Spending Review and Autumn Statement

Richard Drax Excerpts

Wednesday 25th November 2015 Commons Chamber

[Mr Osborne]

The OBR is forecasting a rise in household debt which is partly reflected in a rise in house prices and therefore household assets, against which the debt is secured. But of course there is a big difference from the unsecured debt that we found in 2008. The big difference we now have is a Bank of England with a Financial Policy Committee, which is able to step in when it sees debt levels reach worrying levels. The Governor of the Bank of England signalled before the Treasury Committee yesterday concern about buy-to-let prices, for example, and he is receiving the powers to do something about it. That is a big change from the situation five years ago.

[Richard Drax (South Dorset) (Con)]

My constituents in South Dorset will want to thank my right hon. Friend for the enterprise zone at Winfrith Green, which is going to create thousands of jobs, for looking again at the education funding, which was very unfair to Dorset, and for the incentives to take on apprenticeships, which is so important for the future economy and particularly for the young people of this country.

[Mr Osborne]

I thank my hon. Friend. Dorset is a fantastic county. The enterprise zone will be a great success. Schools in Dorset will be boosted by the announcement today on the funding formula. He is absolutely right—we want great jobs in Dorset that are available to local people, so the apprenticeship support will mean that local people have the skills to get those jobs.