Sajid Javid
Main Page: Sajid Javid (Conservative - Bromsgrove)Department Debates - View all Sajid Javid's debates with the HM Treasury
(4 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Rishi Sunak
The right hon. Gentleman asked about the self-employed; he will know that our self-employment scheme is without doubt one of the most comprehensive and generous—if not the most comprehensive and generous —anywhere in the world. That is considerable support that has already been provided. Also, 40% of those in the construction sector are self-employed. Many of the people installing the new energy-efficiency measures will be in that category and will benefit from that increased demand for their services—something that I am delighted will happen. Lastly, the right hon. Gentleman talks about Germany, as do other Members; it is important to remember that Germany’s plan for this €50 billion is one with unspecified dates stretching over five years. In March, we unveiled a £640 billion investment plan for the next five years.
Sajid Javid (Bromsgrove) (Con)
I commend my right hon. Friend’s statement and the actions he has taken to ensure that we get the strongest possible recovery. He has been absolutely right thus far to spend “whatever it takes”—something he set out clearly back in March—but he will be acutely aware that interest rates will not stay low forever and that we will eventually need to bring our national debt back under control in order to sustain recovery, continue to create jobs and keep taxes low. So may I encourage him to set out new fiscal rules in his autumn Budget with the aim of getting our national debt down as a proportion of our national income by the end of this Parliament?
Rishi Sunak
I thank my right hon. Friend for his kind support and also his advice. He is of course absolutely right, and I hope that he was heartened by what he heard me say in the statement about the importance of returning our public finances to a sustainable footing in the medium term. We can and will do exactly that. He is right to highlight the sensitivity of our debt to interest rates, which was why he was right to introduce into our fiscal framework the notion of an interest service rule, and that is something that I will look at keenly in the coming months.