Autumn Statement

George Kerevan Excerpts

Wednesday 23rd November 2016 Commons Chamber

[Mr Speaker]

I must advise the House that I have noticed a growing split within the Chamber between the glowerers and the smilers—Members deploying different techniques in a bid to be called. Some have very beatific smiles and others—

[George Kerevan (East Lothian) (SNP)]

Which works?

[Mr Speaker]

A smile is more effective.

--- Later in debate ---

[Mr Speaker]

From the abundance of smiling Scottish nationalist countenances, I choose Mr George Kerevan.

[George Kerevan (East Lothian) (SNP)]

I congratulate the Chancellor on abolishing the autumn statement and the spring Budget, and introducing a spring statement and an autumn Budget. I trust that that is not his definition of productivity. The OBR central forecast suggests that after 2019 there will be a precipitate fall in the contribution by business investment to GDP growth. In addition, there will be a negative contribution from trade. Does that not suggest that when Britain leaves the single market—if we are taken out of the single market—the only thing between a recession and growth will be public expenditure and an overheated housing market?

[Mr Hammond]

On the hon. Gentleman’s first point, I recognise that the fact that we have to respond to the OBR report in the spring can easily be caricatured as swapping an autumn statement and a spring Budget for a spring statement and an autumn Budget. All I can say is that I promise it will not be like that. The intention is clearly to move to a single event each year when, in normal times, we will make tax changes, but it is prudent, especially in these times, to reserve the right in extremis to announce tax measures at the secondary event, if absolutely necessary. The hon. Gentleman poses a perfectly sensible question. My interpretation of the figures in the table is not the same as his, but I would be very happy to engage in a discussion with him offline.