Oral Answers to Questions

Debate between Nadhim Zahawi and George Osborne

Tuesday 1st December 2015 Commons Chamber

[Mr Osborne]

We are doubling investment in renewable electricity and energy, and much of that is going into Scotland. We also increased the capital budget for the Scottish Government, so instead of lobbying us for capital projects, they now have the resources to pay for such things themselves.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

T3. I recently attended the skills show in Birmingham, which was an incredible example of the opportunities on offer in Britain for young people, including jobs, training and apprenticeships. Does my right hon. Friend agree that the levy he announced in the autumn statement is an excellent further step to ensure that young people in the UK are earning and learning— or preferably both—as that is the route towards a more productive workforce that is ready for jobs in the 21st century?

Greece

Debate between Nadhim Zahawi and George Osborne

Monday 6th July 2015 Commons Chamber

[Mr Osborne]

The risks stem from the fact that we are the world’s largest financial centre. We are also the global centre for the trading of the euro. We are a very open economy; on most measures, we are the most open and interconnected of all the world’s advanced economies. We are therefore affected by financial conditions in Europe. We saw that a few years ago, but we are in a much stronger place than we have been in the past because we have been paying down our very large deficit, because we have been strengthening our economy, because we have been recapitalising our banking system and making sure our banks are stronger, and because we have a much better system of regulation, in which the Bank of England is in charge of regulating the banks. Those are all steps that we have taken. I do not think anyone will be particularly surprised to hear that when we assemble in a couple of days to hear the Budget, we will hear the further measures needed to reduce that budget deficit and ensure that we fix the roof while the sun is shining.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

Such external shocks do focus the mind. May I bring the Chancellor back closer to home? He has tough decisions to make on Wednesday. Has he had any representations from the Opposition Benches about where those cost savings should come, and support for the long-term economic plan?

Greece

Debate between Nadhim Zahawi and George Osborne

Monday 29th June 2015 Commons Chamber

[Mr Osborne]

I very much commend my hon. Friend for the work he does. Let me reiterate that HMRC is ready to operate the time to pay scheme to help both the self-employed and small businesses—and, indeed, larger firms—who have problems because there have some kind of financial transaction with a Greek company and have been caught up in the Greek Government’s capital controls. There is advice on the Department for Business, Innovation and Skills website, and they can get bespoke advice by phoning the helpline.

[Nadhim Zahawi (Stratford-on-Avon) (Con)]

It is worth placing on the record my constituents’ gratitude to the Chancellor for taking us out of the eurozone bail-out mechanism. London serves as a centre for the Greek shipping industry. What assessment has the Chancellor made of the impact on that industry of the crisis in Greece?

[Mr Osborne]

Frankly, a lot of that industry is pretty international these days, and I suspect quite a lot of those involved in it have foreign bank accounts as well as Greek bank accounts. It is a very important industry, and it is one of the industries that can help the Greek economy if that economy is competitive. One of the big issues in Greece has of course been the competitiveness of the Greek ports in particular.

More broadly, I thank my hon. Friend for his support of the action we took during the last Parliament. More properly, I should credit the Prime Minister, who secured exit from the eurozone bail-outs at an important European summit.