Economy and Jobs Debate

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Department: HM Treasury

Economy and Jobs

Alex Burghart Excerpts
Thursday 29th June 2017

(7 years, 4 months ago)

Commons Chamber
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Lord Hammond of Runnymede Portrait Mr Hammond
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Well, we are only one quarter into this year. I do not want to get techy, but the first quarter data are always subject to the largest revision, so let us wait and see. The OBR maintains its forecast for economic growth of 2% this year.

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Lord Hammond of Runnymede Portrait Mr Hammond
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I will give way to my hon. Friend the Member for Brentwood and Ongar (Alex Burghart) and then to my hon. Friend the Member for Dover (Charlie Elphicke). I will then make a bit of progress.

Alex Burghart Portrait Alex Burghart
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The Chancellor went to school in my constituency and will be aware that my constituents are concerned that we maintain our excellent record on job creation. What would be the impact on job creation of a sizeable hike in corporation tax—say to 26%?

Lord Hammond of Runnymede Portrait Mr Hammond
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As I have already said, it is clear that reducing the corporation tax rate has led to a flow of investment and the creation of millions of new jobs, which I welcome. That is the way forward for this country, not the obsolete 1970s policies of the Labour party.