Oral Answers to Questions

Debate between George Osborne and Rebecca Long Bailey

Tuesday 7th June 2016 Commons Chamber

[Rebecca Long Bailey (Salford and Eccles) (Lab)]

Recent figures showed a 9.6% drop in the value of new construction project starts recorded in the so-called northern powerhouse to the end of 2015. Interestingly, despite the Chancellor’s rhetoric on investment, much of the public capital invested thus far has been delivered by the EU. Does he therefore disagree with the Minister with responsibility for the northern powerhouse, the Under-Secretary of State for Communities and Local Government, the hon. Member for Stockton South (James Wharton), who said recently that Brexit will not affect Greater Manchester’s vision and access to funding?

[Mr Osborne]

As the hon. Lady well knows, I certainly believe that Britain is stronger in the European Union, and that it helps the northern powerhouse, but I make this observation: investment projects in the north of England are up over 100% in the last two years, which is in striking contrast to other areas. To give a sense of scale, investment projects in London are up 7% in the last two years. That is welcome, but in the northern powerhouse, they are up 127%. We are rebalancing the economic geography of this country. I am sure she will welcome the fact that the north of England now has the highest employment rate in the country’s history, and that we have seen the fastest falls in unemployment in the north of England.

Oral Answers to Questions

Debate between George Osborne and Rebecca Long Bailey

Tuesday 19th January 2016 Commons Chamber

[Mr Osborne]

My hon. Friend raises an important issue. The pension freedoms we have introduced have been widely welcomed, but we know that 700,000 people who are eligible face some form of early exit charge. The Government are not prepared to stand by and see people being either ripped off or blocked from accessing their own money by excessive charges. We have listened to the concerns and the newspaper campaigns that have been run. Today, we are announcing that we will change the law to place a duty on the Financial Conduct Authority to cap excessive early exit charges for pension savers. We are determined that people who have done the right thing and saved responsibly should be able to access their pensions fairly.

[Rebecca Long Bailey (Salford and Eccles) (Lab)]

Recent statistics show that household debt is now at a record high, but back in 2010 the Chancellor promised to move from an economy built on debt to one that saves. Will he tell us today why the figures contradict his original promise?

[Mr Osborne]

Household debt as a proportion of household income was 168% in 2008 and today it is 142%, so it has fallen.