Oral Answers to Questions
Debate between Sammy Wilson and Damian Hinds(8 years, 6 months ago)
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Damian Hinds
The national living wage makes sure that British workers who are low paid cannot be undercut by people coming from other countries. It will be of great benefit to our economy. It is also the case that as our legal minimum pay increases, we will still be within the middle range internationally.
Sammy Wilson (East Antrim) (DUP)
Yesterday the Chancellor told the people of Northern Ireland that house prices would fall by 18% if we voted to leave the EU, even though the day before he said that housing costs would go up by 9%. He told us that 14,000 jobs would be lost in export industries, even though the exchange rate, which would help exports, was set to plummet, and made an uncanny prediction about incomes in 14 years’ time. Does the Minister not realise that the Chancellor is expending his own credibility and that of the Government, given the panic that has now set in, by trying to sell the threadbare economic case for remaining in the EU?
Damian Hinds
Saying that house prices would come down but housing costs would go up is not inconsistent at all, as the cost of borrowing would go up. Northern Ireland is a special case when it comes to the housing market, but in many parts of the country people might say that while it would be a good thing for house prices to come down, that should not be a result of crashing the economy and making it more difficult for people to borrow.
As for the long-term forecast, it is, of course, difficult to predict what will happen 15 years hence. What the Treasury analysis seeks to do is say, other things being equal, what will happen to the 15-year forecast whether we are in or out of the European Union, and the answer is clear: in the central scenario, GDP will be hit to the tune of £4,300 per household.
Oral Answers to Questions
Debate between Sammy Wilson and Damian Hinds(9 years ago)
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Damian Hinds
My hon. Friend is absolutely right. Of course, that is at the heart of the enterprise zones in the north, the city deals and the whole concept of the northern powerhouse—making sure that the cities of the north add up to something that is more than the sum of their parts—and Transport for the North, which he mentioned, is a vital part of that.
Sammy Wilson (East Antrim) (DUP)
What assessment has the Minister made of the impact on the long-term economic plan to grow the economy of the promises made and the policies put forward at the green junket in Paris this week in the mistaken belief that piling pounds on to power bills can somehow change the world’s climate?
Damian Hinds
We of course recognise the challenges that come with energy costs, but it is true that the green sector supports a number of jobs in this country. It is very important that we seek to lead on research and development, and the autumn statement was another important step towards that.