George Osborne
Main Page: George Osborne (Conservative - Tatton)Department Debates - View all George Osborne's debates with the HM Treasury
(8 years, 11 months ago)
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Craig Williams (Cardiff North) (Con)
1. What progress he has made on his long-term economic plan.
The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
Britain is in a much stronger economic position than five years ago, with employment up and the deficit down. However, as I set out in my speech to business leaders in Cardiff, we face a dangerous cocktail of economic risks from around the world this year. That situation is reflected in the International Monetary Fund forecasts that were published one hour ago, in which world growth is revised down but the positive forecast for the UK is unchanged. That shows that the best thing that we can do is to continue to fix our public finances, back business and deliver our long-term economic plan.
Craig Williams
The Chancellor was very welcome when he visited Cardiff two weeks ago. He brought a sense of urgency to the Cardiff city deal process with the deadline of the Budget and a clear sense of direction with the compound semiconductor catapult. If we are to maximise the potential of Cardiff and the Welsh economy that our long-term economic plan presents, do we not need tangible partnership plans from the Labour Assembly Government? Is it not time that they came up with them, given that they have had 16 years to do so?
Mr Osborne
It was very good to meet my hon. Friend and business leaders in Cardiff; to back them and the brilliant work that is being done at the university there with the investment in the new semiconductor catapult; and to commit to additional capital investment. I hope that we can agree a Cardiff city deal with the Welsh Government and the authorities in Cardiff before the Budget. He poses the right question, which is if, after 16 years in power, the Labour party in Wales has not delivered a credible economic plan for Wales, is it not time for a change?
Chris Leslie (Nottingham East) (Lab/Co-op)
If the Chancellor keeps shrugging off the threat to the very existence of some of Britain’s core strategic industries, such as steel, is there not a danger that when our country really needs those resources and that extra capacity for our national security no less, they might not be there at all?
Mr Osborne
Of course the redundancies that have been announced at Tata Steel and elsewhere in the steel industry are a real matter of regret. We are providing all the support we can to the families who are affected and helping them to get into work. We are backing the steel industry by responding to its requests that we cut energy bill costs—that policy comes into effect today; that we change the rules around procurement so that companies and the Government buy British steel; and that we take action internationally against cheap imports from China. Not one of those things was done when there was a Labour Government, and during that period the number of steel jobs in this country fell by 50%. We will not take lectures from the Labour party, but we will back our steel industry.
Mr Andrew Tyrie (Chichester) (Con)
Does the Chancellor think that the stamp duty surcharge that was announced in the autumn statement for the buy-to-let market will inhibit or advance labour mobility?
Mr Osborne
I think that it will help to promote home ownership, because it will mean that there is a more level playing field between an owner-occupier who wants to buy a house, a first-time buying family and a buy-to-let landlord. There is nothing wrong with people investing in property, but there should be a level playing field so that we reverse the decline in home ownership in our country.
Rachel Reeves (Leeds West) (Lab)
A long-term economic plan means supporting small businesses across the country. On 26 December, 250 businesses in my constituency that employ 2,500 people were inundated by floodwater. Will the Chancellor take this opportunity to commit to a full flood defence scheme in Leeds so that this sort of disaster cannot happen to businesses in my constituency again?
Mr Osborne
I certainly commit to looking personally at what can be done to improve flood defences in Leeds. The Environment Agency and the Government are conducting a review after what was the highest level of rainfall in Yorkshire in modern history. Of course, having committed the additional £2 billion to flood investments, we are able to afford these things. We would not be able to afford any of this sort of thing if we had wrecked the economy like the last Government did.
Christopher Pincher (Tamworth) (Con)
17. Does my right hon. Friend agree that as part of his long-term economic plan, the Help to Buy ISA will help people in my constituency, where housing is priced at a premium, to own their own homes—a dream that the Labour party wishes to quash?
Mr Osborne
My hon. Friend is right, and the Help to Buy ISA has been a spectacular success. In the few weeks since its launch, 170,000 families have taken it up, and it is helping people to get on the property ladder and save for that deposit. We are doing everything that we can to support the aspirations of the families of Britain.
Stewart Hosie (Dundee East) (SNP)
The Government’s plan requires the doubling of exports by 2020 to £1 trillion —a promise repeated in “Fixing the Foundations”, which was published in this Parliament. Does the Chancellor still hold to the intention and promise to see UK exports rise by £100 billion a year every year for the next five years?
Mr Osborne
We hold to that target, but frankly it will be very challenging to meet. We have been improving exports, but many of our main export markets have been weak, and we would like further economic reform on the continent of Europe. Some of the big emerging markets are struggling at the moment, but a good economic dialogue is taking place today with India, and British exports to India are increasing. Only recently has the United States economy started to grow. There are many challenges, but I do not think we should duck those challenges or ditch the target. Increasing exports is a key priority for the UK.
Stewart Hosie
I agree that we should set ambitious targets, but they must be credible. Given that the British Chambers of Commerce states that the export target will be undershot, and the Office for Budget Responsibility states that it will fail to be met by some £350 billion, is it better to set a realistic and achievable target, rather than risk losing credibility as the Chancellor did when he failed on debt, deficit and borrowing targets in the previous Parliament?
Mr Osborne
It is right to set and to try to meet a stretching target, even if that will be challenging. The hon. Gentleman talks about realistic and credible numbers. If Scotland had listened to the Scottish nationalists, it would be separating from the United Kingdom in two months’ time. The Scottish Government based their claim for independence on an oil price of $115. Scotland would now be heading for economic catastrophe if it had listened to the hon. Gentleman and Scottish National party members. Before they talk about credible and realistic economic policies anywhere else in the United Kingdom, they should get one themselves.
Julian Knight (Solihull) (Con)
Motor manufacturing is crucial to our long-term economic plan and to exporting. The Land Rover Defender will soon stop production in Solihull. Will the Chancellor praise the workers of Solihull for producing that iconic brand and driving exports for the past 60 years?
Mr Osborne
My hon. Friend is right to pay tribute to workers at the Jaguar Land Rover plant in Solihull. The iconic Defender that they have produced over all those decades has been seen around the world and used in peacetime as well as during war. It is good news for Solihull, the west midlands and the whole country that Jaguar Land Rover will continue to produce brand-new models of great cars. It is one of the real success stories of the British economy. In general, while Conservatives have been in the Treasury and in Downing Street, car production in this country is up by 50%.
John McDonnell (Hayes and Harlington) (Lab)
Only eight weeks ago the Chancellor promised
“an economic recovery for all, felt in all parts of our nation”—[Official Report, 25 November 2015; Vol. 602, c. 1358.]
On the day that the International Monetary Fund warned about the global economy and called on Government to increase their investment spending—something that Labour Members have consistently called for—will he now reconsider his economic plan, and particularly his investment plans?
Mr Osborne
The economic plan has seen employment rise and unemployment fall, and it has meant that for the IMF forecasts that the hon. Gentleman mentions, the UK’s forecast has not been changed and remains one of the strongest among all advanced economies in the world. Perhaps I may gently suggest that the hon. Gentleman might want to change his own economic policy, since in the last week he has called for the return of flying pickets, and said that he wants to ban companies from paying dividends and spend billions of pounds on nuclear submarines without any nuclear missiles. Today he said that he is going to tour the country with the former Greek Finance Minister, Mr Varoufakis, to educate us all about economics—the one thing they have in common is that they have both lost their marbles.
John McDonnell
If the Chancellor will not reconsider his investment plans, can he at least appreciate how angry the families of steelworkers in south Wales are this morning? They know that when the bankers’ bonuses were threatened, he immediately shot across to Brussels with an army of lawyers to defend them and that he will jump into a helicopter for a Tory fundraiser. It has taken him four months to lift a finger to save steelworkers’ jobs. Does that not prove that he is actually the bankers’ Chancellor?
Mr Osborne
We want a successful financial services industry, because hundreds of thousands of people across the country work in it. We also want a successful manufacturing and steel industry, which is why we have taken action to reduce energy costs—something that had not happened previously and which comes into effect today—and why we are taking action to change procurement rules so that the British Government and others are encouraged to buy British steel. Again, that never happened when the Labour party was in office. We are acting internationally to deal with the dumping of Chinese steel. That is what we are doing. Of course it is an incredibly difficult situation, but as the hon. Gentleman knows, and everyone in this House knows, steel jobs are being lost in every single country in the world at the moment. The question is: what can we do nationally to defend and protect our steel industry? We are doing everything we can. If the hon. Gentleman has constructive suggestions, he should put them to me.
Dr Rupa Huq (Ealing Central and Acton) (Lab)
2. What discussions he has had with the Financial Conduct Authority on its decision to end its review of banking culture.
John Stevenson (Carlisle) (Con)
4. What progress he has made on the establishment of the northern powerhouse.
The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
Our long-term plan is to turn around the decades-old economic divide between the north and south by building a northern powerhouse. We said we would create powerful new elected Mayors, and that is happening; we said we would speed up transport connections across the north, and we have committed £13 billion of investment; and for my hon. Friend’s Cumbria, there is a new enterprise zone, new air routes and nuclear research. The north is growing under this Government, and, with our plan, we will do everything we can to keep it growing strongly.
John Stevenson
I, like many of my constituents, want Carlisle and Cumbria to be part of the northern powerhouse. This is partly about ensuring the private sector invests and grows and partly about skills and infrastructure, but then there is the proposed Cumbrian deal. Will the Chancellor assure me that everything is being done, from the Government’s perspective, to achieve this deal, and will an elected Mayor be part of it?
Mr Osborne
As my hon. Friend knows—he is a real champion not just of Carlisle, but of Cumbria and the Cumbrian economy—we are working with local authority leaders and other elected representatives on whether we can have a new governance arrangement in Cumbria, which might include an elected Mayor. This is a decision for Cumbria, of course, but it has come to us with this proposal, and we are working hard with the people of Cumbria to see whether we can get an arrangement that boosts jobs, boosts investment and makes sure that decisions that affect Cumbria are taken in Cumbria.
Mr Dennis Skinner (Bolsover) (Lab)
Does the northern powerhouse occur in Redcar where the steel industry has been closed because of the Chancellor allowing the Chinese to dump steel? Are they talking about the northern powerhouse at Scunthorpe, where they have lost more than a thousand jobs? Are they talking about it at Port Talbot, where they are going to lose a lot more jobs? The truth is that they do not talk about the northern powerhouse in the coalfields where the Tories have shut the last three pits. They call it the northern poorhouse. That is its real name.
Mr Osborne
The hon. Gentleman seems to forget that the Redcar works first closed under the Labour Government that he supported. It is also the case that during that Government, which he supported from the Government Benches, the number of steel jobs lost in this country was 30,000. We are doing everything we can to preserve the steel jobs that remain. We are working with the steel industry. We have acceded to almost all its requests, and we are looking at the last remaining one, which is changes to business rates—again, something that never happened under a Labour Government. We will report on that at the Budget. We are working to make this the competitive place to do business, and if we adopted the policies of the Opposition, where dividends are not paid to investors and flying pickets are reintroduced, do they really think that a single overseas investor, such as Tata Steel, would be expanding their business in the United Kingdom?
Emma Reynolds (Wolverhampton North East) (Lab)
5. What assessment his Department has made of the potential effect of leaving the EU on UK GDP.
Andrew Rosindell (Romford) (Con)
11. What fiscal steps he is taking to support small business owners.
The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
The Government are backing businesses by cutting their taxes. We have given Britain the lowest corporate tax rate in the G20, and we are cutting it further. To support small businesses, the employment allowance will rise by 50% in April, and we are doubling small business rate relief. This Government understand that we create jobs and raise money for public services by backing companies, not by punishing them with the kind of anti-business, anti-enterprise nonsense that we hear from the Labour party.
Mr Mak
Manufacturers in my constituency, such as Innova Design, are growing, thanks to the rise in investment allowance tax relief which takes effect this month. Will the Chancellor join me in congratulating Innova Design on its growth and success, and will he also continue to support the British manufacturing sector, an industry that was neglected by Labour for 13 years?
Mr Osborne
Absolutely. I join my hon. Friend in congratulating Innova Design on the work that it is doing. We are investing in transport infrastructure on the south coast, and we are also backing companies—not just there, but around the country—with a permanent annual allowance of £200,000, which is the highest that it has ever been.
Andrew Rosindell
What steps does the Chancellor intend to take to ensure that the quarterly tax returns that are made in 2020 will not harm small businesses in constituencies such as mine by affecting their productivity and their ability to make profits?
Mr Osborne
My hon. Friend is right. Our objective is to make it easier for businesses, and indeed individuals, to complete their tax returns by making use of modern digital technology, and we are introducing a simple and secure personalised digital tax account. We estimate that that will reduce the administrative cost to businesses by £400 million.
Ian Austin (Dudley North) (Lab)
The best way to support manufacturing businesses in the midlands would be to free the region from London’s control, because it has been stifled by Whitehall for far too long. If the Chancellor gives us the powers and the funds that we need to strengthen the economy, develop brownfield sites and tackle congestion, we will deliver more jobs, better skills, quicker transport and new homes.
Mr Osborne
We have a deal, because that is exactly what we are doing with the west midlands. We have worked with different political parties: I have met both Labour and Conservative authority leaders and Members of Parliament in the region, and we have collectively agreed to have an elected Mayor and to hand significant powers from this place and the Government to the people of the west midlands. I think that that is one of the most exciting steps that have been taken in the devolution of power in this country.
Ms Margaret Ritchie (South Down) (SDLP)
What further discussions have taken place with the devolved Administrations about the introduction of fiscal incentives to pump-prime apprenticeships and economic growth?
Mr Osborne
We are in discussions with the Northern Ireland Executive about what we can do to support the economy, and it is great news that we are now moving forward with the additional resources for capital investment there. Of course, one of the things that we would really like to see is the devolution of corporation tax rates, for which we have legislated, and provided that we can reach agreement on the budget implications of that measure, it would provide a massive boost for Northern Irish businesses.
Mims Davies (Eastleigh) (Con)
21. I welcome the Chancellor’s reduction in corporation tax, which has helped to create many jobs. Does he agree that some businesses cannot grow, despite that measure, because of local infrastructure constraints such as the one that needs addressing in my constituency at the Chickenhall Lane link road?
Mr Osborne
My hon. Friend is absolutely right. We are investing in transport infrastructure in the Southampton area and along the south coast, as I was just saying to my hon. Friend the Member for Havant (Mr Mak). We understand that all parts of the country can benefit from additional investment in transport infrastructure, and that is why we are increasing the transport budget even at a time when public budgets are tight. None of these things would be affordable if we crashed the economy.
Bill Esterson (Sefton Central) (Lab)
The introduction of quarterly reporting and tax returns has been described by the Institute of Chartered Accountants as an additional burden for business. Does the Chancellor understand the very real anger among businesses in my constituency and around the country that they are being penalised while many of the largest corporations are allowed to avoid tax altogether?
Mr Osborne
We have increased our action against large-scale corporate tax avoidance and evasion, and the new diverted profits tax is designed to deal with the very real anger that people feel, particularly in the small business community, when they see large businesses not paying tax. We are also dealing with the burdens of tax administration, and we are consulting small businesses. I would just make the point that we would be crazy as a country not to make use of new digital technology and the internet to update and modernise our tax collection system, and we would regret not taking those steps today and letting other countries power ahead in reducing the burdens on business.
Dr Lisa Cameron (East Kilbride, Strathaven and Lesmahagow) (SNP)
8. What fiscal steps he is taking to reduce the trade deficit in order to reduce the reliance of the economy on domestic spending.
Gareth Johnson (Dartford) (Con)
T1. If he will make a statement on his departmental responsibilities.
The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)
The core purpose of the Treasury is to ensure the stability and prosperity of the economy.
Gareth Johnson
High exit fees act as a disincentive for people to take advantage of flexible pensions, so does the Chancellor agree that tackling these high fees is essential to give people freedom over their own pensions?
Mr Osborne
My hon. Friend raises an important issue. The pension freedoms we have introduced have been widely welcomed, but we know that 700,000 people who are eligible face some form of early exit charge. The Government are not prepared to stand by and see people being either ripped off or blocked from accessing their own money by excessive charges. We have listened to the concerns and the newspaper campaigns that have been run. Today, we are announcing that we will change the law to place a duty on the Financial Conduct Authority to cap excessive early exit charges for pension savers. We are determined that people who have done the right thing and saved responsibly should be able to access their pensions fairly.
Rebecca Long Bailey (Salford and Eccles) (Lab)
Recent statistics show that household debt is now at a record high, but back in 2010 the Chancellor promised to move from an economy built on debt to one that saves. Will he tell us today why the figures contradict his original promise?
Mr Osborne
Household debt as a proportion of household income was 168% in 2008 and today it is 142%, so it has fallen.
Johnny Mercer (Plymouth, Moor View) (Con)
T3. This Chancellor has given more than any before him to the cause of looking after our armed forces veterans in this country, and for that I thank him wholeheartedly. Does he agree that although the charity sector has a key role to play, ultimately veterans’ care is a state responsibility and we must ensure that the money coming from Government is used for evidence-based, empirically measured professional treatments for our veterans and their families?
Mr Osborne
My hon. Friend obviously has huge experience in this area, personally and because he represents a constituency that has given much to the defence of our nation. He is right: as well as the LIBOR fines, which we use for specific one-off causes to help military charities, we have the armed forces covenant and the annual commitment to support our veterans. I am always happy to look at either specific projects in which we can invest or ongoing concerns we can deal with.
Deidre Brock (Edinburgh North and Leith) (SNP)
T2. The collapse of UK manufacturing has in fact been going on for some 50 years—it has gone from 30% of the economy in the 1970s to less than 10% today, and from more than 20% of all jobs in the 1980s to only 8% today. Given the scale and length of this decline, why have the Government not made manufacturing and exports one of their top priorities?
Mr Osborne
We have backed our manufacturers and exporters. We have cut corporation tax and other taxes that affect those businesses, and we have reformed UK Trade & Investment. As a result, the manufacturing sector accounts for a larger share of our economy than when I became Chancellor, but there is still a huge amount more to do. One thing I would say to the hon. Lady and the Scottish Government is that we want to work more closely with the Scottish Government on overseas trade missions, where we can promote Scottish businesses. We do not always get that co-operation, but we hope it will be forthcoming in the future.
Kelly Tolhurst (Rochester and Strood) (Con)
T4. Although I welcome the Government’s move towards digitisation of tax, a number of self-employed people and small businesses across my constituency, approximately 74% of which employ fewer than four people, have voiced concern about how quarterly tax reporting might have a negative effect on their human and financial resources, depending on their reliance on an accountant. What support will be provided to our small businesses to help them to adapt to the proposed changes?
Amanda Milling (Cannock Chase) (Con)
T9. The midlands engine has been turbo-charged, with recent figures showing four Staffordshire constituencies in the top seven ranked by the extent of the fall in the claimant count between May 2010 and November 2015, with Cannock Chase ranked fourth. What measures is my right hon. Friend taking to make sure that we maintain the positive momentum?
Mr Osborne
There has been good news in Cannock and across the midlands. Employment is up by 6% in my hon. Friend’s constituency. Since entering Parliament, she has been a great champion of the businesses in her area. We are working together to give more power to people in the west midlands to take control of the decisions that affect them, and I welcome her support for that; and we are investing in major transport infrastructure and backing science in the west midlands as well. We are introducing a whole set of measures, but if my hon. Friend has specific ideas to help businesses in Cannock, my door is open.
Steven Paterson (Stirling) (SNP)
T5. How on earth will a £42 million cut over the next four years to the UK Trade & Investment budget enable it to become “a world class export and investment promotion agency”?
Mr Osborne
We set out today the strategy to give more direct help to our exporters across the United Kingdom, and Lord Maude presented to the Cabinet the proposals to do that. On getting lectures on public finances from Scottish nationalists, I have to say that we would be heading towards the break-up of our country in two months’ time if the people of Scotland had listened to the arguments of the Scottish nationalists, whose calculations were based on an oil price of $115, which at the time the right hon. Member for Gordon (Alex Salmond) described as “quite a conservative estimate”. The oil price is now less than $30. It would have been an absolute catastrophe for the people of Scotland if they had listened to the figures and economic advice given by the Scottish National party.
Nigel Huddleston (Mid Worcestershire) (Con)
What efforts are the Government making to widen access to basic bank accounts?
Mark Spencer (Sherwood) (Con)
One of the key tools that the Chancellor has deployed to boost the economy has been the creation of enterprise zones. Will he lend his support to the creation of an enterprise zone at Thoresby colliery in the northern part of Nottinghamshire?
Mr Osborne
I know Thoresby colliery and have been to the site with my hon. Friend. We were not able to give the go-ahead to the enterprise zone because the business case did not quite stack up, but I have committed to work with him and the local community to try to get that over the line and get an enterprise zone in place in Thoresby colliery.
Alex Cunningham (Stockton North) (Lab)
T8. I have just chaired a packed meeting of the all-party parliamentary group on carbon capture and storage with the Minister of State, Department of Energy and Climate Change. There was a lot of anger in the room over the Chancellor’s decision to axe the funding for the CCS competition projects. What funding will the Chancellor provide when DECC comes up with its new CCS strategy in the autumn?
Mr Osborne
We have set out our capital budget and our energy policy, which will see a doubling of the investment in renewable energy over the next five years.
Robert Jenrick (Newark) (Con)
Thank you, Mr Speaker. You are very kind. My superb hon. Friend and neighbour the Member for Sherwood (Mark Spencer) had already asked the question, but I will ask it again as that is not unusual in this place. My parents formed their small business in the first enterprise zone created by Margaret Thatcher in Telford in 1984. My right hon. Friend the Chancellor has carried on in that great Conservative tradition. Will he afford the same opportunities to get on in life and create jobs to my constituents and those of my hon. Friend the Member for Sherwood by backing Thoresby colliery as the next and best enterprise zone?
Mr Osborne
My hon. Friend has just demonstrated that he is a very smart thinker on his feet. He is always ready to stand up for the interests of his Newark constituents. As I said to our hon. Friend and his neighbour the Member for Sherwood (Mark Spencer), I would love to get the Thoresby colliery enterprise zone into a condition where we can give it the go-ahead, and I give him and my hon. Friend his neighbour my personal commitment that we will try to do that over the next year or two.
Mr Speaker
Of course, as colleagues know, the fact that a question has been asked does not stop others asking the same question. Repetition is not a novel phenomenon in the House of Commons.
Mr Osborne
The hon. Gentleman is right to draw attention to the fact that the UK has had a productivity challenge for many decades, and the financial crisis caused a significant impairment that had an impact as well. Productivity is improving, but the key weakness in the British economy, consistently identified by everyone who looks at it, is the weakness of our skills. I hope that the apprenticeship levy and the expansion of the apprenticeship programme will go some way towards addressing that historical weakness for Britain.
Mr Robin Walker (Worcester) (Con)
Credit unions can play a vital role in improving financial inclusion and creating a stronger savings culture. As I know from my work with the all-party credit unions group, they have support in all parts of this House. With the opportunity of the World Council of Credit Unions coming to the UK—to Northern Ireland—later this year, will the Chancellor commit to making sure that we continue to build on the work of the credit union expansion programme and back this vital group?
Shabana Mahmood (Birmingham, Ladywood) (Lab)
Given that manufacturing remains at 6.1% below pre-crisis levels, with worrying trends in the manufacture of plant and machinery and of pharmaceuticals, will the Chancellor accept that his domestic policy agenda has just as much impact on our performance as the global factors that he is so very keen to blame, and that if the march of the makers is now going backwards, he must bear a measure of responsibility and come forward with proposals to halt the decline?
Mr Osborne
As I said, manufacturing makes up a larger sector of the economy than when I became Chancellor, but there is a huge amount more to do to make the UK more competitive, to make our businesses more competitive, and to improve skills for our manufacturers and the like. I have to say, and I suspect the hon. Lady agrees with me, that the idea of banning manufacturers from paying dividends would not be a particularly sensible way forward. Unfortunately, that is now the policy of the Labour party.
Chris Philp (Croydon South) (Con)
Is the Chancellor aware that since he took office in May 2010, the claimant count in my constituency has fallen by 62% and the youth unemployment count has fallen by 67%? Does he agree that reducing corporation tax, increasing the personal allowance and reforming welfare has caused these fantastic figures, and will he confirm that his long-term economic plan will continue?
Mr Osborne
We will absolutely deliver the plan in these more difficult economic conditions. As I say, the IMF has not revised down the UK’s growth forecast even though it has today revised down the global economic forecast. In Croydon and south London, we will continue with important transport infrastructure, and, indeed, do everything we can to back homeowners in my hon. Friend’s constituency—a group of people he particularly champions.