Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Chris Davies Excerpts
Tuesday 16th January 2018

(6 years, 10 months ago)

Commons Chamber
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John Glen Portrait John Glen
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The hon. Lady needs to acknowledge the transformation that the national living wage has brought to so many people and this Government’s willingness to increase it above inflation. It is also worth noting that interest payments as a proportion of income are currently at the lowest on record.

Chris Davies Portrait Chris Davies (Brecon and Radnorshire) (Con)
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7. What assessment he has made of the contribution of the UK internal market to the Scottish and Welsh economies.

Lord Hammond of Runnymede Portrait The Chancellor of the Exchequer (Mr Philip Hammond)
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The UK internal market benefits all the nations of the UK. The Scottish Government’s own latest figures indicate that 63% of Scotland’s exports are to the rest of the UK, compared with 16% that go to the EU, and for Wales it is 80% compared with 12%. Stakeholders across Wales and Scotland have made it clear that it is vital that we continue to support the smooth working of the UK internal market, and it is therefore essential that no new barriers to living and doing business in the UK are created as we leave the EU.

Chris Davies Portrait Chris Davies
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I thank my right hon. Friend the Chancellor for his answer, and does he agree that leaving the UK single market would pose a far greater risk to the Welsh, Scottish and Northern Ireland economies than leaving the EU single market?

Lord Hammond of Runnymede Portrait Mr Hammond
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Yes, it is absolutely true that for both Scotland and Wales leaving the UK single market would be far more economically damaging than leaving the European single market, which prompts the question why the Scottish National party has advocated so strongly remaining in the European single market and also advocated so strongly breaking up the UK single market.