Economic Update Debate

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Department: HM Treasury
Wednesday 8th July 2020

(4 years, 2 months ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak
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I know that this will make a big difference. It is important though that it is time limited. That is in keeping with most other countries that have done something similar—they have also run theirs through to the end of the year. I will happily bear all future tax suggestions in mind, but, in the short term, I hope that the right hon. Gentleman’s constituents and businesses get the boost in confidence and demand that they will need.

Anthony Browne Portrait Anthony Browne (South Cambridgeshire) (Con)
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It is bold, it is imaginative, and it is well-targeted. I congratulate my right hon. Friend the Chancellor on this package, which will do so much to promote jobs and growth across the country. I very much welcome the cut in VAT and in stamp duty, but most welcome of all is the kick-start scheme, which brings hope to young people in these difficult times. Unlike Labour’s future jobs fund, it is not just focused on the public sector. Does he agree that it will have most impact if it is fully embraced by the private sector, and private businesses take advantage of the opportunity to take on young workers?

Rishi Sunak Portrait Rishi Sunak
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My hon. Friend is absolutely right. It is important that we provide as many opportunities for young people as possible. One thing we want to improve and build on is the involvement of the private sector. I hope that this becomes a galvanising cry to businesses, small and large, up and down the country to take on a kick-starter to help play their part in the recovery, and I know that this is an area in which he has strong experience from his time in London. I appreciate the advice and suggestions that he has given me about how to encourage and incentivise businesses to create jobs and opportunity.