Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Fiona Mactaggart

Tuesday 17th January 2017 Commons Chamber

[Fiona Mactaggart (Slough) (Lab)]

13. What assessment he has made of the effect of recent trends in the value of the pound on the economy; and if he will make a statement.

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

The Government do not comment on currency movements and we do not target an exchange rate, but I will tell the House that the pound has spiked in the last few minutes while the Prime Minister has been speaking. The vote to leave the EU has obviously caused some uncertainty in the movements of financial markets. More generally, the fundamentals of our economy over the last couple of years have been strong.

[Mr Speaker]

I think what the Chancellor means is that he does not comment on currency movements unless he does.

[Fiona Mactaggart]

But is it not the case that No. 10’s office briefed that the pound would fall as a result of the Prime Minister’s remarks today? Did it do that in a cynical attempt to get the soundbite that the Chancellor has just sought to achieve?

[Mr Hammond]

I draw a distinction between providing the House with information and commenting on that information—I would not dream of doing the latter. The other thing I would not dream of commenting on is any operations that No. 10 might undertake, which are well beyond my pay grade.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Fiona Mactaggart

Tuesday 29th November 2016 Commons Chamber

[Mr Hammond]

Public R and D funding will take two principal forms. There will be further funding to the science base in our universities, and there will be funding through Innovate UK, which is accessible by companies to support innovation. We already have an excellent base in basic science. What we need to do now is to up our game in innovation and the application of that science.

[Fiona Mactaggart (Slough) (Lab)]

T7. A feature of the modern gig economy is that more and more people are sticking together mini jobs, in most of which they earn below the national insurance threshold. HMRC manages to add together that money to tax it, but it does not manage to add together that money to make sure that those people have pensions. What is the Treasury going to do to make sure that older women, in particular, get access to pensions when they have mini jobs?

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Fiona Mactaggart

Tuesday 3rd March 2015 Commons Chamber

[Mr Philip Hammond]

My hon. Friend is right that this is a new piece of information. We have no corroboration of that report at the moment, but he is absolutely right that we will need to look into it and be clear before we reach any conclusion with Iran in the nuclear negotiations.

[Fiona Mactaggart (Slough) (Lab)]

The Minister, the hon. Member for Bournemouth East (Mr Ellwood), earlier said that he did not feel it was right to do anything about the Israel-Palestine situation until after the Israeli election, yet given that none of the major parties in that election is committed to withdrawal from the occupied territories, is not now the time to say that Britain intends to recognise Palestine?

[Mr Hammond]

If only it were that simple. I understand that the hon. Lady’s point is well made, but I can tell her exactly what any such statements now will do: they will play to the hard right in the Israeli elections. That will not make a settlement more likely; it will make it less likely.

Rail Investment

Debate between Lord Hammond of Runnymede and Fiona Mactaggart

Thursday 25th November 2010 Commons Chamber

[Mr Hammond]

As I have already said, that is my expectation, but, as hon. Members will understand, when complex legal, technical and commercial decisions are to be taken, we have to do the homework before we make the announcement—unlike the previous Government.

[Fiona Mactaggart (Slough) (Lab)]

I recognise that future investment plans depend on economic growth and I represent one of the most productive towns in the country on the most old-fashioned railway line—the great western main line. Will the Secretary of State agree to meet me and a group of companies from Slough that are anxious about the impact of other lines between Slough and Paddington, about the effect of Crossrail on the frequency of trains and about the lack of any connection from the west into Heathrow? Will he meet us to discuss his plans?

[Mr Hammond]

I should have thought that the hon. Lady welcomed the electrification of great western main line commuter services and the benefits that her constituency will see from Crossrail. I also have a great interest in the Airtrack project as my constituency is just south of Heathrow. I would be delighted to meet her to discuss these issues.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Fiona Mactaggart

Thursday 17th June 2010 Commons Chamber

[Fiona Mactaggart (Slough) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for Transport (Mr Philip Hammond)]

The Government’s first priority is reducing the budget deficit left us by the previous Administration, and I am determined that the Department for Transport should play its full part in that process. Against that backdrop, my Department is focused on building a modern and sustainable transport system that will contribute both to future economic growth and to the achievement of the Government’s climate change targets.

[Fiona Mactaggart]

When does the Secretary of State expect to receive Lord Mawhinney’s report on Heathrow high-speed rail access? When he receives it, will he consult Slough, whose prosperity depends completely on its proximity to Heathrow?

[Mr Hammond]

I have asked Lord Mawhinney to let us have his preliminary conclusions by the end of July, and I will be happy to consult the hon. Lady’s local authority once I have received that report from him.