Oral Answers to Questions

Kirsty Blackman Excerpts

Tuesday 17th January 2017 Commons Chamber

[Mr Hammond]

My right hon. Friend has a point in one sense, in that economic forecasters admit that even with a five-year forecast, there will be a high degree of uncertainty about accuracy. On a 50-year forecast, there will be a very high degree of uncertainty indeed, but we will see how the debate goes on the fiscal sustainability report that is published today. I suspect that it will act as a very useful catalyst for discussing some of the really important strategic issues that we face as a nation, not in the white heat of immediate political debate, but over a much longer term—over a 50-year period—so that we can think about where we go in the balance between public spending and taxation, and how we support our vital public services.

[Kirsty Blackman (Aberdeen North) (SNP)]

24. The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?

[Mr Hammond]

My assessment is that by setting out our agenda and by setting out clear objectives, as the Prime Minister is right now, we are meeting the first ask of our European partners, which is to be clear about what we want. We are recognising the political red lines they have set out and saying that we will respect them. That is the first step towards sensible engagement with our European Union partners to reach an outcome that is positive for the UK and for the European Union. That of course must include freedom for financial services firms to continue doing their business.