Oral Answers to Questions

Stephen Hammond Excerpts

Tuesday 21st July 2015 Commons Chamber

[Mr Osborne]

We are investing a record amount in our transport system, and the new roads fund will help with transport investment in England, but there will be consequentials and money for Scotland as well. I make this general observation to the hon. Gentleman: if the Scottish Government think we are not spending enough in Scotland, they can raise taxes on the Scottish people and spend all the money in Scotland. They should have the courage to make that argument to the Scottish people.

[Stephen Hammond (Wimbledon) (Con)]

My constituents would like to commend the Chancellor on the long-term economic plan, which is seeing great success in Wimbledon. Does he agree that the Budget measures, such as the apprenticeship levy and the drop in corporation tax, provide an incentive for employers to take on more apprentices and to reduce the productivity gap in the economy, and see further success in the long-term economic plan?

[Mr Osborne]

I thank my hon. Friend for the support he has given and welcome the fact that the people of Wimbledon understand that economic security is the bedrock on which we can support the aspirations of working people. The apprenticeship levy addresses the key problem of the lack of skills in the British economy that has bedevilled us for decades. We are now going to introduce a system whereby companies that train their workforces get rewarded, and companies that do not have to make a contribution to the training that they free-ride off.

Greece

Stephen Hammond Excerpts

Monday 6th July 2015 Commons Chamber

[Mr Osborne]

As I think we saw in the past week, some of those intemperate statements might have had the exact opposite effect to the one that they were intended to have, which reminds us not to interfere in other people’s democracies.

[Stephen Hammond (Wimbledon) (Con)]

Although the bond yields in Spain, Italy and Portugal rose only 12 basis points this morning, and despite what the eurozone said about whatever measures are necessary, the spread over German bonds suggests that there is still a real risk of contagion. Can the Chancellor confirm that thanks to his action, any measures taken by the eurozone will have a very limited impact on the UK financial system and limited cost for the UK taxpayer?

[Mr Osborne]

My hon. Friend is right. We have reduced our exposure, as I said, to the Greek economy and, absolutely crucially, the Prime Minister made sure we were out of the bail-out funds for Greece that existed when we came to office. With hindsight, that looks like one of the most important decisions we took.

Oral Answers to Questions

Stephen Hammond Excerpts

Tuesday 16th June 2015 Commons Chamber

[Mr Osborne]

The hon. Gentleman raises a serious question that I suspect this House will have to return to on a number of occasions. We have a clear agreement in the Stormont House agreement that we now expect all parties in Northern Ireland to implement, including Sinn Féin. Frankly, it is not acceptable for any devolved Administration simply to breach the spending limits that have been agreed with the United Kingdom Government, so that is something we will have to address. As he knows, the key is to implement welfare reforms that will not only deliver value for money for the taxpayer, but ensure that more people in Northern Ireland are released from the poverty trap and are able to work.

[Stephen Hammond (Wimbledon) (Con)]

Yesterday, borrowing costs across Europe increased as the contagion from the Greek economic crisis spread. May I congratulate the Chancellor on the long-term economic plan, which, in contrast, has brought jobs and growth to the UK economy? May I also urge him to use the Budget to reduce the deficit by increasing resources for infrastructure, such as the £250 million needed for Crossrail 2, which will bring even more jobs to my constituency and to the UK?

[Mr Osborne]

My hon. Friend is right to remind the House after an hour and five minutes of Treasury questions that out in the real world there are some serious economic risks, not least the risk that we see growing in Greece of a potential default and exit from the euro. People should not underestimate the damage that that would do to financial confidence. Of course, in the UK we take all steps to prepare for and protect ourselves from such eventualities, but the best thing that a Government can do is to ensure that it is living within its means, that it has a productive economy and that its public finances are in good order. That is what we are going to deliver in this Parliament.