Oral Answers to Questions

Debate between George Osborne and Chris Philp

Tuesday 7th June 2016 Commons Chamber

[Mr Osborne]

Both the downward revisions to which the hon. Gentleman refers—from the OECD and the IMF—are specifically for this year and in both cases the organisations attribute that to the referendum on our membership of the EU and the potential exit from the EU. They say that if the country votes to remain, however, they expect activity to bounce back and they have not revised down growth for next year.

[Chris Philp (Croydon South) (Con)]

Does the Minister share my concern about the activities of ambulance-chasing law firms which encourage fraudulent whiplash claims, of which I have had personal experience? Can the Minister update the House on the Government’s plans to clamp down on this outrageous practice?

Budget Resolutions and Economic Situation

Debate between George Osborne and Chris Philp

Tuesday 22nd March 2016 Commons Chamber

[Mr Osborne]

That is exactly the position set out by my right hon. Friend the Secretary of State, and agreed by me and the Prime Minister. We understand that if we do not control spending, we will have a fiscal crisis. Because we are controlling spending and have passed difficult welfare legislation in recent months, the deficit is coming down and we are delivering economic security.

[Chris Philp (Croydon South) (Con)]

Given what the Chancellor just said about the importance of fiscal responsibility, will he confirm that, had he listened to the advice of the Labour party over the past five years, our national debt would be £900 billion higher?

[Mr Osborne]

My hon. Friend is absolutely right. The analysis shows that, had we not taken the decisions to reduce the structural deficit, we would have added £1 trillion further to our national debt. That is proof that we can never trust Labour with the nation’s public finances.

Oral Answers to Questions

Debate between George Osborne and Chris Philp

Tuesday 19th January 2016 Commons Chamber

[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.

Spending Review and Autumn Statement

Debate between George Osborne and Chris Philp

Wednesday 25th November 2015 Commons Chamber

[Mr Osborne]

My right hon. Friend the Secretary of State for Communities and Local Government will set out details of the local government settlement in due course, and we have taken the opportunity to put floors and ceilings on some of the effects of those changes, relatively to protect certain authorities. Given the area that the hon. Lady represents, I am sure she appreciates that there is a huge amount in this statement to support regional growth and growth in the north of England, and to ensure investment in the transport infrastructure, science and civic power of the north. That will help us to continue what we are seeing at the moment, which is the north growing faster than the south.

[Chris Philp (Croydon South) (Con)]

I welcome the Chancellor’s proposals to introduce a stamp duty premium for buy-to-let landlords and second-home purchasers—an issue that we discussed prior to this statement. Will he confirm that that will encourage homeownership in our country?

[Mr Osborne]

I put on record my thanks to my hon. Friend. He came to see me and we discussed what more we could do to level the playing field so that families trying to buy their own home are not disadvantaged when compared with those purchasing buy-to-let properties in places such as Croydon. We discussed what we could do with stamp duty, and he was one of a number of people who discussed clever ideas about how we could help families to buy their own home. I am glad that his thinking has come to fruition in this autumn statement.

Greece

Debate between George Osborne and Chris Philp

Monday 29th June 2015 Commons Chamber

[Mr Osborne]

I have always felt that good politics flows from good economics. Ultimately, what we all want to see are more jobs and investment in Greece and an economic policy that allows that to happen.

[Chris Philp (Croydon South) (Con)]

The Chancellor has already assured the House that, thanks to the Government’s actions, UK banks are strong enough to withstand any Greek crisis. Are any European financial institutions of concern to the Chancellor, and do UK pension funds and insurance companies have any alarming exposures?

[Mr Osborne]

Across the British financial system, there has been a very marked reduction in our exposure to the Greek economy and banking system over the past couple of years, so we are much less exposed to the direct consequences of financial problems in Greece than we would have been a few years ago. More broadly, that is also the case across the European economy. The biggest risk that we faced a few years ago was our exposure to economies and banking systems in other eurozone countries that had relationships with Greek banks, but they too have reduced their exposures.