Chuka Umunna
Main Page: Chuka Umunna (Liberal Democrat - Streatham)Department Debates - View all Chuka Umunna's debates with the HM Treasury
(5 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
The whole point of the borderlands growth deal is to celebrate the economic geography of the borders region on both sides of that non-line between Scotland and England, so my hon. Friend makes a very good point. If I am coming to Carlisle, I shall certainly cross the border and visit his constituency.
Chuka Umunna (Streatham) (Ind)
Growth is now forecast to be 1.2% in 2019 and 1.4% in 2020. It is worth reflecting on the fact that, before the EU referendum, it was forecast to be 2.1% in each of those years. Growth of under 2% over the forecast period is sluggish and unimpressive, and the problem will be exacerbated if we fall off a cliff and leave the EU without a deal. Can the Chancellor therefore tell the House—I think we need the benefit of knowing this before we vote—whether, when we vote on the motion this evening, he will be voting against us leaving without a deal?
Mr Hammond
Yes, I will be voting against us leaving without a deal. I have always believed that leaving without a deal would be bad for the UK economy, and that continues to be my view. May I just take the hon. Gentleman up on his point about the relatively higher growth forecasts we saw until a year or so ago? We need to remember that this is a structural downgrade. The OBR revised its estimate of the growth rate of productivity in the economy. Until we get that productivity growth rate back, we will not see sustainable higher growth in the economy. That is why it is my No. 1 priority, and it drives every announcement I make.