Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Dennis Skinner Excerpts
Tuesday 18th April 2017

(7 years, 6 months ago)

Commons Chamber
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Lord Hammond of Runnymede Portrait Mr Hammond
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We are making real progress in realising our holdings in the banking sector. We continue the programmed sale of our shareholding in Lloyds, which is now down from 43% to less than 2%. Just last month, we sold £12 billion of Bradford and Bingley mortgages in a highly competitive process. The Government are not at present actively marketing their stake in RBS. Our policy remains to return the bank to private hands as soon as we can achieve fair value for the shares, recognising that fair value could well be below what the previous Government paid for them. We must live in the real world and make decisions on the future of our holding in RBS in the best interest of taxpayers.

Dennis Skinner Portrait Mr Dennis Skinner (Bolsover) (Lab)
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In the real world, seven years ago, a Tory Chancellor stood at the Dispatch Box and said that we had to cut the money to every single local authority in Britain by up to 40% because we needed to get rid of the deficit. Now, seven years later, that deficit is still more than £60 billion. Will the Chancellor apologise to the people of Britain for that lousy mistake?

Lord Hammond of Runnymede Portrait Mr Hammond
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That deficit is still £60 billion, but it was £200 billion when we started working on it.