Tony Lloyd
Main Page: Tony Lloyd (Labour - Rochdale)Department Debates - View all Tony Lloyd's debates with the HM Treasury
(14 years, 5 months ago)
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Mr Laws
I am grateful to my hon. Friend for his comments. We quite understand the distress and concern that has been caused in the ports and elsewhere by that situation. The Chancellor of the Exchequer announced earlier this week that we would freeze the existing obligations for the rest of the financial year, and we are currently looking very carefully indeed at what action we can take to resolve the matter which, as my hon. Friend will be aware, affects not only the ports, but many other businesses across the country. That is why we are determined to move swiftly, but also to take time to get things right, and to consult in a proper way.
Tony Lloyd (Manchester Central) (Lab)
Will the Chief Secretary give a very straightforward answer to this question? What estimate did his officials give him of the number of people who would lose their jobs either directly or indirectly because of the cuts, and of what that will cost?
Mr Laws
It is impossible to pick a figure out of the air, but I can tell the hon. Gentleman—he will be delighted to hear this—that Treasury officials and the Governor of the Bank of England pointed out the beneficial effects of this package in keeping interest rates down and stopping the tax on jobs that would otherwise eliminate them. It is therefore likely that over time the net effect of taking such action will be to support employment and the economy rather than to eliminate jobs.