Spring Statement

Debate between Drew Hendry and Lord Hammond of Runnymede

Tuesday 13th March 2018 Commons Chamber

[Mr Hammond]

Yes, the housing investment package that we have put together is important, because it has ensured that financial support will not be the constraining factor in building more homes in this country. We have other constraints—including skills constraints, land supply constraints and materials supply constraints—but finance will be available. The measure that I announced in the autumn Budget to remove stamp duty for 1 million first- time buyers will allow 1 million mostly young people once again to aspire to the dream of home ownership.

[Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)]

On the Chancellor’s announcement on cashless and digital measures, he claims that he will ensure that cash will be available for those who need it. He further claims that his is the party of small business. If he stands by that, will he come to Nairn, Grantown and Aviemore to explain to businesses there why, with more than 70% of the shares in the Royal Bank of Scotland at his command, he is failing to block the closure of its branches? The Federation of Small Businesses says that those closures will make it more difficult to do business in Scotland.

[Mr Hammond]

It is absolutely always a pleasure to visit Nairn, but I have no immediate plans to do so. As the Prime Minister has told the hon. Gentleman and his hon. Friends on several occasions, we do not interfere in the day-to-day management decisions of the Royal Bank of Scotland—[Interruption.] Let us treat this seriously. The consultation that we published today is about cashless and digital payment systems, but it specifically acknowledges, as I said in my statement, that we also have to ensure that cash is available to people who need it. If the hon. Gentleman looks at the consultation when it is published, he will see that we are determined to address that issue. I hope that he will engage in that consultation.

Oral Answers to Questions

Debate between Drew Hendry and Lord Hammond of Runnymede

Tuesday 24th October 2017 Commons Chamber

[Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)]

T2. The Chancellor will be aware that the Office for National Statistics has revised downwards the UK positive net international investment position from £470 billion to minus £20 billion. What further shocks of this magnitude does he expect as a result of his Government’s handling of the EU negotiations?

[Mr Philip Hammond]

The hon. Gentleman will see, if he looks at that revision, that the cause is lower-than-anticipated returns on UK investment stocks held overseas, principally returns on mining and petroleum-related activities.

Oral Answers to Questions

Debate between Drew Hendry and Lord Hammond of Runnymede

Tuesday 12th July 2016 Commons Chamber

[Mr Hammond]

I strongly agree with my hon. Friend. Scotland’s best future is in a strong United Kingdom, trading effectively with the EU. We saw the case for independence during the previous referendum—it did not stack up at $100 a barrel of oil and it certainly does not stack up at $50 a barrel.

[Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)]

19. The highlands and islands currently benefit from an additional €192 million of transition funding. Given the incoming Prime Minister’s haste to get on with Brexit, will the Secretary of State confirm that the UK Government will guarantee that funding?

[Mr Hammond]

Britain is a significant net contributor to the EU, but that contribution includes a significant number of flows to particular regions, areas, projects and bodies within the United Kingdom. We will have to address how the recipients of those flows of funds from Brussels are to be protected in the future and that will be an important part of the negotiations.