Oral Answers to Questions
Debate between Paul Masterton and Lord Hammond of Runnymede(5 years, 7 months ago)
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Paul Masterton
I am grateful to the Chancellor for that answer, and particularly to the Government for accepting that the taper contributes to capacity gaps and retention issues in the NHS. Given that the costs of increased waiting times, delayed diagnosis and knowledge gaps far outweigh the tax revenue generated, would not the sensible and fiscally responsible thing be just to scrap the taper altogether?
Mr Hammond
I understand my hon. Friend’s point. However, the overall reforms to pensions allowances that were made in the previous two Parliaments and include the tapered annual allowance are necessary to deliver a fair system and to protect the public finances. These measures affect only the highest-earning pension savers and are expected to raise £6 billion a year. But, as I said, we are monitoring the response of high earners in the NHS, and I expect that my right hon. Friend the Health Secretary will be able to make an announcement soon.
Oral Answers to Questions
Debate between Paul Masterton and Lord Hammond of Runnymede(7 years, 1 month ago)
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Paul Masterton (East Renfrewshire) (Con)
The Chancellor of the Exchequer (Mr Philip Hammond)
The UK internal market benefits all the nations and regions of the United Kingdom. It is essential that no new barriers to living and doing business in the UK are created. Exports to the rest of the UK are vital to the success of Scotland’s economy, generating £50 billion in 2015. That compares with £12 billion of exports to the EU and £16 billion to the rest of the world and it accounts for 63% of Scotland’s total exports.
Paul Masterton
Small and medium-sized enterprises make a vital contribution to local economies, so I am delighted that in East Renfrewshire the number of registered enterprises has gone up by 18% since 2010. Does the Chancellor agree that as those businesses look to expand from being local to national players, it is vital to maintain the integrity of the UK internal market? Any moves to fragment it would damage the Scottish economy, place huge barriers to trade on both sides of the border, and put that vital contribution he just outlined in jeopardy.
Mr Hammond
I strongly agree with my hon. Friend that the fragmentation of the UK internal market would be damaging for the Scottish economy, particularly small businesses. This is not just an issue for Scotland, though. We all agree that protecting the UK internal market is in our shared interests, and the Government will work to make sure that there are no new barriers to doing business across the UK.