Oral Answers to Questions

Debate between George Osborne and Harriett Baldwin

Tuesday 28th January 2014 Commons Chamber

[Harriett Baldwin (West Worcestershire) (Con)]

T4. This time last year, the shadow Chancellor said that the economy would get worse. Can I lob the following question to the Chancellor and ask him how that prediction turned out?

[Mr Osborne]

The economy has grown by 2.8 % over the past four quarters, which is the point. First, when the shadow Chancellor was in office, he predicted that there would be no more boom and bust—we had the biggest boom and the biggest bust—and secondly, he predicted that there would be no recovery unless we borrowed and spent our way into economic risk, which has turned out to be untrue. I do not know why anybody in the Labour party still listens to his predictions at all.

Autumn Statement

Debate between George Osborne and Harriett Baldwin

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

As I said, we are launching a huge scheme to help home movers insulate their homes, help public authorities insulate their buildings, and ensure that private landlords also have incentives. I disagree with the hon. Lady—and, I guess, her philosophy—in that I think such things are better done through incentives and lower taxes than through higher taxes and higher charges that put people off the agenda she wants to promote.

[Harriett Baldwin (West Worcestershire) (Con)]

The Chancellor is an historian of some note. Can he recall an occasion where such good news on jobs and growth was heard in such stony silence by the Labour party?

[Mr Osborne]

I did history at university if that is what my hon. Friend is referring to. The extraordinary thing is that the Opposition gambled on there not being an economic recovery, and the shadow Chancellor based his entire reputation not only on the idea that the recovery would not happen, but that it could not happen. As a result, his entire economic edifice has collapsed.

Oral Answers to Questions

Debate between George Osborne and Harriett Baldwin

Tuesday 12th March 2013 Commons Chamber

[Mr George Osborne]

I shall take that as a Budget representation. To be fair to the hon. Gentleman, he is always a powerful champion of the ceramics industry in his constituency.

[Harriett Baldwin (West Worcestershire) (Con)]

My constituents find it much easier to take out a payday loan than to open a savings account. What steps are the Government taking to make it much more difficult for my constituents to fall into that sort of temptation?

Autumn Statement

Debate between George Osborne and Harriett Baldwin

Tuesday 29th November 2011 Commons Chamber

[Mr Osborne]

I completely understand why the hon. Lady is fighting hard for her constituency and her city. In the end, the proposal put forward by Stoke for an enterprise zone was not as compelling as the other enterprise zone proposals that were put forward at the same time. That was independently assessed by the civil servants. I am very happy to sit down with her, and indeed other Members from Staffordshire, to work with them on what we can do to make the proposal a success. I am very much open to considering whether we can get the enterprise zone bid into a state where it is successful and we can go ahead with it.

[Harriett Baldwin (West Worcestershire) (Con)]

There were many measures in the statement that will help businesses with their cash flow, which is truly to be welcomed, for example extending the small business rate relief and credit easing. Will the Chancellor clarify that where business rates go up in line with RPI next year, there will be the ability to defer 60% for two years interest-free?

[Mr Osborne]

We are helping businesses with their cash flow, but it is not a subsidy to those businesses, more a cash-flow measure.

Bank Bonuses

Debate between George Osborne and Harriett Baldwin

Tuesday 11th January 2011 Commons Chamber

[Mr Osborne]

The Cabinet is completely agreed. [Interruption.] I know that the Labour party finds the idea of a united Cabinet difficult, but there is a united Cabinet that wants to see the banks lending more than they did under the previous Government and paying less in bonuses than they did under the previous Government, with more transparency, more shareholder involvement and more contributions to the community. That is what we seek to negotiate and I am doing that with the Business Secretary on behalf of the Cabinet.

[Harriett Baldwin (West Worcestershire) (Con)]

Last year, there was a one-off tax on bank bonuses. Can the Chancellor confirm that this year the higher bonuses will attract the 50% income tax and 12.8% employers’ national insurance rates?

[Mr Osborne]

Of course it is right that they attract both income tax and employers’ national insurance contributions. I know there is an issue with the economic credibility of the Labour party at the moment but it is worth reading what the previous Chancellor, the right hon. Member for Edinburgh South West (Mr Darling), said when he explicitly and directly addressed the question of whether the tax he introduced a year ago could be reintroduced in exactly the same form. He said that it would be difficult to do and that it would have to be a one-off because people would find all sorts of imaginative ways of avoiding it in future. We have to deal with that reality, but as I have made very clear, we seek a new settlement with the banks and if we do not agree a new settlement—if they are not able to meet our requirements—then nothing is off the table.

Financial Services Regulation

Debate between George Osborne and Harriett Baldwin

Wednesday 16th June 2010 Commons Chamber

[Mr Osborne]

I remember that at the time I, too, was surprised by the FSA’s decision. If the hon. Gentleman will allow me to say this, those questions are best asked once we have made clear what the new institutional arrangements are. Then we can get on to the pay and rations.

[Harriett Baldwin (West Worcestershire) (Con)]

Does the Chancellor agree that it is surprising to hear Opposition Members talk about Northern Rock as a shining example of micro-regulation, when the FSA’s own report into Northern Rock said that the ARROW process gave it far too low a ranking and that that such decisions would have been better taken in the home of the lender of last resort?

[Mr Osborne]

My hon. Friend makes a very good observation. Let me make a broader observation, if I may. She has enormous experience of the financial services. There are Members on the Opposition Benches with real experience as well, including the hon. Member for Leeds West (Rachel Reeves), who used to work in the Bank of England. I would like that experience to be brought to bear in the process over the next year. We have decided not to resolve the issues in the Treasury, in the Department for Business, Innovation and Skills and in No. 10 Downing street, as we could have done. We have decided to have an open commission to which all Members can contribute and with which they can all engage. I think that is a better way to make policy.