Oral Answers to Questions

Debate between George Osborne and Neil Carmichael

Tuesday 24th June 2014 Commons Chamber

[Neil Carmichael (Stroud) (Con)]

T10. With manufacturing growing at an impressive rate, as I saw on my recent visit to ABB in my constituency, what steps is the Chancellor taking to ensure that manufacturing growth remains sustainable?

[Mr Osborne]

We are taking steps to reduce business taxes, when others would put them up. We are also taking steps to ensure that energy costs for manufacturers are lower; we set out a package in the Budget. Above all, we are creating a country in which people want to invest and create jobs because they have confidence in our long-term economic plan.

Autumn Statement

Debate between George Osborne and Neil Carmichael

Thursday 5th December 2013 Commons Chamber

[Neil Carmichael (Stroud) (Con)]

In contrast to Labour’s nightmare economics, the Chancellor’s statement was both realistic and encouraging, especially for the real economy. I welcome his focus on STEM—science, technology, engineering and mathematics—subjects and the need to upskill our work force and reinforce our interest in engineering and manufacturing.

[Mr Osborne]

One of today’s most significant announcements, which will not necessarily be on the front pages tomorrow, was the increase in student numbers and the lifting of the cap on aspiration. That is a major structural improvement in the British economy. Britain has fewer graduates as a proportion of population than many other comparable countries, and it is a basic tenet of economic success that we should do more in this area. We are providing additional money for STEM subjects so that they are taught properly as well.

Autumn Statement

Debate between George Osborne and Neil Carmichael

Tuesday 29th November 2011 Commons Chamber

[Mr Osborne]

I do not have the specific details in front of me, but I will certainly engage with my hon. Friend on that proposal, and I hope that we can advance it.

[Neil Carmichael (Stroud) (Con)]

There are many substantial measures to welcome in this package, but I wish to focus on the national loan guarantee scheme, because it will help many small businesses in my constituency, particularly those in the manufacturing and engineering sector. Does the Chancellor agree that what we should be hoping for from banks is more sophistication when they allocate money to small businesses and more analysis of what the prospects of small businesses actually are?

[Mr Osborne]

Yes, I think that we all want to see a move to a banking system that is more responsive to local businesses and local people and that is not just based on a computer model that allocates credit and the computer says no. We want to return to having local bank managers empowered to make decisions, and a number of banks are doing this. One of the notable successes at the moment is Handelsbanken, which is out there lending money to small businesses and taking more of this local approach.

Eurozone Crisis

Debate between George Osborne and Neil Carmichael

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

The concept here is that first-loss insurance on newly issued debt from countries such as Italy, as my hon. Friend mentions, would be provided out of the special purpose vehicle. That would obviously make it easier for investors to buy bad debt.

[Neil Carmichael (Stroud) (Con)]

I welcome the Chancellor’s statement that some progress has been made to protect the eurozone. In parallel with repatriating powers, will the British Government make it absolutely certain that the single market becomes a place where competition can thrive and productivity can improve, as it is in our interest as well as that of the whole of Europe to make sure that it works well?

[Mr Osborne]

I could not agree more with my hon. Friend. The European single market has helped the UK economy over the last couple of decades. We want to see it completed further and we want to see the services directive properly implemented. Competition has brought great benefits not just to the economy, but to European consumers, including those in this country. To my mind, that is what the European Union exists to do. It should make its contribution to growth across the continent.

Eurozone

Debate between George Osborne and Neil Carmichael

Monday 10th October 2011 Commons Chamber

[Mr Osborne]

I always listen closely to my Cheshire colleagues.

[Neil Carmichael (Stroud) (Con)]

Does my right hon. Friend take comfort in the result of the German Parliament’s vote at the end of last month, when it effectively created a fund with conditions? Does he see that as a generation of political support for the robust action that the Prime Minister has been talking about over the past few days?

Global Economy

Debate between George Osborne and Neil Carmichael

Thursday 11th August 2011 Commons Chamber

[Mr Osborne]

As the hon. Gentleman knows, we are in active discussion with all the parties in Wales and with the Welsh Assembly Government, discussing what further powers might be devolved to the Welsh Assembly, including fiscal powers that might have a role in economic development. I do not want to pre-empt that debate, but the fact that we have been prepared to engage in it shows that we are doing this in good faith.

[Neil Carmichael (Stroud) (Con)]

Given the credibility that the coalition Government have won through their deficit reduction programme, securing a triple A rating and having low interest rates, does the Chancellor think that it would be appropriate to send a message to encourage the same kind of decision making—swift and strong—across the eurozone?

[Mr Osborne]

I think we have got ahead of the curve. As I say, I am not one of those Finance Ministers who are having to come to their Parliaments and announce emergency budget cuts because they did not get ahead of the curve. It is important for the eurozone countries, and all countries, to have fiscal credibility. There are many good examples in the eurozone of countries that have done that and we are part of that pack.

Oral Answers to Questions

Debate between George Osborne and Neil Carmichael

Tuesday 8th June 2010 Commons Chamber

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

In the past month, we have created an independent Office for Budget Responsibility to bring credibility to the Government’s forecasts, undertaken and completed in-year budget reductions of £6.2 billion and, today, laid before the House the process for the spending review that will take place this summer. In two weeks’ time, the Budget will set out a credible plan to accelerate the reduction of the budget deficit so that investors are reassured, interest rates can be kept lower for longer, and the recovery can be put on a stable footing.

[Neil Carmichael]

I note those excellent plans. Will the Chancellor of the Exchequer tell the House how many conversations he has had with colleague Ministers of Finance, and how much support and encouragement he has had from them to deal with our deficit?

[Mr Osborne]

I attended the G20 in South Korea this weekend. The G20 communiqué calls on countries with significant fiscal challenges—we have the highest budget deficit in the G20, so that includes us—to accelerate the reduction in the structural deficit. It has also been part of the European Union discussions that I have taken part in, that countries with significant budget deficits need to get on and reduce them. I am afraid that the Labour party, as it continues to oppose what we are doing, finds itself outside the international mainstream.