Greg Hands
Main Page: Greg Hands (Conservative - Chelsea and Fulham)Department Debates - View all Greg Hands's debates with the HM Treasury
(2 years, 2 months ago)
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Kwasi Kwarteng
No, I think it is perfectly sane to want to grow the British economy by creating incentives. The Barber boom—the right hon. Lady is a student of history—was driven primarily by very loose monetary policy. It was essentially a demand pump-priming experiment. This is the opposite of that. What we are trying to do is create incentives and look at supply-side reform. It is a completely different model.
Greg Hands (Chelsea and Fulham) (Con)
I congratulate the Chancellor on his new role and on the measures announced today—particularly the cut in the basic rate, the abolition of the 45p rate, the stamp duty cut, and the return of tax-free shopping for visitors, which will be welcomed very much in central London. Will he look further, at the seven-year bonus deferral rules in financial services, which are among the most punitive in the world today?
Kwasi Kwarteng
Absolutely. I will be updating the House on measures to try to make sure that the financial services become, as they have been in the past, a world-leading industry.