The Growth Plan
Debate between Kwasi Kwarteng and Greg Hands(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.
Oral Answers to Questions
Debate between Kwasi Kwarteng and Greg Hands(5 years, 1 month ago)
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Kwasi Kwarteng
My hon. Friend can rest assured that the Government continue to upgrade and invest in the electricity system to ensure that it can deliver additional generation. Of course, battery storage technology and other forms of storage are at the centre of any strategy to reach the net zero carbon target.
Greg Hands
The offshore wind sector has been one of the Government’s biggest success stories, with the delivery of the world’s largest capacity. When I was at the Department for International Trade, we also made it a priority to be able to export that capability. Could the Minister tell us a bit about the work that BEIS is doing with the DIT to continue that work so that we also deliver real economic benefits for our country’s exporters?
Kwasi Kwarteng
I pay tribute to my right hon. Friend, who spent two years in the Department for International Trade and was an excellent Minister. He has driven a great deal of progress in this area. As he will know, increasing competitiveness and the capability of our supply chain are key to increasing our exporting power, and, through the offshore wind sector deal, the sector will invest up to £250 million for that purpose. I continue to work with my right hon. Friend’s former Department to identify opportunities, and I regularly meet my hon. Friend the Under-Secretary of State for International Trade, in his capacity as Minister for investment.
European Council: Article 50 Extension
Debate between Kwasi Kwarteng and Greg Hands(5 years, 8 months ago)
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Kwasi Kwarteng
And Labour Members are urging the Cooper-Boles amendment. It has been rejected twice, yet they still seek to bring it back to the House. That is how the House of Commons is operating these days.
Greg Hands (Chelsea and Fulham) (Con)
Since last night’s European Council meeting, would the Minister say that his Department’s preparations for no deal have been stepped up or stepped down?
Kwasi Kwarteng
My right hon. Friend will know that the Department has been engaged in no-deal preparation for about two years now, although it has been ramped up in the last few months, and we fully expect to be absolutely ready if this country leaves the EU without a deal.