(3 years, 1 month ago)
Commons ChamberI was saying that in the first phase of this crisis, between the huge contraction in the economy and the recovery that we are now seeing, it is fair to say that my right hon. Friend the Chancellor did a pretty remarkable job to support the jobs market and to support jobs—not without criticism, incidentally, from my Committee, but overall it was a remarkable job.
My right hon. Friend has an even tougher job as he looks to the future, now having to deliver sustainable economic growth and ensure that the public finances are on a sustainable trajectory, as well as meeting all the other objectives the Government rightly have on levelling up, net zero and so on.
My right hon. Friend mentions levelling up. Does he not agree that this is a real workers’ budget? The funds for skills and schools will transform the prospects of our young people and our adults, and let them climb the ladder of opportunity to get skills, security, prosperity and jobs for the future.
My right hon. Friend is absolutely correct about skills. He, of course, through his Committee, has done so much to promote that agenda, which I will come to momentarily, but the background is extremely tough.
While the Chancellor is right to point out that the deficit is falling, it is none the less very highly elevated compared with historical measures. The debt, in financial terms at least, is at a record level of £2.2 billion, and the economy has the headwinds of supply chain bottlenecks and the mismatch between demand and supply that we are seeing in parts of the labour force.
However, there are reasons to be cheerful, which my right hon. Friend outlined. Those are the OBR’s revised forecast showing that growth is much stronger this year—I think the Chancellor suggested 6.5%, compared with the March forecast of just 4%—and the scarring downgrade from 3% to 2%. By my calculation, that is probably worth about £10 billion or thereabouts per year; it is a significant achievement. All that has been achieved through the hard work of the last 18 months to two years. I do not think we should take that away from my right hon. Friend.
That has left my right hon. Friend with some breathing space, and he recognises that there are many challenges facing the economy and uncertainties going forward. A big test as we unpack the Budget is what he has done with that additional headroom. Not surprisingly, he has spent quite a lot of it. It appears to me that, with his fiscal rule of keeping day to day expenditure without borrowing and debt coming down as a percentage of GDP, he has headroom of about £25 billion in 2024-25 on the net debt target, which is about 0.9% of GDP, with the OBR economic and fiscal outlook suggesting he has a 55% to 60% chance of hitting that particular metric. The Committee will want to look very closely at how prudent an approach my right hon. Friend has taken to the Budget.
I see my hon. Friend the Member for Basildon and Billericay (Mr Baron) itching to intervene, so I give way to him.
(5 years, 5 months ago)
Commons ChamberI will direct the hon. Lady to Housing, Communities and Local Government questions on Monday. I think that would be useful. Libraries are hugely important, and we have provided considerable funding for them. There is no doubt that the terrain on which libraries operate is changing dramatically, with the use of digital information as opposed to books and print media, but we as a Government are very keen to support them.
Can we have an urgent statement from the Housing Minister about Persimmon Homes, following my question yesterday to the Prime Minister, which you kindly allowed, Mr Speaker? The homes, dreams and lives of Gilden Way residents in Harlow have been ruined because of shoddy building by Persimmon Homes. Does my right hon. Friend agree that Persimmon should be removed from the right to buy scheme until these problems are sorted out, not just in Harlow but in other Persimmon properties across the country?
We are making considerable progress in increasing the supply of new build housing, but that is not the same as saying that all housing is of the appropriate quality. It is characteristic of my right hon. Friend to look closely at that particular issue, to make sure that housing is fit for purpose. We have announced our intention for a new homes ombudsman, to protect the rights of homebuyers and to hold developers to account. I know that the Ministry of Housing, Communities and Local Government will have heard my right hon. Friend’s request for a statement, and I am happy to meet him to follow that up if he wishes.
(5 years, 10 months ago)
Commons ChamberAs a Treasury Minister, I can certainly reassure my hon. Friend that the Treasury remains firmly engaged with local partners in ensuring that we have the best possible deal for the borderlands, including her part of the UK.
(5 years, 10 months ago)
Commons ChamberMy hon. Friend asks a very good question that goes right to the heart of why we are making these changes. If we are to build teams of highly skilled individuals, we need the right locations in which to house them; that will lend itself to the hubs that we are rolling out, which are in locations with good housing, good education, good access to a talent pool, good transport facilities and so on.
The Minister spoke of graduates being part of this transformation scheme. Will he confirm that HMRC will offer opportunities to apprentices, and will support apprenticeships across the board?
I can certainly assure my hon. Friend that HMRC engages with apprenticeship programmes and is supportive of apprentices, as are the rest of the Government.
(6 years, 5 months ago)
Commons ChamberGiven that the independent Centre for Economics and Business Research has said that the fuel duty freeze has contributed to creating 121,000 jobs, and that the Treasury said in 2014 that the benefits of the fuel duty freeze had offset the loss in tax income, does the Minister not agree that it would be absolute madness to raise fuel duty and hit working people up and down this country?
I thank my right hon. Friend for his very relevant and, may I say, predictable question—he has been a doughty campaigner on this particular issue—but all I would say to him is that we will of course be looking at taxation, with everybody in their different ways paying a little bit more, to make sure that we fund the significant amount we have now committed to our national health service.
(13 years, 1 month ago)
Commons Chamber2. What steps he is taking to reduce youth unemployment.
(13 years, 5 months ago)
Commons ChamberI declare a lifelong interest in this subject and refer Members to the Register of Members' Financial Interests. I am delighted to have the opportunity to speak in this debate, because I want to talk about a tale of British craftsmanship at its best, our failure to compete and a remarkable industrial revival.
The automatic watch is almost the same now as when it was invented in 1770 and it has often triumphed over computers. For example, in 1970, after Apollo 13 was crippled by a ruptured oxygen tank, Jack Swigert’s Omega Speedmaster was famously used to time the critical 14-second engine burn, allowing for the crew’s safe return. Even today, the Omega Speedmaster is still the only watch to have been worn on the moon.
Secondly, I wish to discuss British craftsmanship. London led the world, changing the course of history in the 17th century by manufacturing accurate clocks that allowed us to sail throughout the world, trade, make maps and acquire the British empire. British companies such as Smith and Son, George Graham, Josiah Emery, and J. W. Benson forged the first clock-making industry, despite outbreaks of the plague and the great fire of London. Many hon. Members will know the story of John Harrison, a self-educated English clock maker who solved the problem of longitude and was eventually awarded thousands of pounds from Parliament.
Sadly, in the 18th and 19th centuries Britain lost its expertise. The decline of our watch industry is a British parable, just like the tin can.
My hon. Friend shares with me a love of watches. I know that he is also passionate about apprenticeships, so does he have anything to say about their importance in this area?
I will answer my hon. Friend in my later remarks, and I thank him for his intervention.
The decline of our watch industry is a British parable, just like the tin can and the car assembly line: we invent but others capitalise. In 1800, London was producing some 200,000 watches a year, which were exported not just to Europe, but to Russia, the middle east and even China. However, we became trapped by tradition. After Napoleon’s defeat in 1814, the Swiss started to make machine-made copies of London clocks and flooded the market with cheap products. Britain responded with protectionism and price controls. We failed to compete, and our expertise was lost to Switzerland, America and even the far east.
However, there has been a revival in recent times. In 1923, the British National Physical Laboratory produced quartz oscillators, and we all know about the production of the atomic caesium clock in 1955. These are the foundation of telecommunications, satellites and space travel. Famous British household names in horology have resurfaced: Dent & Company, and J & T Windmills, which even has a factory in Essex. Today, we have one of the greatest living names in horology, George Daniels, a British man who invented the coaxial escapement, which is the first practical new watch escapement in 250 years; it is a smoother watch movement that almost eradicates friction, and it was commercialised in 1999 by Omega. Those who have done the most to support this revival in Britain are the British Horological Institute and the Worshipful Company of Clockmakers. We have lost out to Switzerland and the far east, but we still have repair shops, a wealth of academic study and some ultra-high-end manufacturing.
So what is to be done? I welcome the Government’s policy on apprenticeships and the work of the Minister for Further Education, Skills and Lifelong Learning, who is in his place, in his promotion of craft. As I mentioned in my early-day motion 623, our funding for skills qualifications must be open to small specialist courses for industries such as horology. I strongly welcome what the Government did last year to extend funding for BHI certificates in clock and watch servicing, and repair, and I am grateful to the Leader of the House for his letter of support in that campaign.
However, there is a wider issue to address: many smaller qualifications are being discontinued because they are not profitable enough for awarding bodies. There are now just three horology training facilities in the UK: Birmingham City university; West Dean college; and the British School of Watchmaking. In Harlow, we are very lucky to have the Eversden family of watchmakers, and they show that in an age of digital technology there is still a public demand for the crafts of old. As George Daniels proved, there is still a demand for British horological genius. I hope that all possible support will be given to the watch-making and clock-making industry, which was once dying but is now showing signs of life in Britain today.