Surplus Target and Corporation Tax

Debate between Stephen Timms and George Osborne

Monday 4th July 2016 Commons Chamber

[Mr Osborne]

We need to do two things. First, we need to determine our new trading relationship with our European partners; about half of our exports go to the European continent and, in my view, we should be pushing for the best possible terms of trade in goods and business services, including financial services. Secondly, we should be maximising our links with the rest of the world. We have a real opportunity with China. As my hon. Friend will know, I have been very involved in trying to strengthen the relationship with that big emerging economy in our world, but we should also look to our links with Japan, India, the United States and the Commonwealth, and this is a call to action that we need to redouble our efforts.

[Stephen Timms (East Ham) (Lab)]

The Chancellor gained his office because he promised in 2010 that he would eradicate the deficit by 2015. He failed on that, as we always knew he would, and he is now giving up on achieving that aim by 2020 or indeed by any specific date. Was not his long-term economic plan, which he has now dumped, only ever just a vacuous slogan?

[Mr Osborne]

We gained office because we were faced with the complete economic mess created under the last Labour Government. We promised to turn that around, and we got a record number of people into work and have had the fastest growing economy for the past three years. When it comes to the deficit, the right hon. Gentleman was a Treasury Minister and he left me with an 11% budget deficit—the highest in the peacetime history of this country—but this year it is forecast to be below 3%, so I will compare our record with Labour’s record.

Oral Answers to Questions

Debate between Stephen Timms and George Osborne

Wednesday 9th December 2015 Commons Chamber

[Mr Osborne]

My hon. Friend is right to raise that case. We all saw the tragedy that befell the family of the “Strictly Come Dancing” presenter and the campaign that her family have undertaken to change the regulations. It is true that we do not have the same flame-retardant regulations for children’s fancy dress costumes. That seems wrong. I know that my right hon. Friend the Business Secretary is looking at the matter and will ensure that that changes.

[Stephen Timms (East Ham) (Lab)]

Q11. Will the Chancellor take this opportunity to correct the bizarre claim made yesterday by Donald Trump about parts of London being no-go areas for the Metropolitan police? Will he point out to Mr Trump that relationships between the Muslim communities of London and the police are in fact excellent?

[Mr Osborne]

The right hon. Gentleman speaks for everyone in this House. The Metropolitan police do a brilliant job, and they have fantastic relations with British Muslims. British Muslims have made a massive contribution to our country. Donald Trump’s comments fly in the face of the founding principles of the United States, which have proved such an inspiration to so many people over the past 200 years. The best way to defeat such nonsense is to engage in robust, democratic debate and make it very clear that his views are not welcome.

Spending Review and Autumn Statement

Debate between Stephen Timms and George Osborne

Wednesday 25th November 2015 Commons Chamber

[Mr Osborne]

The apprenticeship levy and the commitment we have made to 3 million apprentices is a huge boost to skills in this country, and it addresses one of the endemic weaknesses in the British economy that has bedevilled us for many decades. Small businesses are a big winner from the scheme: they do not have to pay the levy, but they get the advantage of the funded apprenticeships. We are also increasing the amount we pay for some of the apprenticeship courses. Indeed, there is a general uplift in apprenticeship funding. This will help small businesses, which do so much to support our economy, but which did not always get the support they wanted for training in the past.

[Stephen Timms (East Ham) (Lab)]

The local government grant is available because some local authorities have a lower tax base than others. Can the Chancellor reassure us that the same necessary degree of rebalancing will be delivered once the grant has been phased out?

[Mr Osborne]

The reallocation of business rates, which takes place after we allowed local authorities to retain 50% of their business rates in the last Parliament, will be in place from day one. Thereafter, local areas, such as the right hon. Gentleman’s, will have strong incentives to attract businesses to their area. They will be able to cut business rates, if they would like to bring in those businesses. Frankly, I think that will also help with speeding up planning decisions and encouraging local economic development. We all know that the trouble is that there is always a cost to local councillors saying yes to developments in our constituencies. It is often controversial and they do not see the benefits. Councillors will now see the benefits, and, more importantly, so will local communities.