Autumn Statement

Richard Graham Excerpts

Thursday 5th December 2013 Commons Chamber

[Mr Osborne]

Manufacturing grew and was one of the strongest sectors in the most recent GDP numbers, but the hon. Gentleman is right to say we have got to make sure—this was implied in his question—that the financial system does not bring down the British economy again. All the banking legislation we have spent many days in this Parliament debating—ring-fencing the banks and putting the Bank of England in charge—has been designed to make sure we spot problems in advance this time. Britain wants competitive financial services. I suspect that in the many constituencies represented in the Chamber financial services is one of the largest private sector employers, so this is not just about the City of London. We have to ensure that this is done in a way that is safe for our economy and supports it, rather than bringing it down.

[Richard Graham (Gloucester) (Con)]

The Chancellor was absolutely right to stick to his strategy of backing business to deliver growth and jobs. My constituents will especially welcome the cut in energy prices, the freeze on fuel duty, the funds to help revitalise our high streets and even more support to get our young into jobs. My right hon. Friend knows how important housing debt write-off is to housing regeneration in Gloucester. Can he confirm whether the Treasury have been able, in principle, to approve the circa £50 million debt write-off case made by Gloucester city council, which would be the catalyst for our stock transfer and the first new social housing in our city for more than 25 years?

[Mr Osborne]

The short answer I can give my hon. Friend is yes. He brought to the Treasury an innovative scheme, on behalf of the people of Gloucester, to deal with the debts in the housing sector and enable the building of new homes. In our document, we reference the scheme specifically and give it our support in principle.