Oral Answers to Questions

Steven Paterson Excerpts

Tuesday 17th January 2017 Commons Chamber

[Mr Hammond]

I am not only a quick reader, but able to read the report while also answering questions in the House.

The OBR’s report shows that, under certain circumstances, the UK public finances will come under increasing pressure over the next 50 years. As I said earlier, this creates a catalyst for a discussion, which we need to have, about how we maintain the sustainability of our crucial public services, given the pressures, including demographic pressures, that they will face. I believe that the report serves a useful purpose. Given that the point 50 years out is sufficiently far away, I hope that we will be able to have a mature, cross-party discussion about how we address these issues in the long term.

[Steven Paterson (Stirling) (SNP)]

T5. The autumn statement revealed the Brexit bombshell that growth will be a massive 2.4% lower than previously predicted. What further impact does the Chancellor expect that leaving the single market will have on GDP growth in the years to come?

[Mr Hammond]

The Office for Budget Responsibility set out its projections under different scenarios at the autumn statement. It is the OBR that makes the forecasts. It will, of course, produce a revised set of forecasts that will be published on 8 March—Budget day.