Oral Answers to Questions

Debate between George Osborne and Nigel Huddleston

Tuesday 1st March 2016 Commons Chamber

[Mr Osborne]

The hon. Lady seems to be opposing the national living wage. I think it is a progressive policy. Indeed, it was based on work by the Resolution Foundation. If you want a regressive policy, I will give you one. How about increasing the basic rate of income tax? That is what the Labour party is proposing in Scotland—the first sign of what an economic policy would look like under this new Labour leadership. How can an increase in the basic rate of income tax, which would hit people earning over £11,000, be remotely progressive or fair?

[Nigel Huddleston (Mid Worcestershire) (Con)]

22. Most businesses, as well as workers, in my constituency warmly welcome the introduction of the national living wage and the increased spending power it will deliver. Will the Chancellor and his team carefully monitor the implementation of the national living wage to see whether there are any unintended consequences, particularly in sectors where margins are already small, such as farming, social care and hospitality?

[Mr Osborne]

We will of course monitor the impact of all our policies on the economy and on particular sectors. That is one of the reasons why, alongside introducing the national living wage, we have introduced the new council tax supplement for the social care sector. The Office for Budget Responsibility analysis when we announced the national living wage was that, while in theory 60,000 jobs could be lost in the future that might otherwise have been created, the other policies we were pursuing would see over 1 million new jobs created, so the overall effect is an increase in employment of over 1 million.

Oral Answers to Questions

Debate between George Osborne and Nigel Huddleston

Tuesday 19th January 2016 Commons Chamber

[Mr Osborne]

We set out today the strategy to give more direct help to our exporters across the United Kingdom, and Lord Maude presented to the Cabinet the proposals to do that. On getting lectures on public finances from Scottish nationalists, I have to say that we would be heading towards the break-up of our country in two months’ time if the people of Scotland had listened to the arguments of the Scottish nationalists, whose calculations were based on an oil price of $115, which at the time the right hon. Member for Gordon (Alex Salmond) described as “quite a conservative estimate”. The oil price is now less than $30. It would have been an absolute catastrophe for the people of Scotland if they had listened to the figures and economic advice given by the Scottish National party.

[Nigel Huddleston (Mid Worcestershire) (Con)]

What efforts are the Government making to widen access to basic bank accounts?

Oral Answers to Questions

Debate between George Osborne and Nigel Huddleston

Wednesday 17th June 2015 Commons Chamber

[Mr Osborne]

Of course we are aware that there is an acute housing shortage in London, which is why we need to build more homes, but I can tell the hon. Lady that we built more council housing in the last five years than was built in the entire 13 years of the last Labour Government. I am very happy to come to Lewisham, where we will talk about the fact that today the claimant count is down by 25% over the year and long-term youth unemployment is down 45% in the last year. The economic plan in Lewisham is working.

[Nigel Huddleston (Mid Worcestershire) (Con)]

Q2. Pensions are a really important issue to my constituents, and the Government have delivered on their side of the bargain by giving savers the freedom to access their pensions. Will the Chancellor do all he can to ensure that the industry lives up to its side of the bargain and delivers on those freedoms?

[Mr Osborne]

My hon. Friend is absolutely right. The pension freedoms that we introduced in April are delivering the fundamental Conservative principle that people who have worked hard and saved hard all their lives should be trusted with their own money, and 60,000 people have accessed their pension savings. There are clearly concerns, however, that some companies are not doing their part to make those freedoms available. We are investigating how to remove the barriers, and we are now considering a cap on charges. I am asking the Financial Conduct Authority to investigate. People who have worked hard and saved hard deserve a better deal.