Oral Answers to Questions

Debate between George Osborne and David Amess

Tuesday 4th November 2014 Commons Chamber

[Mr Osborne]

We have cut taxes for 25 million working people. In Bolsover, there are more people in work, fewer people unemployed and the claimant count is down by a third. It is the Conservative party that is the party of the working people now.

[Mr David Amess (Southend West) (Con)]

T4. Does my right hon. Friend agree that the level of employment is a good economic indicator? If so, will he join me in congratulating Southend businesses on their outstanding apprenticeship schemes, which have helped a huge number of young people and reduced youth unemployment by 47%?

[Mr Osborne]

I certainly congratulate Southend businesses on the apprenticeship schemes they run. Apprenticeship schemes number 2 million in this Parliament and we aim to take that figure to 3 million in the next Parliament. That is all towards achieving our goal of full employment. We have the highest number of people in work, but we want to go further still.

Oral Answers to Questions

Debate between George Osborne and David Amess

Tuesday 25th June 2013 Commons Chamber

[Mr Osborne]

Of course, as we discussed earlier, the capital position of the banks is important, but the funding for lending scheme is now focused on small business lending. I know that there is a particular issue with the very tough situation that the banking sector faces in Northern Ireland and the problems from the Irish Republic that have spilled over into Northern Ireland. One thing we are doing with the Royal Bank of Scotland is looking specifically at Ulster and the issues surrounding some of the bad loans made in the past, and at how we can help that bank to make good loans in the future to help the businesses of Northern Ireland. We are specifically supporting the Northern Irish economy and we are aware of its problems.

[Mr David Amess (Southend West) (Con)]

Does my right hon. Friend agree that extending rate relief to a further half a million small businesses will help many of them in the constituencies of Southend West and Rochford and Southend East?

[Mr Osborne]

Small business rate relief has helped many small firms to cope with the cost of rates, and we have been able to extend it year after year. We will have to make a decision later in this Parliament about a further extension, but there is clear evidence that the current extension is doing a great deal of good.

Oral Answers to Questions

Debate between George Osborne and David Amess

Tuesday 12th March 2013 Commons Chamber

[Mr Osborne]

We are increasing the personal allowance for 24 million people. Bankers’ bonuses were £15 billion a year when the shadow Chancellor was City Minister, but they have come down to just over £1 billion—a dramatic reduction as we now have a more responsible financial sector.

[Mr David Amess (Southend West) (Con)]

T5. With the whole of the United Kingdom getting behind Southend’s bid to be city of culture in 2017, will my right hon. Friend tell the House what economic benefits such an award would bring?

[Mr Osborne]

My Parliamentary Private Secretary, my hon. Friend the Member for Hastings and Rye (Amber Rudd), has just said in my ear that her constituency is also bidding. I will not take sides, but I know that Southend will put in a very strong bid, as will Hastings. The decision will be announced shortly.

Oral Answers to Questions

Debate between George Osborne and David Amess

Tuesday 29th January 2013 Commons Chamber

[Mr David Amess (Southend West) (Con)]

T1. If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Mr George Osborne)]

The core purpose of the Treasury is to ensure the stability and prosperity of the economy.

[Mr Amess]

My right hon. Friend will recognise the valuable work that public sector workers do, by and large on our behalf, but he will also acknowledge the fact that their earnings have increased by only 1%. Is it the Government’s policy that benefits will not increase by any more than the increase in public sector pay?

[Mr Osborne]

It is the Government’s policy that both should rise by 1%. It is a rather bizarre argument advanced by the Labour party—that public sector pay should go up by 1%, but benefits should go up by more than 1%. The Opposition are the people who will have to explain it to the hard-working public sector taxpayers who have to pay for the welfare system.

Oral Answers to Questions

Debate between George Osborne and David Amess

Tuesday 21st June 2011 Commons Chamber

[Mr Osborne]

When the director of the IFS was asked this month:

“Have things changed so much in the past 12 months that you would expect the Government to change course now?”

he replied, “No”. In fact, the advice of the IMF is also that now would be the wrong time to adjust macro-economic policies, while the Governor of the Bank of England at Mansion house said that we should not adjust the macro-economic mix. The truth is that the Labour Opposition, who got us into this mess, have absolutely no answers for getting us out of it. Is it not striking that the shadow Chancellor gave a speech last week with his big new economic policy, and not a single Labour MP has mentioned it yet?

[Mr David Amess (Southend West) (Con)]

3. What recent representations he has received from the IMF on UK economic policy.

[The Chancellor of the Exchequer (Mr George Osborne)]

The IMF completed its article IV assessment of the UK economy this month. Its recommendation could not have been clearer. When asked whether it was time to adjust macro-economic policies, its answer was no.

[Mr Amess]

I am delighted that the IMF has confirmed that the Chancellor is pursuing the right strategy to clear up the mess left by the last rotten Labour Government. Will he explain why the yield on UK Government bonds is only 0.25% higher than in Germany, whereas in Portugal it is 8.5% higher?

[Mr Osborne]

The simple reason is that we have a credible deficit reduction plan. Even though we inherited a deficit higher than Portugal’s, our interest rates are closer to those of Germany. Indeed, the spread over Bunds—the difference between German and UK interest rates—has come down substantially over the last year, even though that gap has gone up in France, Spain and other European countries. The real monetary stimulus being provided to the economy by those low interest rates is anchored in the credible deficit reduction plan.