John Bercow
Main Page: John Bercow (Speaker - Buckingham)Department Debates - View all John Bercow's debates with the HM Treasury
(8 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
My right hon. Friend will know that the surplus rule always came with the caveat that if the Office for Budget Responsibility forecast four rolling consecutive quarters of less than 1% annualised growth, the target would be suspended. The consensus among pretty much all forecasters is that that is likely to be what they forecast this autumn statement, so my predecessor’s announcement was merely pre-empting something that almost everybody expects to happen. I am afraid to tell my right hon. Friend the Member for Chichester (Mr Tyrie) that how we are going to respond over the longer term to the resulting deficit will be set out at the autumn statement.
Mr Speaker
In the hope that the hon. Gentleman will provide a masterclass in the asking of a question, I call Mr Jacob Rees-Mogg.
Mr Jacob Rees-Mogg (North East Somerset) (Con)
Thank you, Mr Speaker. I congratulate my right hon. Friend on his appointment. I accept that that is not a question but a statement. May I go on to point out to him that Brexit provides a great opportunity? The £24 billion purchase of ARM by SoftBank is a sign of that. The trade deals that are being offered are a sign of that. Will he grasp this fantastic opportunity and lead us through to the “broad, sunlit uplands”?
Mr Gauke
As I said earlier, we recognise the need to bring any uncertainty to an end as soon as we possibly can. In the circumstances, it is right that we take a moment before making any guarantees, but let me be absolutely clear that as a Government we remain committed to doing everything we can to strengthen the northern powerhouse and to ensure that the north of England fulfils its full potential, which includes transport infrastructure. On the specific point, we will make an announcement in the not-too-distant future.
Mr Speaker
Despite his sudden shyness, the man in the cream suit has an identical question, and I want to give him his opportunity. Mr Alec Shelbrooke.
Alec Shelbrooke
17. Since 2010, my city of Leeds has seen hundreds of millions of pounds invested in its transport infrastructure. I wonder whether my right hon. Friend can confirm that the billions of pounds that were to be put into the northern powerhouse to invest in transport infrastructure across the whole of Yorkshire and the Humber will still be delivered.
Several hon. Members rose—
Mr Speaker
Order. I am sorry to disappoint remaining colleagues, but we have had 20 topical questions, and we must now move on.