Oral Answers to Questions

Philip Hollobone Excerpts

Thursday 8th January 2015 Commons Chamber

[Vince Cable]

It is precisely because of that revenue wedge that the Government have invested so much resource in lifting the threshold so that low-paid workers are not caught in taxation. That has substantially alleviated the pressure on the living standards of low-paid workers.

[Mr Philip Hollobone (Kettering) (Con)]

It is really very important that minimum wage legislation is enforced, as those in receipt of the minimum wage tend to be at the bottom of organisations and among the lowest paid. What sanctions are being used on those at the top of organisations who receive the highest pay—the board directors—when minimum wage legislation is not being followed?

[Vince Cable]

There is a legitimate concern about high pay as well as low pay, which is why the Government introduced reforms of executive pay, with a binding vote on executive pay by shareholders, significantly strengthening the Government’s powers to ensure that shareholders exercise proper responsibility over top pay.

--- Later in debate ---

[Vince Cable]

We understand the importance of that question. One of the sectoral groups in our industrial strategy is specifically concerned with the oil and gas supply chain. The companies around Aberdeen in particular are among the world leaders and could be seriously hit by the contraction of investment. Certainly, we will be getting that group together quickly and making an assessment of what it means. It is important to think long term, of course, as much of the industry does; temporary fluctuations in price are not necessarily as damaging as the hon. Gentleman might believe.

[Mr Philip Hollobone (Kettering) (Con)]

In 2010, the European Union sold to this country £28 billion more in goods than we sold to it. By the end of 2013, this massive figure had risen to £56 billion. Over that period, however, unemployment in this country has fallen significantly. Does that not destroy the Liberal Democrat myth that 3 million UK jobs are dependent on EU membership?

[Vince Cable]

What an extraordinarily primitive view of economics to believe in narrow bilateral balances of trade! One thing that should be said is that we are dealing, of course, not just in goods, but in services, where Britain has a major competitive advantage.