Oral Answers to Questions

Debate between Jeremy Hunt and Marco Longhi

Tuesday 14th November 2023 Commons Chamber

[Jeremy Hunt]

We are already working on proposals in that very area. Broadly speaking, we have one of the most robust and resilient pension fund sectors in the world, but we are doing a lot of work to remove the barriers to investing back into the UK. Things such as affordable housing, infrastructure and our growth businesses are areas of great potential.

[Marco Longhi (Dudley North) (Con)]

12. What steps his Department is taking to increase public sector productivity.

--- Later in debate ---

[Marco Longhi (Dudley North) (Con)]

T1. If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Jeremy Hunt)]

As we have a debate this afternoon, I will limit my comments to welcoming my outstanding new colleagues. The new Chief Secretary to the Treasury, my hon. Friend the Member for Sevenoaks (Laura Trott), will brilliantly solve the problem of how we stop the state expanding, building on the work of her wonderful predecessor, my right hon. Friend the Member for Salisbury (John Glen). The new Economic Secretary to the Treasury, my hon. Friend the Member for Hitchin and Harpenden (Bim Afolami), will single-handedly ensure that the City and stock market remain competitive, building on the superb foundations laid by his predecessor, my hon. Friend the Member for Arundel and South Downs (Andrew Griffith). The job of the new Financial Secretary to the Treasury, my hon. Friend the Member for Mid Worcestershire (Nigel Huddleston), will be to work out how to bring taxes down, following in the footsteps of his excellent predecessor, my hon. Friend the Member for Louth and Horncastle (Victoria Atkins), who as Health Secretary will no doubt be trying to push them up.

[Marco Longhi]

There is widespread consensus that growth is essential to the economy. With 800,000 fewer self-employed in the economy post covid and post IR35, does the Chancellor agree that increasing the VAT threshold to £250,000 for new registrations would boost growth and be a net gain in revenue terms in the long run?

[Jeremy Hunt]

I thank my hon. Friend for raising the support we give to small businesses. As he will know, supporting small businesses, particularly by rolling over the retail, hospitality and leisure business rates discount of 75%, was a major feature of the autumn statement. We will continue to keep under review anything that we can do to help our small businesses.

Oral Answers to Questions

Debate between Jeremy Hunt and Marco Longhi

Tuesday 5th September 2023 Commons Chamber

[Jeremy Hunt]

I enjoyed meeting the hon. Gentleman when we opened that investment zone. Let me reassure him that I am a big supporter of nuclear and I am very excited about the potential of SMRs. There is a competition going on this year, which we hope will be completed by the end of the year, to assess the viability of the various SMR manufacturers, and we want to get going as quickly as we can.

[Marco Longhi (Dudley North) (Con)]

8. What discussions he has had with representatives of the financial sector on freedom of speech.

Oral Answers to Questions

Debate between Jeremy Hunt and Marco Longhi

Tuesday 7th February 2023 Commons Chamber

[Marco Longhi (Dudley North) (Con)]

2. What steps he has taken to help support the financial services sector since the UK’s departure from the EU.

[The Chancellor of the Exchequer (Jeremy Hunt)]

Mr Speaker, I did check that my Department still exists before coming along today, and you will be pleased to know that the great ship of state that is the Treasury sails serenely on.

In December, I announced the Edinburgh reforms, which take forward the Government’s ambition for the UK to be the world’s most innovative and competitive global financial centre.

[Marco Longhi]

Can the Chancellor please describe any relationships, or plans for them, to deliver the United Kingdom as a global financial hub, especially given the lack of equivalence with the EU?

[Jeremy Hunt]

I am very happy to do that for my hon. Friend. The flexibilities that we have since leaving the EU mean that we are able to do the Solvency II reforms, which mean that potentially £100 billion of extra investment will go into UK companies. Indeed, the whole of the Edinburgh reforms give us the opportunity to rethink our regulatory structures so that we do not just remain the world’s second largest exporter of financial services, but go from strength to strength.