Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Fiona Mactaggart Excerpts
Tuesday 17th January 2017

(7 years, 9 months ago)

Commons Chamber
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David Gauke Portrait Mr Gauke
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We look to put in place measures to support all sectors and all types of housing. The hon. Lady is absolutely right to say that private rented housing is a really important sector. However, I am sure that she agrees that we have to be careful about some of the proposals on rent controls that float around, which would be damaging for the private rented sector.

Fiona Mactaggart Portrait Fiona Mactaggart (Slough) (Lab)
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13. What assessment he has made of the effect of recent trends in the value of the pound on the economy; and if he will make a statement.

Lord Hammond of Runnymede Portrait The Chancellor of the Exchequer (Mr Philip Hammond)
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The Government do not comment on currency movements and we do not target an exchange rate, but I will tell the House that the pound has spiked in the last few minutes while the Prime Minister has been speaking. The vote to leave the EU has obviously caused some uncertainty in the movements of financial markets. More generally, the fundamentals of our economy over the last couple of years have been strong.

John Bercow Portrait Mr Speaker
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I think what the Chancellor means is that he does not comment on currency movements unless he does.

Fiona Mactaggart Portrait Fiona Mactaggart
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But is it not the case that No. 10’s office briefed that the pound would fall as a result of the Prime Minister’s remarks today? Did it do that in a cynical attempt to get the soundbite that the Chancellor has just sought to achieve?

Lord Hammond of Runnymede Portrait Mr Hammond
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I draw a distinction between providing the House with information and commenting on that information—I would not dream of doing the latter. The other thing I would not dream of commenting on is any operations that No. 10 might undertake, which are well beyond my pay grade.