Oral Answers to Questions

Andrew Bridgen Excerpts

Tuesday 22nd May 2018 Commons Chamber

[Robert Jenrick]

Under the last Labour Government, the average number of PFI contracts signed per year was 55. In the last two years, the Treasury has signed off none. We will use this approach selectively when it delivers a genuine transfer of risk and provides value for money for the taxpayer, not as the last Labour Government did.

[Andrew Bridgen (North West Leicestershire) (Con)]

As the Minister said, PFI was hugely popular under the last Labour Government. Will he confirm whether PFI stands for “private finance initiative” or “pay for indefinitely”?

[Robert Jenrick]

My hon. Friend highlights the cost and legacy of the PFI projects signed off under the last Labour Government. Hon. Members can be assured that we will use this approach wisely and selectively, in particular for the most complex infrastructure projects requiring a transfer of risk and the expertise of the private sector.

--- Later in debate ---

[Mr Philip Hammond]

The hon. Lady focuses rightly on output per hour. The problem is a productivity gap between the regions of the UK and the most prosperous areas of London. We have to close that productivity gap. That is in the interest of not only those individual regions, but our overall national economy. We will do so by investing in public infrastructure and in skills, and by ensuring that the conditions are right for business investment, both domestic and foreign.

[Andrew Bridgen (North West Leicestershire) (Con)]

T3. I have a constituent who, despite having ample equity in her home and never having been in arrears with her payments, is unable to extend her mortgage beyond the age of 75 because of Government rules. That means that she will have to sell the house that she loves. Will my hon. Friend look urgently at whether those rules are absolutely necessary?

[The Economic Secretary to the Treasury (John Glen)]

Lenders are not restricted from extending mortgages beyond the age of 75, as long as the consumer can demonstrate affordability. Several lenders are currently looking into this issue. There is considerable merit in interest-only retirement mortgages.