Oral Answers to Questions
Debate between George Osborne and Kirsten Oswald(8 years, 9 months ago)
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Kirsten Oswald (East Renfrewshire) (SNP)
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 that the economy is stable and prosperous.
Kirsten Oswald
Has the Chancellor had a chance to read last week’s National Audit Office report on financial services mis-selling? Does he agree that it draws attention to a missed opportunity to deliver a financial advice sector that protects small-scale investors when things go wrong, as they did in the case of the Connaught fund, with devastating results for a number of my constituents?
Mr Osborne
We have sought to increase consumer protection by introducing a powerful new consumer protection agency in the form of the Financial Conduct Authority, and we have sought to give more financial advice to individuals through, for instance, the Money Advice Service and Pension Wise. However, if the hon. Lady has any specific further ideas that we can consider, I shall be happy to do that.
Oral Answers to Questions
Debate between George Osborne and Kirsten Oswald(9 years, 1 month ago)
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Mr Osborne
We will give the hon. Lady’s constituents, and indeed the constituents we all represent in this House, support by continuing to deliver economic security in this country—economic security that has seen unemployment fall in her constituency by 44% since 2010. One of the ways we deliver economic security is by controlling our welfare bill and making sure this country lives within its means. That is what we will continue to do.
Kirsten Oswald
The Chancellor has singularly failed to listen to the SNP and to this House when we have said that he needs to think again about tax credits. He sounds like he is keener on dealing with peers than on listening to them, so how about he listens to the people and just drops these tax credit plans once and for all?
Mr Osborne
This House of Commons voted three times for the changes that were rejected by the House of Lords. I am sure that we look forward to the support of the Scottish National party on that constitutional question. I would make this point to the hon. Lady’s constituents: we need to have a welfare system that works. We need to move to a lower welfare, higher wage economy. We do that by introducing the national living wage and having a welfare bill that the country can afford. That is the best thing we can do for the security of the people she represents.
Mr Osborne
My hon. Friend is right to say that we have taken significant steps to encourage saving, not least by giving pensioners control over their pension pots in retirement and by trusting those who have saved all their lives with the money that they have earned and put aside. He is an expert in these matters, and he will know that we are open to consultation on the pensions taxation system at the moment. It is a completely open consultation and a genuine Green Paper, and we are receiving a lot of interesting suggestions on potential reform. We will respond to that consultation fully in the Budget.
Kirsten Oswald (East Renfrewshire) (SNP)
T9. Will the Chancellor confirm that there is nothing in the passing of the charter for budget responsibility that will restrict the Scottish Government’s ability to borrow, which is already enshrined in statute under the Scotland Act 2012?
Mr Osborne
I am happy to confirm that the deal we struck with the Scottish Government on capital borrowing remains intact. Indeed, we want to strike a new agreement with them involving a new fiscal framework, and we are having a good discussion around capital borrowing powers, resource borrowing powers and the mechanism to ensure that Scotland genuinely sees the benefits and bears the costs of any decisions taken by the Scottish Government. That represents the true nature of devolution, which I am sure the Scottish National party wants to see, so let us make sure we get that agreement.