Student Loan Book: Sale

Debate between Steve McCabe and Sam Gyimah

Thursday 11th October 2018 Commons Chamber

[Mr Gyimah]

All the Government are doing is trying to capture an income stream that we will get over 25 to 30 years. This is money due to the Government and the Government are coming to a financial arrangement that allows the money to be captured today. As the last Labour Government saw fit, so this Government see fit, in a sensible and prudent way, to manage the Government finances.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

How many accountants does the Minister know who would advise their clients to sell off an asset worth £3.5 billion for less than half that?

[Mr Gyimah]

The final sale price will be determined by market conditions, but it makes a lot of sense in terms of the time and the value of money for the Government to capture those assets now.

Oral Answers to Questions

Debate between Steve McCabe and Sam Gyimah

Monday 26th October 2015 Commons Chamber

[Mr Gyimah]

I am glad my hon. Friend has asked that question. We have been working with the PSHE Association to develop age-appropriate lesson plans, as well as improving counselling and guidance, so that teachers know how to teach about mental health and deal with the range of issues they come across in young people.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

As well as offering welcome advice and support to schools, will the Government consider introducing a compulsory psychological assessment for all children entering care to complement the physical assessment already required?

[Mr Gyimah]

That is a very good suggestion. I understand from my hon. Friend the Minister for Children and Families that we already have a health assessment, but we are open-minded on all ideas about how to tackle the problem. I will happily meet the hon. Gentleman to discuss his suggestion.

Amendment of the Law

Debate between Steve McCabe and Sam Gyimah

Thursday 22nd March 2012 Commons Chamber

[Mr Sam Gyimah (East Surrey) (Con)]

Listening to today’s debate, I have heard little from Opposition Members to dissuade me from the conclusion I arrived at yesterday after hearing the Chancellor’s speech: that this is a fiscally responsible and fair Budget, but one that continues to build the foundations for our long-term growth and prosperity. What the Government are doing for growth and prosperity will be the focus of my speech. First, however, I want to make a few comments about fiscal responsibility allied to fairness.

I am pleased that the Chancellor chose to stick to the plan—a framework within which all the Government’s decisions are being made. At the beginning of this Parliament, the Chancellor made the right decision, to pay the debts of the past and, after a decade of uncontrolled borrowing, to tighten our belts. It is encouraging that the Chancellor continues to stick to that plan, which was initially unfashionable but has now entered the international mainstream.

The task facing us is not easy, and it will continue to be challenging. The gap between how much we earn and therefore take in and how much we spend has fallen from £156 billion—an all-time high, set just before the coalition came to office—to £126 billion. We have therefore made a lot of progress in balancing the books, but we must not take our foot off the gas, which is why I am glad the Chancellor continues to stick to his plan in this Budget.

It is interesting that Opposition Members no longer call for a plan B. A year or so ago not a day would pass without their calling for that. They are no longer calling for it because plan A is working: the deficit is falling and we are beginning to see private sector-led job creation. That is why the Chancellor is right to stick to his plan and to focus on being fiscally responsible. Very few western Governments could these days have announced the Budget that he has just delivered, and he has been able to achieve that because of his past decisions.

[Steve McCabe (Birmingham, Selly Oak) (Lab)]

The hon. Gentleman says plan A is working. Does he agree that it must have been an oversight not to mention at the outset that it would result in damaging growth and therefore pushing up unemployment and the costs of some areas of borrowing?

[Mr Gyimah]

It is precisely because plan A is working that in this Budget we can afford to lift 2 million people out of tax—2 million people who were penalised by the 10p tax introduced by the last Labour Government. Because plan A is working, 24 million of the 30 million workers in the UK can get a tax cut—a very important tax cut in very difficult times. The hon. Member for Birmingham, Erdington (Jack Dromey) said that he would compare his record with our record any day. I say to him that we are lifting 2 million of the poorest people out of tax, while the previous Labour Government penalised them. Our record certainly stands up to scrutiny on that.

Labour has now quietly dropped its plan B, and is instead opportunistically opposing our measure on the 50p tax rate. However, Labour does not say that it would reinstate that rate if it were elected to office tomorrow. It is also saying it would somehow give child benefit to higher rate tax payers.