Huw Merriman
Main Page: Huw Merriman (Conservative - Bexhill and Battle)Department Debates - View all Huw Merriman's debates with the HM Treasury
(8 years ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
I am sorry to have to tell the hon. Lady this, but we live in the real world, where people will be employed only if employers can afford to take them on at the wage rates they have to pay them. Getting these young people into the culture of work is the most important thing we can do for them, for the rest of their lives.
Huw Merriman (Bexhill and Battle) (Con)
In East Sussex, we have the challenge of a large social care bill for an ageing population and low business rate returns to pay for that. I am aware that the Chancellor will not be allocating county money, but may I ask that his £23 billion investment fund is allocated with East Sussex’s financial and demographic challenge in mind?
Mr Hammond
I am afraid I may have to disappoint my hon. Friend, because the £23 billion is specifically targeted at productivity-enhancing investment in R and D and infrastructure. That is because we judge that, with our level of debt, to be credible in the markets, we have to borrow only for that kind of additional productivity-enhancing investment, and it will go into network investment, R and D and innovation.