ashamed they are that their Government gave away much of the rebate that the Conservative party, which is now part of the coalition Government, had achieved for our country.

Coinage (Measurement) Bill

Peter Bone Excerpts

Friday 1st April 2011 Commons Chamber

[Mark Lancaster (Milton Keynes North) (Con)]

I beg to move, That the Bill be now read the Third time.

Although today is April fools’ day, I can assure hon. Members that the Bill is no joke. It is relatively simple, but it will have a weighty impact, for it enables the Royal Mint to commemorate events of cultural significance and national importance with kilogram coins, starting with, but not limited to, the London 2012 Olympic and Paralympic games. Indeed, the only question raised in Committee was from the hon. Member for Dundee East (Stewart Hosie), who queried whether the Bill will enable future events such as the Commonwealth games to be similarly commemorated. The answer, of course, is that it will do so, subject to the permission of Her Majesty and the agreement of the Chancellor.

By making two small amendments to the Coinage Act 1971, the Bill removes a technical obstacle that currently prevents the Royal Mint from striking kilogram coins. The Act governs the striking of coins by the Royal Mint and contains various standards in respect of a coin’s weight, fineness, composition and dimensions, with which coins struck by the Royal Mint must comply.

The Act also makes provision for permitted variations from those standards. Section 1(6) requires that the variation from the standard weight of any coin be measured as the average of a sample of not more than 1 kg of that coin. As I have said before, that is perfectly fit for the everyday coins that we have in our pockets, but in the competitive collector-coin market it is important to be able to push the boundaries and exploit growing technical capabilities and expertise to develop new and exciting products that will provide an enduring and lasting way of commemorating special events.

The Royal Mint intends to strike the coins in fine gold and in fine silver. They will have a standard diameter of 10 cm, and will weigh 1 kg. The coins will be legal tender, although their inherent metal value will far outweigh their nominal face value, which will be £1,000 for the gold coins and £500 for the silver coins. Their retail price will be heavily dependent on metal prices at the time of release. The choice of design will ultimately be a matter for Her Majesty the Queen and the Chancellor of the Exchequer, on the advice of the Royal Mint advisory committee on the design of coins, medals, seals and decorations.

The striking of kilogram coins has recently become part of the Olympic games tradition. Most other host nations in recent years, such as Australia, Canada and China, have issued coins of this type, and they have proved extremely popular with collectors internationally. Indeed, kilogram coins have featured in the international commemorative coin market since they were first issued in 1992. In the past 10 years, more than 40,000 Olympic kilogram coins have been issued around the world, and their ongoing popularity makes them an important addition to any international mint’s commemorative coin range. Not only are these coins highly attractive to numismatists across the world, but due to their size and the high-profile artists who will be approached to design them, they become works of art as well as an investment opportunity.

[Mr Peter Bone (Wellingborough) (Con)]

Obviously the word “kilogram” makes me slightly nervous, because it is not really British. However, my hon. Friend was referring to the other countries that have done this. When the Olympic games were held in America, did the Americans issue a kilogram coin?

[Mark Lancaster]

That is a good point. I have some sympathy with my hon. Friend over the use of the word “kilogram”, but he will appreciate that the coins would be sold on the international market, which is why a kilogram coin is more appropriate. There seems to be some doubt about whether the United States issued such a coin. I think that it did, but I might have to come back to him. Inspiration might arrive before I finish my speech.

The Royal Mint anticipates similar demand for kilogram coins for London 2012, and plans to produce approximately 60 gold coins and 14,000 silver coins. This plan is based on more than 50 years’ experience in the international commemorative coin market. The Royal Mint also attends regular international seminars with other mints, numismatists, collectors and trade partners, from which it is clear that there is a sizeable international market for kilogram coins. In anticipation of the London 2012 Olympics, the Royal Mint has put together an Olympic coin programme that, if this Bill is successful, is likely to be the largest ever seen.

This Bill will allow the Royal Mint to produce kilogram coins that will form the pinnacle of the programme. It has been endorsed by Jacques Rogge, President of the International Olympic Committee, who wrote:

“I have no doubt that the Royal Mint’s Olympic Coin Programme will continue the worldwide success story of Olympic coins, and will take its place in the Olympic Museum at Lausanne alongside the 700 or so Olympic Coins of past years”.

The Bill will allow the Royal Mint to crown its Olympic coin programme with kilogram coins, but they are just part of a range of products designed to offer something for everyone. By providing royalties to the London Organising Committee of the Olympic Games and Paralympic Games, the kilogram coins will contribute to financing London 2012. I understand that royalties will also be paid to the Treasury.

The Olympic coin programme in its entirety has been designed to ensure the widest possible participation. Design competitions have been run for “Blue Peter” viewers, for secondary school children, for art and design college students, and indeed for members of the public in general. The intention throughout has been to maximise the social and educational benefits of the programme. At the other end of the scale to the kilogram coin is the London 2012 sports collection, which features 29 50p pieces, each representing a different Olympic or Paralympic sport. Indeed, I thought that the hon. Member for Bristol East (Kerry McCarthy) was slightly cruel to me in Committee when she suggested that each coin should have a picture of me doing different decathlon events, whether the discus, javelin, the 100 metres, or perhaps even the 800 metres. I fear that that will not be the case.

The Royal Mint launched a competition inviting the British public to design the 50p sports series, and received more than 30,000 entries. The athletics 50p was designed by the nine-year-old winner of a “Blue Peter” competition—the first child ever to design a UK coin. Of particular relevance to my own constituency, the goalball 50p was designed by a Buckinghamshire artist, Jonathan Wren. I am pleased for the opportunity to be sponsoring a Bill that has wide-reaching implications for the whole UK and beyond. My constituency is home to one of the Olympic training villages—and indeed was the birthplace of the Paralympic games—so this Bill further cements a long-standing and important association between my constituency and the London 2012 Olympic and Paralympic games. I am grateful for the swift passage and warm welcome the Bill has enjoyed throughout the House to date, and I would like to thank hon. Members for their support so far. I commend the Bill to the House.

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[The Economic Secretary to the Treasury (Justine Greening)]

I congratulate my hon. Friend the Member for Milton Keynes North (Mark Lancaster) on bringing the Bill successfully to this stage. As we have heard, the Bill is wholly supported by the Government and, I think, by Members across the House.

I am pleased that, as my hon. Friend observed, the Bill will allow the Royal Mint to provide an Olympic coin programme that will surpass its predecessors and ensure the Royal Mint’s place as a leading international provider of commemorative coins. As my right hon. Friend the Prime Minister said in an endorsement letter to the Royal Mint:

“As we move towards the Games it is wonderful to see British companies, such as the Royal Mint, commemorating the journey in a way that brings British skill and craftsmanship to the attention of the world.”

In doing so, the Royal Mint will also generate a revenue stream for the Exchequer, as my hon. Friend the Member for Bury North (Mr Nuttall) noted. Under the UK coin contract, the Royal Mint pays a royalty to Her Majesty’s Treasury for commemorative coins. It is estimated that the Olympic coin programme, including the kilogram coins, will generate a royalty payment of approximately £1.8 million, although the exact amount will depend on sales volumes, retail price and metal prices. However, the mint will no doubt receive additional profits, which it can invest in developing the Royal Mint and its business over the coming years, which will be welcome. The Royal Mint has similar royalty arrangements with the London Organising Committee of the Olympic Games, and the International Olympic Committee. As this Bill is not limited to the Olympic coin programme, future events celebrated with kilogram coins would generate similar revenue.

As my hon. Friend the Member for Milton Keynes North noted, today is indeed April fools’ day. This debate brings to mind a 2008 April fool, when a Canadian radio station interviewed a Royal Canadian Mint spokesman who revealed plans to replace the Canadian $5 bill with a $3 coin. The coin was dubbed a “threenie”, in line with the nicknames of Canada’s $1 coin—which is commonly called a “loonie”, as it depicts a common loon on the reverse—and the $2 coin, which is affectionately known as the “toonie”.

[Mr Bone]

Not as an April fool, but in commemoration of the fact that my hon. Friend the Member for Milton Keynes North (Mark Lancaster) has taken this Bill through the House, can the coin be called “The Lancaster”?

[Justine Greening]

It may well end up with that nickname, which would be appropriate for a coin that, as we heard, will not just be minted to commemorate the Olympics but could be used to commemorate a whole range of special events in this country where we think that coin collectors might be interested in adding to their collections.

With their large size, the kilogram coins will be an exciting, artistic and eye-catching piece of numismatic art that will no doubt be treasured and passed on to future generations. At almost 1,100 years old, the Royal Mint is a tradition in itself. The production processes—from design and modelling, to the blast furnaces, and the striking of blanks and ultimately coins—are the epitome of a successful manufacturing company. As my right hon. Friend the Chancellor of the Exchequer said in last week’s Budget speech, manufacturing is crucial to the rebalancing of our economy. Under this Government manufacturing is now growing at a record rate, with 14,000 more jobs created in the sector in the last three months alone.

As the House will be aware, the Budget announced several measures to help promote and further develop British manufacturing, over and above the efforts that the sector is already making. I have no doubt that the Royal Mint will continue to pioneer new processes and develop as a pivotal part of British manufacturing. The Royal Mint has been based in south Wales since the 1960s and employs 850 people. I had the chance to meet them last year when I went down there to look at their production process and learn more about the practicalities of minting coins. I had a fascinating trip, but also learned an awful lot about the skill that the employees have to use to ensure that the coins that are minted—the coins that end up in our pockets and that we spend in shops every day—are ones that we can rely on.

European Summit

Peter Bone Excerpts

Thursday 24th March 2011 Commons Chamber

[Mr Hoban]

I do not believe it is appropriate at this stage to engage in speculation about the Portuguese economy. There has been no request for a bail-out, and further comment would be unhelpful.

[Mr Peter Bone (Wellingborough) (Con)]

On the Portuguese potential bail-out, will the Minister agree to make a statement to the House before we are committed to any bail-out? What provision has been made in the Budget for such a bail-out?

[Mr Hoban]

My hon. Friend wishes me to respond to a hypothetical question, but I do not intend to do so today.

Amendment of the Law

Peter Bone Excerpts

Thursday 24th March 2011 Commons Chamber

[Mr Peter Bone (Wellingborough) (Con)]

Will the right hon. Gentleman give way?

[Ed Balls]

In a second, but I certainly will.

In Britain, we have to make some tough choices to get the deficit down. That means fair tax rises and spending cuts, but the Chancellor’s policy is going too far and too fast, and we are paying the price in lost jobs and slower growth.

--- Later in debate ---

[Ed Balls]

I am very pleased that WPP has returned to this country, and I am very disappointed about the 3,500 jobs lost at Pfizer in Kent. That is why we need to be careful about how we proceed.

I have to say that I have never in my life taken a hallucinogenic substance. I am happy to take any intervention from Government Front Benchers on that subject.

[Mr Bone]

I am grateful to the shadow Chancellor for giving way; he is being extremely generous, as always.

Why should we take any lectures from Labour on unemployment, when every single Labour Government have been kicked out with a higher level of unemployment than when they got into power, and when the last Government doubled unemployment in Wellingborough?

[Ed Balls]

It is a bit rich to have a lecture from the hon. Gentleman, who used to say that the national minimum wage would cost millions of jobs. We, unlike Members on the Government Benches, do not think unemployment is a price worth paying.

The Chancellor is going too far and too fast, and we are paying the price in lost jobs and lost growth. That is because a vicious circle is now taking hold in our economy. If the economy is not growing and hundreds of thousands of people lose their jobs, then fewer people pay tax, more people claim benefits and it is harder to get the deficit down. By cutting too far and too fast, the Chancellor is not solving the problem, he is making it worse. That was why yesterday, we heard from the OBR that growth had been downgraded for last year, this year and next year; that unemployment was forecast to be higher in every year of the forecast period; and that up to 200,000 more people would be unemployed than the Chancellor said last summer. Our borrowing was coming in £20 billion lower, but the Chancellor has now been forced to revise up his borrowing over the next four years by £45 billion.

The Chancellor said yesterday that he would put fuel in the tank of the British economy. Is not the truth that, as a result of his Budget, it is confidence in the British economy that is now tanking, and he who is running out of fuel?

Oral Answers to Questions

Peter Bone Excerpts

Tuesday 22nd March 2011 Commons Chamber

[Mr Speaker]

Order. I am sorry, but that question suffers from the disadvantage that it bears absolutely no relation whatever to the question on the Order Paper.

[Mr Peter Bone (Wellingborough) (Con)]

May I suggest a much quicker way of changing the VAT rate without that being illegal—by pulling out of the European Union?

[Mr Speaker]

I have to say that that was not much better, but the Minister may have a go.