Oral Answers to Questions

Debate between Rachel Reeves and Lord Cameron of Chipping Norton

Wednesday 6th July 2016 Commons Chamber

[The Prime Minister]

My hon. Friend makes an important point. A clear instruction has gone out to all our embassies around the world and to UKTI, and Ministers are very clear that we should be doing all we can to engage as hard as we can with other parts of the world and to start to think about those trade and investment deals and the inward investment we want in the UK. Businesses have been clear to us as well: whether they agree or disagree with the decision the country has made, they know we have to go on and make the most of the opportunities that we have.

[Rachel Reeves (Leeds West) (Lab)]

Q12. With the real prospect of a recession on the horizon, the offer from the Chancellor is to cut corporation tax, yet companies worry whether they will make a profit in the UK, not how much tax they will pay on it. Can the Prime Minister tell us what immediate action his Government will take to protect people’s jobs and livelihoods right now?

[The Prime Minister]

Immediate action has been taken, not least the Bank of England decision to encourage bank lending by changing the reserve asset ratios it insists on. That is important because it is a short-term measure that can have some early effect. The Chancellor was talking about how we need to make sure that we configure all our policies to take advantage of the situation we are going to be in. That means changes to taxes and the way UKTI works, and a change in focus for the Foreign Office and the Department for Business, Innovation and Skills. We can make a start on all those things, irrespective of the fact that the hon. Lady and I were on the same side of the referendum campaign.

Outcome of the EU Referendum

Debate between Rachel Reeves and Lord Cameron of Chipping Norton

Monday 27th June 2016 Commons Chamber

[Rachel Reeves (Leeds West) (Lab)]

The Treasury Committee’s report on our membership of the European Union looked at the short-run risks of volatility, many of which are now manifesting themselves with sharp falls in sterling, the volatility on the stock exchange and Government bond yields falling to an all-time low. What actions are the Government taking now to protect British jobs, growth and living standards?

[The Prime Minister]

The hon. Lady is absolutely right: the Treasury Select Committee did look at that and warned about the volatility. We have seen a lot of that volatility and the reaction of the Bank of England and the Treasury to it. As well as the volatility, we have to look out for the dangers of uncertainty. The Government stand ready to help in any way they can. Part of this will be reassuring business that all the trading relationships continue while we are in this negotiation. The hon. Lady is right to say that there will be challenges ahead.

Panama Papers

Debate between Rachel Reeves and Lord Cameron of Chipping Norton

Monday 11th April 2016 Commons Chamber

[The Prime Minister]

My right hon. and learned Friend has much expertise in this area. I think the point he is making is that as we set out these economic crimes—the Home Secretary has led the charge to ensure that we address this issue properly—we make sure that they are properly publicised, properly understood and then properly prosecuted. We need to make sure that the National Crime Agency and the Serious Fraud Office work together in the way that I know he was keen to see when he was doing that job.

[Rachel Reeves (Leeds West) (Lab)]

The Prime Minister says that he is leading on international efforts to crack down on tax evasion, so can he explain why he wrote to the then European Council President Herman Van Rompuy in 2013 and asked him to water down the impact of EU transparency rules by treating trusts differently from companies in anti-money laundering rules, despite warnings that such a move could create loopholes for tax dodgers?

[The Prime Minister]

With great respect to the hon. Lady, I have answered that question several times, most recently to the leader of the Green party. We were keen to get progress on the beneficial ownership of companies, and if we had accepted proposals to include trusts, that would have got completely bogged down and would not have made nearly the progress that we have made. We have got every G7 country and most G20 countries signing up to having action plans on beneficial ownership of companies. If we did that with trusts, my advice was that the whole thing would have slowed down to a trickle and we would not have got all the international co-operation and all the extra money that we are going to raise.

UK-EU Renegotiation

Debate between Rachel Reeves and Lord Cameron of Chipping Norton

Wednesday 3rd February 2016 Commons Chamber

[The Prime Minister]

Let me say two things to my hon. Friend. First, I do not believe that the EU should join the European convention on human rights. I do not think that is the right step forward, and that has been the British Government’s position. Secondly, we are committed in our manifesto to change Britain’s position with respect to the European Court of Human Rights by having our own British Bill of Rights. We shall be coming up with proposals for that shortly.

[Rachel Reeves (Leeds West) (Lab)]

British workers benefit from employment rights guaranteed at the EU level. Will the Prime Minister assure us that his renegotiation does not affect important employment rights, including rights to paid leave, equal rights for part-time workers and fair pay for agency workers?

[The Prime Minister]

All these rules are no longer in a social chapter, but are part of single market legislation. We now have the opportunity to make sure that single market legislation is proportionate and that it is on something that needs to be done at the European level rather than the national level. That is an ongoing conversation, as it should be under the rules set out here.