:00:00. > :00:10.Order, order. Questions to Mr Chancellor of the Exchequer. Craig
:00:11. > :00:24.Williams. Britain is in a much stronger
:00:25. > :00:28.economic position manager was five years ago with employment up and the
:00:29. > :00:32.deficit down. However, as I set out in my speech to business leaders in
:00:33. > :00:36.Cardiff, we face a dangerous cocktail of economic risks from
:00:37. > :00:40.around the world this year. That situation is reflected in the IMF
:00:41. > :00:44.forecast which was published one hour ago which shows world growth is
:00:45. > :00:47.down but the positive forecast for the UK on change. It sure is the
:00:48. > :00:52.best thing we can do here is continued to fix our public
:00:53. > :00:57.finances, back business and deliver our long-term economic plan. Thank
:00:58. > :01:02.you. The Chancellor was very welcome when he was in Cardiff two weeks ago
:01:03. > :01:07.and brought a sense of urgency to the Cardiff city deal process with a
:01:08. > :01:10.deadline for the budget and a clear sense of direction. If we are to
:01:11. > :01:17.maximise the potential of Cardiff in the Welsh economy presented and our
:01:18. > :01:25.long-term economic plan, is it not time we had tangible plans from
:01:26. > :01:28.Labour given the have had years to come up with them? It was good to
:01:29. > :01:34.meet with my honourable friend and business leaders in Cardiff and to
:01:35. > :01:40.back investment in the new semiconductor catapult and the
:01:41. > :01:44.brilliant work being done at the university there. I hope we can
:01:45. > :01:46.agree with the wealth of Ramadan with authorities in Cardiff a
:01:47. > :01:54.Cardiff city deal before the budget. He poses the rate question, which is
:01:55. > :01:57.after 16 years after being in power the Labour Party in Wales has not
:01:58. > :02:04.delivered incredible economic plan for Wales is it not time for change?
:02:05. > :02:10.If the Chancellor keeps sucking off the threat to the very existence of
:02:11. > :02:21.some of Britain's's course at Egypt industries like still cause -- like
:02:22. > :02:26.steel, is there not eight danger that it might just not be the at all
:02:27. > :02:30.in the future? Of course the redundancies at Tata Steel and
:02:31. > :02:35.elsewhere in the industry are a real matter of regret. We are providing
:02:36. > :02:39.all these aboard we can to families, helping them get back into work. We
:02:40. > :02:46.are also responding to a quest from the steel industry to cut energy
:02:47. > :02:53.costs. That comes into effect today. -- requests from the steel industry.
:02:54. > :02:56.We are making sure that internationally we take action
:02:57. > :03:00.against the chief imports from China. Not one of these things were
:03:01. > :03:04.done under a Labour Government, and during that period, the number of
:03:05. > :03:08.steel jobs fell by 50% in this country. So we will not take
:03:09. > :03:15.lectures from the party opposite, but we will back our steel industry.
:03:16. > :03:20.Does the tiles were think that the stamp duty surcharge announced in
:03:21. > :03:25.the Autumn Statement, the effect of that on the buy to let market will
:03:26. > :03:31.be to inhibit or advance labour mobility? I think it will help
:03:32. > :03:39.promote homeownership, because it will mean there is a more level
:03:40. > :03:44.playing field between an order occupier buying a house at the buy
:03:45. > :03:48.to let landlords. There is nothing wrong with people investing in
:03:49. > :03:51.property, there should just be a level playing field so that we
:03:52. > :03:56.reverse the decline in home ownership in this country. A
:03:57. > :04:00.long-term economic plan means supporting small businesses across
:04:01. > :04:07.the country. On the 26th of December 250 businesses in my constituency
:04:08. > :04:10.employed 2500 people were inundated by floodwaters. Bobby tiles for Dick
:04:11. > :04:17.Best opportunity to commit to a proper school -- well the Chancellor
:04:18. > :04:25.take the opportunity to commit to proper flood defences? I know the
:04:26. > :04:29.Environment Agency and indeed the Government is conducting a review
:04:30. > :04:32.after what was the highest level of rainfall in our modern history in
:04:33. > :04:38.Yorkshire. But of course by committing the additional ?2 billion
:04:39. > :04:41.to flood investments we are able to afford these things. We would not be
:04:42. > :04:45.able to afford any of this sort of thing if we had wrecked the economy
:04:46. > :04:51.in the last couple of years. Does my honourable friend agree that as part
:04:52. > :05:05.of his long-term economic plan be helped by Isil will help people in
:05:06. > :05:11.my constituency where -- help to buy ISA will help? The help to buy ISA
:05:12. > :05:16.has been a huge success as it has been launched. 170,000 families have
:05:17. > :05:20.taken it up because that is helping people get on the ladder, the
:05:21. > :05:24.property ladder, helping them save for that deposit and doing
:05:25. > :05:30.everything we can to support the aspirations of the families of
:05:31. > :05:40.Britain. The Government's plan requires the doubling of exports by
:05:41. > :05:44.2022 ?1 trillion, -- by 2020. Can the Chancellor tell us, does he
:05:45. > :05:50.still hauled to the intention and the promise to the UK exports rise
:05:51. > :05:57.by ?100 billion per year every year for the next five years? We do hold
:05:58. > :06:02.to the target, but quite frankly it will be very challenging to meet,
:06:03. > :06:05.because while we have been improving exports, and frankly many of our
:06:06. > :06:08.main export markets have been very weak, we would like to see further
:06:09. > :06:13.economic reform on the continent of Europe. Some of those emerging
:06:14. > :06:18.markets are struggling at the moment, although we have a very good
:06:19. > :06:25.economic dialogue team plays today with India. British exports to India
:06:26. > :06:28.are increasing. There are a lot of challenges, but I am not one who
:06:29. > :06:33.thinks we should knock the challenges or ditched the target.
:06:34. > :06:38.Increasing exports is a key target for the UK. We should set ambitious
:06:39. > :06:50.targets but they have to be credible. Given that all beer -- or
:06:51. > :07:01.they are say it will be feel -- will feel to be met, should we not set a
:07:02. > :07:04.realistic and achievable targets? I think it is right to set the
:07:05. > :07:10.scratching target and tried to meet it even if it will be challenging.
:07:11. > :07:15.He talks about realistic and credible numbers. If Scotland had
:07:16. > :07:19.listened to the Scottish nationalists, it would be becoming
:07:20. > :07:24.separate from the United Kingdom in two months' time and the Scottish
:07:25. > :07:29.Government and its claim on independence on an oil price of
:07:30. > :07:35.$115. Scotland now would be heading for economic catastrophe if there it
:07:36. > :07:39.had listened to the honourable gentleman and the members from the
:07:40. > :07:45.Scottish Nationalist party. So before they talk about credible and
:07:46. > :07:50.realistic economic policies anywhere else in the UK, they should get one
:07:51. > :07:56.themselves. Motor manufacturing is crucial to our long-term economic
:07:57. > :08:12.plan. Surely the Land Rover defender. Production in Solihull.
:08:13. > :08:24.--. Production. Well the Chancellor pay tribute to the workers in
:08:25. > :08:27.Solihull? This iconic model has been produced over decades and been seen
:08:28. > :08:33.all over the world and producible peacetime and wartime. Good news for
:08:34. > :08:38.Solihull and the whole country is that they continue to produce
:08:39. > :08:43.brand-new models of great cars and are one of the real success stories
:08:44. > :08:47.of the British economy and in general, Wilder have been
:08:48. > :08:51.conservatives in the Treasury and in Downing Street, car production in
:08:52. > :08:59.this country is up 50%. -- while there have been Conservatives. The
:09:00. > :09:04.Chancellor has promised an economic recovery for all felt in all parts
:09:05. > :09:11.of our nation. On the day the IMF has warned about the global economy
:09:12. > :09:13.and called for governments to increase public spending, will be
:09:14. > :09:21.Chancellor now reconsider his economic plan and his investment and
:09:22. > :09:26.in particular? The economic plan has seen employment, unemployment fall.
:09:27. > :09:31.It has meant that on those IMF forecasts the UK's forecast has not
:09:32. > :09:35.changed. It remains one of the strongest of all the advanced
:09:36. > :09:39.economies in the world. I might suggest he might want to treat his
:09:40. > :09:44.own economic policy, since in the last week he has called for the
:09:45. > :09:49.return of flying pickets, was to ban companies paying dividends, and
:09:50. > :09:52.wants to spend billions of pounds on nuclear missile submarines without
:09:53. > :09:58.any nuclear missiles. Today he said he will tour the country with the
:09:59. > :10:01.former Greek finance minister to educate us all about economics. I
:10:02. > :10:11.think the one thing they have in common is they have both lost their
:10:12. > :10:16.marbles. If the Chancellor will not reconsider his investment plans, can
:10:17. > :10:19.he at least appreciate how angry families of steelworkers South Wales
:10:20. > :10:25.are this morning knowing that when the bankers bonuses were threatened,
:10:26. > :10:30.he immediately shot across to Brussels with an army of lawyers to
:10:31. > :10:34.defend them. He will jump into a helicopter for a Tory fundraiser but
:10:35. > :10:40.it has taken him for months to lift a finger for a steelwork, to receive
:10:41. > :10:47.Steelworkers' jobs. Does that not prove he is actually the bankers'
:10:48. > :10:49.Chancellor? We want a successful financial services industry because
:10:50. > :10:56.hundreds of thousands of people across the country work in it.
:10:57. > :11:01.We have taken action to reduce energy costs, which hadn't happened
:11:02. > :11:05.previously, and that comes into effect today. That's why we're
:11:06. > :11:12.taking action to change procurement rules so that the British Government
:11:13. > :11:15.and others are encouraged to by British Steel, which never happened
:11:16. > :11:18.when the Labour Party were in office, and we are acting
:11:19. > :11:22.internationally to deal with things like the dumping of Chinese steel.
:11:23. > :11:25.Of course it is an incredibly difficult situation but, as he
:11:26. > :11:28.knows, and everyone in this House knows, there are steel jobs being
:11:29. > :11:32.lost in every single country in the world at the moment. The question
:11:33. > :11:35.is, what can you do nationally to defend your steel industry and
:11:36. > :11:39.protect it, and we are doing everything we can. If he has got
:11:40. > :11:48.constructive suggestions, he should put them to me. Number two, please.
:11:49. > :11:52.With permission, I'd like to group this question with question 13. The
:11:53. > :11:59.Financial Conduct Authority is an independent regulator. No Treasury
:12:00. > :12:02.minister or official had discussions with the SCA before it took the
:12:03. > :12:07.decision to continue this review. Given that the popular image of
:12:08. > :12:12.bankers right now is probably on a par with used-car salesmen or MPs,
:12:13. > :12:16.even, would she not agree with her honourable friend, the Member for
:12:17. > :12:21.wire forest, but to abort this review now, which could have looked
:12:22. > :12:26.at regulating challenger banks as well as historic mis-selling, is a
:12:27. > :12:31.missed opportunity all-round? Well, I find it hard to take lectures from
:12:32. > :12:37.the party opposite in terms of regulating the financial sector. In
:12:38. > :12:41.fact, since my right honourable friend became Chancellor, we set up
:12:42. > :12:44.the Financial Conduct Authority. We've moved on from the failed
:12:45. > :12:48.regulatory system that was there under the Labour government and we
:12:49. > :12:53.made it a criminal offence to manipulate the UK's key benchmark.
:12:54. > :12:56.We brought in the toughest rules on bankers' pay of any financial centre
:12:57. > :13:00.and we are bringing in a new criminal offence so that any senior
:13:01. > :13:05.managers whose reckless decisions bring down banks face jail time.
:13:06. > :13:09.With the terrible impact of bad banking practices that was
:13:10. > :13:13.highlighted in the Tomlinson report, particularly commercial lending to
:13:14. > :13:16.small businesses, still unresolved one of my constituents, does the
:13:17. > :13:19.Minister agree that both the public and small businesses still have
:13:20. > :13:24.significant concerns about the behaviour of many individuals in the
:13:25. > :13:27.banking sector? I completely agree with the honourable lady that we
:13:28. > :13:31.need to see the highest levels of conduct from the banking sector. We
:13:32. > :13:37.also need to continue to take steps in terms of our long-term economic
:13:38. > :13:42.plan to secure access to funding for small businesses, which is why we've
:13:43. > :13:45.taken steps to back peer-to-peer lending, with extended funding for
:13:46. > :13:49.lending for another two years and we continue to benefit from record low
:13:50. > :13:59.interest rates, axed our prudent to, management. There has certainly been
:14:00. > :14:03.speculation that the Treasury has influenced the SCA and one metres
:14:04. > :14:09.fanciful, it is important but that it was set up independently in 2012.
:14:10. > :14:14.But does my honourable friend agree that one of the ways that we could
:14:15. > :14:16.potentially underpin that independence of the Financial
:14:17. > :14:19.Conduct Authority would be to adopt a similar process that we have with
:14:20. > :14:24.the office of budget responsibility, whereby the Treasury committee can
:14:25. > :14:29.have a power of veto over the apartment of the chief Executive?
:14:30. > :14:34.The honourable gentleman, who is very constructive and engaged as a
:14:35. > :14:37.member of the Treasury select committee, I know we'll have the
:14:38. > :14:41.opportunity to ask westerns of the acting chief executive and the chair
:14:42. > :14:47.of the Financial Conduct Authority at his committee on Wednesday. But
:14:48. > :14:53.what I would agree is that it is very useful for the committees such
:14:54. > :15:01.as to have a pre-appointment hearing with any executive of the Financial
:15:02. > :15:03.Conduct Authority. The symphony interbank immigration software
:15:04. > :15:08.allows for the permanent deletion of e-mails and advertises itself as,
:15:09. > :15:12.this will save the banks billions of pounds in fines. Will the Minister
:15:13. > :15:16.join my campaigning conduction with the Secretary of State business to
:15:17. > :15:22.ensure that the FCA retains the encryption codes for the software as
:15:23. > :15:28.they do in America, for seven years? He asks a very salient question and,
:15:29. > :15:33.of course, it is something that the FCA is currently investigating and
:15:34. > :15:37.he will be aware that new rules in terms of a particular requirement
:15:38. > :15:40.will require firms to keep that information for a significant period
:15:41. > :15:43.of time at this the subject of ongoing discussion. With the
:15:44. > :15:47.Minister agree that one of the biggest problems in the banking
:15:48. > :15:51.culture is that banks are too big to fail and would she looked at the
:15:52. > :15:55.issue of diversity in the sector, including new lending platforms
:15:56. > :15:58.market disrupters, and would she looked, in particular, at new
:15:59. > :16:05.primary duties for the SCA to look the of diversity?
:16:06. > :16:09.Well, he will I'm sure welcomed the announcement that we are expecting
:16:10. > :16:13.on Wednesday from both the Bank of England and the FCA and the PRA to
:16:14. > :16:17.work together in terms of backing innovation in the financial sector.
:16:18. > :16:21.That is part of our long-term economic plan to back competition in
:16:22. > :16:24.the can accept and I'm pleased to say that in the last parliament
:16:25. > :16:31.there were eight new entrants to banking and did this parliament we
:16:32. > :16:37.are aiming to have 15. Interventions by HM Treasury and other bodies have
:16:38. > :16:41.raised questions regarding the ball's independence. Not my words
:16:42. > :16:46.but the words of an FCA commissioned external report regarding the SCA
:16:47. > :16:50.board which was published last week. How will the chancellor demonstrate
:16:51. > :16:53.that the appointment of the new Chief Executive of the FCA won't be
:16:54. > :17:00.an example of an overreaching chancellor trying to get his own
:17:01. > :17:04.way? Well, it was good of the honourable gentleman to turn up for
:17:05. > :17:07.Treasury questions this time. I guess there wasn't a stop the War
:17:08. > :17:11.march or a picket line to join today. But I can assure the
:17:12. > :17:16.honourable gentleman that the Treasury does have the power to
:17:17. > :17:19.appoint both the board and the Chief Executive, it sets the remit of the
:17:20. > :17:27.FCA but from then on it has operational independence. Number
:17:28. > :17:32.three. Latest ONS figures show real average weekly earnings were up 2.4%
:17:33. > :17:36.year-on-year in the three months to October. Wage growth has outstripped
:17:37. > :17:40.inflation for 13 consecutive months, the longest period of real wage
:17:41. > :17:43.growth since before the recession, and the OBR forecasts were to grow
:17:44. > :17:49.faster than in elation over the next five years. -- than inflation. Does
:17:50. > :17:53.he agree with me that the key to delivering further wage growth,
:17:54. > :17:59.particularly in rural areas like Somerset, is improving the skills
:18:00. > :18:04.base, which underpins the Chancellor's economic plan for the
:18:05. > :18:07.South West? He is quite right. Last year will be hourly pay of the
:18:08. > :18:12.average Somerset employee grew well in excess of CPI inflation. The
:18:13. > :18:16.south-west has a particularly strong rate of employment but driving real
:18:17. > :18:24.wage growth we have to see productivity gains, hence the focus
:18:25. > :18:30.on making sure we have an attractive tax regime that brings jobs to that
:18:31. > :18:37.region and this country. There are 400,000 fewer people earning over
:18:38. > :18:41.?20,000 and there were in 2010 because the Chancellor has been
:18:42. > :18:47.cutting up full-time jobs and replacing them with more part-time,
:18:48. > :18:51.low-paid jobs. What is he doing to lift productivity, research and
:18:52. > :18:57.development to raise average wages and to raise median wages as well?
:18:58. > :19:03.The lowest earners experience the fastest growth in medium earnings
:19:04. > :19:07.last year and recent growth has been dominated by full-time workers in
:19:08. > :19:13.contrast to what he says. We have comprehends a plan for driving
:19:14. > :19:17.productivity and the national living wage is a very dramatic, long-term
:19:18. > :19:23.structural change. Number four, Mr Speaker. Our long-term plan is to
:19:24. > :19:27.turn round a decades-old economic divide between North and south by
:19:28. > :19:31.building a northern powerhouse. We said we would create powerful new
:19:32. > :19:34.elected mayors. That's happening. We said we'd speed up transport
:19:35. > :19:38.connections across the North and we committed 13 billion of investment.
:19:39. > :19:41.And into my honourable friend's Cumbria, there is a new enterprise
:19:42. > :19:45.zone, new parents and nuclear research. The North is growing under
:19:46. > :19:50.this government and we will do everything we can to keep it growing
:19:51. > :19:53.strongly. I, like many of my constituents in Carlisle and
:19:54. > :19:57.Cumbria, hope to be very much part of the northern powerhouse. Part of
:19:58. > :20:01.this is ensuring that the private sector investor grows skills and of
:20:02. > :20:04.the structure and then there is the proposed Cumbrian deal. Can the
:20:05. > :20:08.Chancellor assure me that everything is being done from the government's
:20:09. > :20:13.perspective to achieve this deal, and will an elected mayor be part of
:20:14. > :20:17.it? As my honourable friend knows, and he is a real champion not just
:20:18. > :20:22.of Carlisle but of Cumbria and the Cumbrian economy, we are working
:20:23. > :20:25.with local authority leaders and other elected representatives on
:20:26. > :20:30.whether we can have a new governance arrangement in Cumbria which might
:20:31. > :20:33.include an elected mayor. This is a decision for Cumbria but they have
:20:34. > :20:38.come to us with this proposal and we are working hard with the people of
:20:39. > :20:41.Cumbria to see whether we can get an arrangement that boosts jobs, boost
:20:42. > :20:48.investment and makes sure that decisions that affect Cumbria are
:20:49. > :20:54.taken in Cumbria. Does the northern powerhouse occur in Redcar, where
:20:55. > :21:00.the steel industry has been closed because of him allowing the Chinese
:21:01. > :21:04.to break steel? Are they talking about it at Scunthorpe, where
:21:05. > :21:08.they've lost more than 1000 jobs? Are they talking about it at Port
:21:09. > :21:13.Talbot, where they are going to lose a lot more jobs? The truth is, they
:21:14. > :21:17.don't talk about the northern powerhouse in the coalfields where
:21:18. > :21:20.the Tories have shot the last three pits. They call it the northern Peru
:21:21. > :21:36.house. That's its real name. -- He seems to forget that the Redcar
:21:37. > :21:39.works closed under the Labour government that he supports. It is
:21:40. > :21:42.also the case that during that government but he supported from
:21:43. > :21:46.that bench there, the number of steel jobs lost in this country was
:21:47. > :21:49.30,000. We are doing everything we can to preserve the steel jobs that
:21:50. > :21:55.remain. We are working with the steel industry. We have ceded to
:21:56. > :21:58.almost all their requests we are looking to the last one, which is
:21:59. > :22:01.changes to business rates, which never happened under a Labour
:22:02. > :22:05.government, and we will report in the budget on that. We are working
:22:06. > :22:09.to make this a competitive place to do business and if one really
:22:10. > :22:13.adopted the policies of the party opposite, where you don't pay
:22:14. > :22:17.dividends to investors and you reintroduce flying pickets, do you
:22:18. > :22:25.really think a single overseas investor would be expanding their
:22:26. > :22:29.business in the UK? Number five. The government is fighting hard to fix
:22:30. > :22:33.the aspects of our EU membership, the cause of so much restriction in
:22:34. > :22:36.the UK, so we get a better deal for our country and secure our future.
:22:37. > :22:40.We are confident that the right agreement can be reached. Jaguar
:22:41. > :22:46.Land Rover have recently announced that they're going to double the
:22:47. > :22:48.investment in a brand-new engine plant in my constituency, creating
:22:49. > :22:52.hundreds of additional jobs on top of the 1400 they have or the amount.
:22:53. > :22:57.Does the Minister agree with me that unfettered access to the single
:22:58. > :23:03.market dries this sort of investment and if we were to walk away or
:23:04. > :23:09.sacrifice that access, those jobs and that investment could be put at
:23:10. > :23:16.risk? First of all, I also welcome the new jobs being created near her
:23:17. > :23:21.constituency by Jaguar Land Rover. My honourable friend the Chancellor
:23:22. > :23:24.visited that site very recently. In terms of our relationship with the
:23:25. > :23:29.EU, the position of the Government is very clear. We want the benefits
:23:30. > :23:32.of access to the single market but there are also aspects of our
:23:33. > :23:35.relationship with the EU which can be improved upon and that's what we
:23:36. > :23:44.are seeking to do in our renegotiation. Given that last year
:23:45. > :23:49.we had a ?62 billion trade deficit with the European Union and given
:23:50. > :23:52.that if we left the EU, the UK would be the EU's single biggest export
:23:53. > :23:57.market, does the Minister think we could have a free trade agreement
:23:58. > :24:00.with the EU from outside the European Union without handing over
:24:01. > :24:08.?19 billion a year in membership fees? Well, I'm sure that that issue
:24:09. > :24:13.will be one of the issues discussed at length during the referendum
:24:14. > :24:17.debate, and the point is that under this government, the British people
:24:18. > :24:27.will have an opportunity to express its views on where our future lies.
:24:28. > :24:31.Britain has been a substantial net contributor to the EU budget. For 40
:24:32. > :24:35.years this has had a negative effect on UK growth in GDP, the cumulative
:24:36. > :24:41.effect of which has been very large. Would not leaving the EU help UK
:24:42. > :24:46.growth? I suppose 1.I would beg to the honourable member is that thanks
:24:47. > :24:49.to Margaret Thatcher's renegotiation of the rebate and thanks to the
:24:50. > :24:57.current Prime Minister's ago she Asian of the EU budget, resulting in
:24:58. > :25:02.a real terms cut, we are paying less than we would have done. -- by
:25:03. > :25:13.minister's renegotiation of the EU budget. Nonsense.
:25:14. > :25:18.Would she not agree that it would be important to pay the real living
:25:19. > :25:23.wage, ?8 25 per hour, in the rest of the UK and ?9 40 in London, as is
:25:24. > :25:27.done by the Scottish Government and over 400 employees in Scotland, so
:25:28. > :25:33.that it is fair for all employees, particularly those under 25? I'm
:25:34. > :25:38.glad she welcomes the fact that, as of April this year, all employees
:25:39. > :25:41.across the whole of the UK over 25 will be getting a significant pay
:25:42. > :25:47.rise, and that's thanks to the strength of employment across the
:25:48. > :25:54.UK, which is thanks to our long-term economic plan.
:25:55. > :26:03.By my calculation someone earns ?7.85 per hour today will be
:26:04. > :26:08.benefiting and by the end of this parliament will be more than ?1500
:26:09. > :26:11.later. Does my honourable friend agree that this shows that
:26:12. > :26:16.Government is committed to making work pay? The honourable member
:26:17. > :26:24.makes an excellent point, and in fact it has been highlighted that it
:26:25. > :26:28.is not just that 2.5 million people will be directly benefiting from the
:26:29. > :26:33.change to the National Living Wage, but also to 6 million people who
:26:34. > :26:42.make salaries and very close to that hourly rate. When is the Chancellor
:26:43. > :26:48.and the present Minister going to give public sector workers a decent
:26:49. > :26:53.pay rise for the jobs that they do frost? Of course we believe that
:26:54. > :26:57.every worker in this country will benefit from the change to the
:26:58. > :27:01.National Living Wage, because it is an important part of the long-term
:27:02. > :27:07.economic plan. But he will know that this year public sector workers
:27:08. > :27:12.actually received raises that work above inflation. The Minister has
:27:13. > :27:18.spoken importantly about the principle of making work pay. Will
:27:19. > :27:21.she give further consideration to extending married couples' tax
:27:22. > :27:30.allowance so that more families can keep more of what they earn? I will
:27:31. > :27:36.take that as a budget 's omission. -- budget submission. The Government
:27:37. > :27:43.is backing business by cutting their taxes. To support small businesses
:27:44. > :27:51.the employment allowance will rise in April and we are doubling
:27:52. > :27:59.business small rate relief. We will back companies not punish them with
:28:00. > :28:16.the anti-business nonsense we hear from the party opposite. Will be
:28:17. > :28:22.Chancellor join me in congratulating... I John with my
:28:23. > :28:29.honourable friend in congratulating the work they are doing in investing
:28:30. > :28:31.on South Wales transport infrastructure. We are back in
:28:32. > :28:36.companies with this annual investment allowance of ?200,000,
:28:37. > :28:42.the highest level it has ever been. Will the Chancellor tell us what
:28:43. > :28:47.step he ensures to take to make sure the quarterly tax returns coming in
:28:48. > :28:50.2020 will not harm small businesses in constituencies like mine and
:28:51. > :28:57.actually affected their productivity and their ability to make profits?
:28:58. > :29:01.My honourable friend is right that the objective of what we are seeking
:29:02. > :29:04.to do is to make it easier for businesses and individuals to
:29:05. > :29:10.complete their tax returns by making use of modern digital technology and
:29:11. > :29:14.introducing a simple and secure at personalised digital tax account. We
:29:15. > :29:22.estimate it will reduce the administrative cost to businesses.
:29:23. > :29:25.The best way to support manufacturing businesses in the
:29:26. > :29:28.Midlands would be to free the region from London's control. The region
:29:29. > :29:37.has been stifled by Whitehall for too long. To strengthen the economy,
:29:38. > :29:43.develop Brownfield sites and tackle congestion, we will deliver new
:29:44. > :29:48.homes. We have a deal. That is exactly what we are doing with the
:29:49. > :29:52.west Midlands and we worked across different political parties. I have
:29:53. > :29:56.met with Labour and Conservative authority leaders and members of
:29:57. > :29:58.Parliament from both parties in the West Midlands who collectively
:29:59. > :30:03.agreed to have an elected mayor and you have significant powers from the
:30:04. > :30:08.Government to the people of the West midlands. I think it is one of the
:30:09. > :30:14.most exciting step forward in the devolution of power in this country.
:30:15. > :30:24.What further discussions have taken place in devolved administrations
:30:25. > :30:27.about the introduction of fiscal incentives for apprenticeships and
:30:28. > :30:30.economic growth? We are in discussion with the Northern
:30:31. > :30:36.Ireland's executive about what we can do to support the economy. One
:30:37. > :30:41.of the things we would really like to see is the devolution of
:30:42. > :30:46.corporation tax rates which we have legislated for and provided we can
:30:47. > :30:51.reach agreement on the budget implications of that that would be a
:30:52. > :30:55.massive boost for Northern Irish businesses. I welcome the chance
:30:56. > :30:59.were's reduction in the corporation tax that has helped so many jobs to
:31:00. > :31:06.be created. Does he agree that some businesses cannot grow despite this
:31:07. > :31:10.measure because of a local infrastructure constraints such as
:31:11. > :31:17.those that need addressing in my constituency? My honourable friend
:31:18. > :31:21.is absolutely right. We are investing in transport
:31:22. > :31:24.infrastructure in the Southampton area and along the south coast
:31:25. > :31:27.because we understand that all parts of the country can benefit from
:31:28. > :31:31.additional investment in transport infrastructure. That is why we are
:31:32. > :31:35.increasingly transport budget even at a time when public budgets are
:31:36. > :31:40.tight. None of these things would be affordable if you crash the economy.
:31:41. > :31:44.The introduction of quarterly reporting for tax returns has been
:31:45. > :31:46.described by the Institute for chartered accountants at an
:31:47. > :31:52.additional burden for business. Does he understand the very real anger
:31:53. > :31:57.among businesses and my constituency and around the country that they are
:31:58. > :32:01.being penalised while many of the largest corporations are allowed to
:32:02. > :32:07.avoid a tax altogether? We have increased our action against
:32:08. > :32:10.large-scale corporate tax avoidance and evasion, and the new diverted
:32:11. > :32:15.profits tax is designed to deal with the very real anger that people
:32:16. > :32:17.feel, particularly in the small-business community, when the
:32:18. > :32:23.see large businesses not being taxed. We are dealing also with the
:32:24. > :32:27.burdens of tax administration, consulting with small businesses. It
:32:28. > :32:31.would be crazy as a country not to make use of new digital technology
:32:32. > :32:35.and the Internet to update and modernise our tax collection system,
:32:36. > :32:38.and we would regret not taking those steps today as we let other
:32:39. > :32:47.countries power ahead and reduce the burdens on business. Mr Speaker, the
:32:48. > :32:52.Government has taken a range of steps to reduce the trade deficit.
:32:53. > :32:57.The 2010, UK TI has more than doubled the number of businesses
:32:58. > :33:03.supported and UK Export Finance has provided more than 15 billion pounds
:33:04. > :33:08.of support. Allies are earlier this month when I met entrepreneurs in
:33:09. > :33:11.Edinburgh, many start-ups and exporters in Scotland greatly
:33:12. > :33:23.appreciate the UK TI systems. And welcome the Government's
:33:24. > :33:26.announcement this morning. It is not credible for the Minister to
:33:27. > :33:30.continue with a policy which has failed and resulted last year in a
:33:31. > :33:34.deficit in the trade of goods. We all want to see reduced dependence
:33:35. > :33:39.on consumer debt, but is it not time for him to admit the UK Government
:33:40. > :33:45.policy has failed. I gently suggest revision. The trade deficit is
:33:46. > :33:51.actually improving and the Cheryl GDP and is expected to continue to
:33:52. > :33:54.do so in the OBR forecast. What I can say, what would be an absolute
:33:55. > :34:03.disaster would BDSM people's Mac policy of call fiscal independence
:34:04. > :34:10.-- the SNP's policy. Added to which would be the collapse in oil price.
:34:11. > :34:18.Revenues would be down this year a staggering 94%. This would be a
:34:19. > :34:21.disaster for Scotland. I welcome the Commons made earlier by the
:34:22. > :34:26.Chancellor about export initiatives to India, but will my honourable
:34:27. > :34:32.friend welcome the enjoy -- join me in welcoming efforts to boost
:34:33. > :34:38.exports in the north-west the Northern Powerhouse? I very much and
:34:39. > :34:42.my honourable friend in welcoming that, particularly with reference to
:34:43. > :34:50.exporters to China and India which have been a great success. The UK TI
:34:51. > :34:57.is doing what it can to support this, and providing tailored support
:34:58. > :35:04.for first-time exporters, and additional 20 million, and
:35:05. > :35:12.supporting Northern Powerhouse trade solutions. The British Chambers of
:35:13. > :35:18.commerce are reporting that it will take not four years but another 18
:35:19. > :35:25.years. Will be Chancellor not accept that this is clearer evidence that
:35:26. > :35:30.his effort to reduce the trade deficit are failing and will
:35:31. > :35:36.continue to fail? I think the UK has a good future in terms of the trade
:35:37. > :35:39.deficit and improving statistics. In terms of UK TI, I think the UK TI
:35:40. > :35:46.will also be playing an important role. The announcements we made
:35:47. > :35:49.today on trade policy, one of the most important things we can be
:35:50. > :35:54.doing at the Hall of Government approach is improving the approach
:35:55. > :36:00.we take to trade and boosting our exports. In South Thanet we have a
:36:01. > :36:06.niche amusement machine manufacturer, and the supply global
:36:07. > :36:11.export markets. What help and support can my honourable friend
:36:12. > :36:16.offer so that we can really achieve that cross Government approach to
:36:17. > :36:22.exports that has been lodged today -- launched today? I have been quite
:36:23. > :36:27.a few times to his constituency over the last year and a half. I don't
:36:28. > :36:30.think I have had the particular pleasure of meeting with that
:36:31. > :36:34.company, but I'm happy to meet with my honourable friend and with that
:36:35. > :36:44.company to see what could be done to help exporters in South Thanet. The
:36:45. > :36:48.concrete products industry used to have a surplus on the balance of
:36:49. > :36:53.payments but no has a deficit of hundreds of millions of pounds. This
:36:54. > :36:57.is due to the levy on products made in the United Kingdom but not on
:36:58. > :37:01.imported products and has been thousands of jobs in jeopardy. With
:37:02. > :37:08.the Minister consider imposing the same tax on goods produced abroad as
:37:09. > :37:13.is imposed on goods produced here in the UK? I am happy to look in detail
:37:14. > :37:16.at the points he raised. My understanding is there have been
:37:17. > :37:20.legal challenges to aspects of the aggregates Levy which are prevented
:37:21. > :37:24.us from addressing some of these issues, but I'm happy to engage with
:37:25. > :37:37.him on an ongoing basis to see what could be done better. Since 2010 we
:37:38. > :37:42.have cut corporation tax and will cut its further to eating percent by
:37:43. > :37:50.2020. Yup then the annual investment level at its highest ever level. --
:37:51. > :37:57.we have set. And UK TI announced today support for exporters. Is the
:37:58. > :38:00.minister concerned about recent figures showing the manufacturing
:38:01. > :38:05.sector is back in recession and what is he intend to do about it? We have
:38:06. > :38:09.to get behind the manufacturing sector, that is at the heart of this
:38:10. > :38:14.Government's approach and long-term economic plan and the heart of the
:38:15. > :38:17.productivity plan. Do things like giving enhanced access to leading
:38:18. > :38:22.technologies and catapult centres, things like the apprenticeship where
:38:23. > :38:25.the making sure we build up our skills, making sure we attract more
:38:26. > :38:35.teachers and to stem subjects, and a whole range of other initiatives.
:38:36. > :38:41.Can I have my honourable friend what steps are being taken to assist and
:38:42. > :38:47.encourage small businesses to become expanding, exporting businesses? --
:38:48. > :38:54.can I ask? UK TI has an ambition to increase the number of exporting
:38:55. > :38:57.businesses. There are a number of aspects of that, moving to more
:38:58. > :39:05.direct support as well as advice from some of the leading export
:39:06. > :39:09.agencies in the world. And making sure that we leverage existing
:39:10. > :39:16.Government relationships with firms and sectors for the whole of
:39:17. > :39:21.Government approach. The UK economy is still to dependent on consumer
:39:22. > :39:27.spending to drive growth and the Government should start being sought
:39:28. > :39:32.complacent and self-congratulatory. With the risk of Brexit this year
:39:33. > :39:37.only making things worse, what will this Government do to expand
:39:38. > :39:42.manufacturing exports? Exports are a challenge. There has been a
:39:43. > :39:46.long-term change in the UK's share of world trade, but I would say the
:39:47. > :39:57.majority of it came before 2010. An honest point about -- on his point
:39:58. > :39:59.about business expense of -- consumption expenditure... Will my
:40:00. > :40:04.honourable friend please agree with me that supporting engineering and
:40:05. > :40:07.manufacturing is absolutely essential to our economy and
:40:08. > :40:10.productivity and we must do all we can to address the skills gap that
:40:11. > :40:14.is threatening local jobs and businesses in my constituency and
:40:15. > :40:17.around the country? I absolutely agree with my honourable friend
:40:18. > :40:24.about the importance of engineering and the evidence that was shown in
:40:25. > :40:30.the spending review and Autumn Statement with enhanced support for
:40:31. > :40:32.science as well as the apprenticeship levy which is an
:40:33. > :40:41.important structural change in the way we invest in our skills base.
:40:42. > :40:46.Five years ago the Chancellor said he would rebalance the economy
:40:47. > :40:50.towards manufacturing, exports and the regions. The Director General of
:40:51. > :40:54.the British Chamber of Commerce recently said, and I quote, none of
:40:55. > :41:03.those things have actually transpired in practice yet. Why not?
:41:04. > :41:07.Mr Speaker, we are rebalancing the economy and it is a long-term and
:41:08. > :41:12.sustained programme. It is the long-term economic plan. We have
:41:13. > :41:16.talked about some of the enhanced support for science, technology,
:41:17. > :41:20.engineering and mathematics, and the apprenticeship levy, the catapult
:41:21. > :41:24.centres giving British business access to the best in leading-edge
:41:25. > :41:27.technology. There are some things in international trade we cannot
:41:28. > :41:31.control. There is bad news from China. We cannot control the world
:41:32. > :41:35.exchange rates but there are things we can control in terms of
:41:36. > :41:38.supporting tissue exporters and we are absolutely doing those. There we
:41:39. > :41:53.go again. It is everybody's fault but this
:41:54. > :41:55.government. But here is the truth. The Chancellor promised to boost
:41:56. > :41:57.manufacturing but instead it is in recession. Manufacturing output is
:41:58. > :42:01.6.1% below its previous crisis peak and falling. The British Chamber of
:42:02. > :42:04.Commerce's survey found manufacturing post to stagnation
:42:05. > :42:09.with export, sales and orders falling. And yet instead of helping
:42:10. > :42:12.the sector, the Chancellor close to the manufacturing advice service in
:42:13. > :42:18.November without so much as a mention. Is it not true that British
:42:19. > :42:24.businesses and families are now paying a heavy price for this
:42:25. > :42:31.Chancellor's feelings? -- failings. That is not true. This promotion is
:42:32. > :42:35.at the heart of the government's approach. We should not forget that
:42:36. > :42:39.services are a big part of the economy, a bigger part. The overall
:42:40. > :42:43.performance of the British economy is that we have the highest growth
:42:44. > :42:48.rate of the G-7 countries in 2014, and the joint highest in 2015. We
:42:49. > :43:00.have rising real wages and more people in jobs than ever before.
:43:01. > :43:04.Question ten, Mr Speaker. Following on, employment stands at 31.3
:43:05. > :43:08.million, which as I have just said, is more people in work than ever
:43:09. > :43:11.before. In the past year, growth has been driven by full-time employees
:43:12. > :43:17.in high and medium skilled jobs, showing we are moving to the next
:43:18. > :43:19.phase of the recovery with high-quality employment boosting
:43:20. > :43:26.productivity and living standards nationwide. I thank the Minister for
:43:27. > :43:31.his reply. In my constituency, youth unemployment has halved in the last
:43:32. > :43:35.year and it is now lower for the whole of the West Midlands. Will the
:43:36. > :43:37.Minister agree with me that this is excellent news for Telford and it
:43:38. > :43:45.shows that the economic plan is working? I am delighted with that
:43:46. > :43:49.news from my honourable friend's constituency and I agree with her.
:43:50. > :43:54.Across the West Midlands, youth unemployment has fallen by almost a
:43:55. > :44:00.quarter, with the rate returning to prerecession levels. Westminster saw
:44:01. > :44:05.the fastest growth in earnings among the English regions and there are
:44:06. > :44:09.140,000 more people in work than 2010. One of the leading employers
:44:10. > :44:14.in Stoke on Trent is the supplement industry and part of the growth in
:44:15. > :44:18.recent years has been due to the anti-dumping ruling by the EU on
:44:19. > :44:22.subsidised Chinese imports. Shamefully, the British Government
:44:23. > :44:25.opposed this. Will the Minister now commit the government to supporting
:44:26. > :44:31.the renewal of this anti-dumping ruling when it comes up? The
:44:32. > :44:36.government of course raises all issues about dumping and unfair
:44:37. > :44:41.trade practices as and when they come up. I would be happy to look at
:44:42. > :44:47.what he's saying about ceramics in Stoke-on-Trent. 12, Mr Speaker. HMRC
:44:48. > :44:51.announced its location strategy on the 12th of November and as I have
:44:52. > :44:59.stated, delivering that strategy will help HMRC to deliver more for
:45:00. > :45:03.less and reduce costs by 2025. I and HMRC have received representations
:45:04. > :45:09.from interested parties, most recently with my honourable friends,
:45:10. > :45:12.the members for Rochdale and the south-west. Following the meeting
:45:13. > :45:19.that my honourable friend had with myself and the honourable friend for
:45:20. > :45:23.Rochdale, would my honourable friend reflect further on the points made
:45:24. > :45:29.about Southend are becoming a regional centre. Will he make sure
:45:30. > :45:35.that the hard work, dedicated staff of Alexandra house are treated well?
:45:36. > :45:39.-- the hard-working. My honourable friend made his representations in a
:45:40. > :45:45.robust and fourth White Way in our meeting yesterday and I'm sure that
:45:46. > :45:52.HMRC are reflecting on that. -- robust and forthright. Redeeming the
:45:53. > :45:54.staff relocated, the staff will have additional transport costs
:45:55. > :45:57.compensated for for up to three years. And they will also benefit
:45:58. > :46:06.from London weighting, given that they will be moving from Stratford.
:46:07. > :46:12.Is anything going to be done about the depressing handling of HMRC and
:46:13. > :46:15.can the Minister suggest an improvement? Coal handling is at a
:46:16. > :46:20.higher level than it has been for many years. It was certainly the
:46:21. > :46:25.case that in spring of last year, coal handling standards were not at
:46:26. > :46:33.an acceptable level. HMRC have made improvements to that and I hope they
:46:34. > :46:39.will continue to make that progress. Number 14, please, Mr Speaker. The
:46:40. > :46:43.government is exploring options to ensure that the England and Wales
:46:44. > :46:46.illegal moneylending teams have the funding they need to ensure that
:46:47. > :46:49.consumers continue to be protected from illegal loan sharks and is
:46:50. > :46:57.confident of transitional arrangements being agreed. Too many
:46:58. > :47:02.of my constituents are victims of loan sharks. The illegal
:47:03. > :47:06.moneylending team has helped nearly 24,000 across the country yet this
:47:07. > :47:11.government has treated this service with disdain. Won't the cuts to this
:47:12. > :47:18.vital team and to local trading standards make the poorest more
:47:19. > :47:22.vulnerable? Far from agreeing with his point, we are finding ways to
:47:23. > :47:26.put this team on a sustainable basis going forward to continue the
:47:27. > :47:30.valuable work that they do protecting people from illegal
:47:31. > :47:37.moneylending. Topical questions, Gareth Johnson. Question one. The
:47:38. > :47:43.core purpose of the Treasury is to ensure the stability and prosperity
:47:44. > :47:48.of the economy. I exit fees act as a disincentive for people to take
:47:49. > :47:52.advantage of flexible pensions. Does the Chancellor agree with me that
:47:53. > :47:58.tackling these higher fees is essential to give people freedom
:47:59. > :48:00.over their own pensions? My honourable friend raises an
:48:01. > :48:04.important issue. The pension freedoms we have introduced have
:48:05. > :48:08.been widely welcomed. We have over 700,000 people eligible to pay some
:48:09. > :48:12.form of early exit charge. The government is not prepared to stand
:48:13. > :48:16.by and see people ripped off or blocked from accessing their own
:48:17. > :48:20.money by excessive charges. We have listened to the concerns and the
:48:21. > :48:25.newspaper campaigns that have been run. Today, we are known to change
:48:26. > :48:29.the law to place a duty on the Financial Conduct Authority to cap
:48:30. > :48:32.excessive early exit charges, and we are determined that people who have
:48:33. > :48:38.done the right thing and saved responsibly are able to access their
:48:39. > :48:42.pensions fairly. Mr Speaker, recent statistics show that household debt
:48:43. > :48:47.is now at a record high. Back in 2010, the Chancellor promised to
:48:48. > :48:50.move from an economy built on debt to an economy that saves. Can the
:48:51. > :48:58.Chancellor confirmed today why the figures contradict his original
:48:59. > :49:05.promise? Isil debt as a proportion of household income was 168% in 2008
:49:06. > :49:10.and today it is 142%, so it has fallen. -- household debt. This
:49:11. > :49:13.Chancellor has given more than any before him towards the cause of
:49:14. > :49:17.looking after our veterans in this country and for that I thank him
:49:18. > :49:22.wholeheartedly. Does he agree that whilst the charity sector has a key
:49:23. > :49:24.role to play, ultimately there is a state responsibility and we must
:49:25. > :49:31.make sure that government money is used on Intel agreed measured
:49:32. > :49:35.treatments for our veterans and their families? -- empirically
:49:36. > :49:38.measured. My honourable friend has personal experience in this area and
:49:39. > :49:42.represents a constituency that has given so much to the defence of our
:49:43. > :49:47.nation. He is right that as well as the live or fines, which were used
:49:48. > :49:50.for one-off causes to help military charities, we have the Armed Forces
:49:51. > :49:54.covenant and the annual commitment to support veterans. I'm always
:49:55. > :50:00.happy to look at specific projects that we can invest in or on going
:50:01. > :50:06.concerns we can deal with. The collapse of UK manufacturing has
:50:07. > :50:12.been going on for 50 years, from 30% of the economy in the 1970s to less
:50:13. > :50:20.than 10% today. More than 20% of all jobs in the 1980s, to only 8% today.
:50:21. > :50:23.Given the length of the decline, why has the government not made
:50:24. > :50:28.manufacturing and exports one of its top priorities? We have backed our
:50:29. > :50:32.manufacturers and our exporters and we have cut corporation tax and cut
:50:33. > :50:37.other taxes that affect these businesses. We have reformed UK
:50:38. > :50:40.Trade Investment and as a result, the manufacturing sector is a larger
:50:41. > :50:43.share of our economy than it was when I became Chancellor but there
:50:44. > :50:47.is a lot more to do. I would say to her and the Scottish Government, we
:50:48. > :50:50.want to work more closely with Scotland on overseas trade missions
:50:51. > :50:53.where we can promote Scottish businesses. We do not always get
:50:54. > :51:00.that cooperation but hopefully it will be forthcoming in the future.
:51:01. > :51:03.Whilst I welcome the government's move towards the digitalisation of
:51:04. > :51:11.tax, a number of small businesses and self across my region,
:51:12. > :51:16.approximately 74% of them employ less than four people and they have
:51:17. > :51:18.voiced concerns about the negative affect on their financial resources,
:51:19. > :51:23.depending on their alliance with a county. Could my honourable friend
:51:24. > :51:30.outline what support will be provided to our small businesses to
:51:31. > :51:34.help adapt to the proposed changes? First of all, can I reassure the
:51:35. > :51:38.House that there are no plans for quarterly tax returns as has been
:51:39. > :51:44.reported. What HMRC are looking at is making greater use of digital
:51:45. > :51:47.technology and that information is provided to HMRC more regularly. My
:51:48. > :51:51.honourable friend raises an important point about ensuring that
:51:52. > :51:55.there is support for businesses as they adapt to new ways of keeping
:51:56. > :52:06.records and that is something that HMRC is determined to do. The
:52:07. > :52:11.Midlands engine has been turbo-charged with recent figures
:52:12. > :52:15.showing four Staffordshire constituencies in the top seven of
:52:16. > :52:20.those ranked by the extent of falling claimant rates between May
:52:21. > :52:27.of 2010 and November 2015, with Canada to chase being ranked fourth.
:52:28. > :52:32.What matters is my honourable friend undertaking to make sure we maintain
:52:33. > :52:36.this positive momentum? There has been good news in Cannock and across
:52:37. > :52:42.the Midlands and employment is up in her constituency. Since coming to
:52:43. > :52:46.this House, she has been a champion of the businesses in her area, we
:52:47. > :52:51.are working together to give more power to people in the West
:52:52. > :52:55.Midlands, to take control of the decisions that affect them. I
:52:56. > :52:57.welcome her support for that. We are investing in transport
:52:58. > :53:04.infrastructure and backing science in the West Midlands as well. If she
:53:05. > :53:08.has specific ideas to help businesses in Cannock Chase, my door
:53:09. > :53:13.is open. Can I ask the Chancellor how on earth a ?42 million cut over
:53:14. > :53:18.the next two years to the UK TI budget will enable the UK to become
:53:19. > :53:25.a world-class export and investment promotion agency? We have set out
:53:26. > :53:27.today the strategy to give more direct help to our exporters across
:53:28. > :53:32.the United Kingdom and Lord Maude presented at the proposals to
:53:33. > :53:36.cabinets to do that. But getting lectures on public finances from the
:53:37. > :53:39.SNP, we would be heading towards the break-up of our country in two
:53:40. > :53:42.months' time if the people of Scotland have listened to the
:53:43. > :53:47.arguments of the Scottish Nationalists. Their calculation is
:53:48. > :53:52.were based on an oil price of $115, which the Member for Gordon
:53:53. > :53:56.described as a conservative estimate at the time. The oil price is now
:53:57. > :54:01.last than $30 and it would've been a catastrophe for the people of
:54:02. > :54:03.Scotland. -- less than $30. It would been a catastrophe if they had
:54:04. > :54:08.listened to the advice and figures of the SNP.
:54:09. > :54:13.Whatever it is the government making to widen access to basic bank
:54:14. > :54:19.accounts? -- what matters is the government making. I am delighted to
:54:20. > :54:24.tell my constituency neighbour that at the end of last year we did
:54:25. > :54:28.announce that all the major banks are now able to offer a basic bank
:54:29. > :54:35.account to customers who require one. Many of my constituents who
:54:36. > :54:40.watch Coronation Street will be following the story of Tyrone Dodds,
:54:41. > :54:43.struggling with debt, with keen interest. Unsecured lending reached
:54:44. > :54:48.a record high last year with over 3 million people in debt. The
:54:49. > :54:52.government promised to review what creditors should give the people
:54:53. > :54:56.engaged with a debt charities that their debts to not continue to
:54:57. > :54:59.spiral out of control as they work to resolve them. That was due by the
:55:00. > :55:05.end of 2015. When does the government plan to announce that? I
:55:06. > :55:08.have just touched on that in answers to questions earlier, but the
:55:09. > :55:14.importance that we place on the team that will tackle illegal
:55:15. > :55:20.moneylending. But also, we have continued to support funding for
:55:21. > :55:23.debt advice including excellent organisations like Christians
:55:24. > :55:25.against poverty, step change and citizens advice, to help individuals
:55:26. > :55:35.like the ones she mentioned. On Friday I visited Barclay's Bank
:55:36. > :55:38.in Kingston to hear about the fantastic Barclays life skills
:55:39. > :55:43.course which teaches young people, among other things, financial
:55:44. > :55:48.literacy. I can see some candidates for the course here. By making
:55:49. > :55:52.financial education more accessible, to she agreed that we can ensure the
:55:53. > :55:57.financial sector itself supports young people and people through
:55:58. > :56:01.every stage of their lives? I am delighted that he found his
:56:02. > :56:06.visit to Barclays Bank in his constituency so helpful, he will
:56:07. > :56:13.welcome the fact that since 2014, financial education has been part of
:56:14. > :56:15.the national curriculum. Conservative leader of Essex County
:56:16. > :56:20.Council has told the Prime Minister that the 2% social care precept will
:56:21. > :56:25.only cover half the council's increased costs. He has suggested
:56:26. > :56:28.bringing better care funding forward to 2017 and asks for a fairer
:56:29. > :56:33.redistribution of funds. Even Conservative councils had to wait
:56:34. > :56:37.until 2019 for the funding that the Chancellor is allocated. Will he act
:56:38. > :56:43.now to avoid a further crisis in social care? What I can say is that
:56:44. > :56:47.in advance of the spending review, the Conservative leaders of the LGA
:56:48. > :56:51.came to me, one of their specific oppose laws was to introduce the
:56:52. > :56:58.social care precept to help address the shortfall that might otherwise
:56:59. > :57:03.have been. We have put a lot of money into the Better Care Than to
:57:04. > :57:06.make sure that local authorities and the NHS working together are able to
:57:07. > :57:15.meet the challenges of social care over the next few years. Inaudible
:57:16. > :57:20.in boosting the economy has been the creation of enterprise zones. I
:57:21. > :57:23.wonder if he would talk about creating an enterprise zone in the
:57:24. > :57:28.northern part of Nottinghamshire? I know that area and have been to the
:57:29. > :57:32.site with my honourable friend. We were not able to give the go-ahead
:57:33. > :57:36.to the enterprise zone because the business case did not quite stack
:57:37. > :57:40.up, but I have committed to him that I will work with him and the local
:57:41. > :57:45.community to try to get that over the line and get an enterprise zone
:57:46. > :57:53.in place in that area. I had just shared a packed meeting
:57:54. > :57:59.with the honourable member for South Northamptonshire. There was a lot of
:58:00. > :58:03.anger to axe the funding for the CC competition projects. What a funding
:58:04. > :58:16.will the Chancellor provide to come up with a new CC is project? -- CCS
:58:17. > :58:18.project? Help we will double in. Don't leave the chamber, man, I
:58:19. > :58:27.calling you! You are very kind. The member for
:58:28. > :58:32.Sherwood had already asked the same question, that I will ask it again,
:58:33. > :58:35.that is not unusual in this place. My parents formed their small
:58:36. > :58:41.business in the first enterprise zone created when Margaret Thatcher
:58:42. > :58:45.in Telford in 1984. My right honourable friend the Chancellor has
:58:46. > :58:48.carried on in that great Conservative tradition. Could he
:58:49. > :58:54.afford the same opportunities to get on in life and to create jobs to my
:58:55. > :59:00.constituents and those in Sherwood by backing Thoresby colliery as the
:59:01. > :59:03.next and best enterprise zone? I think he has just demonstrated that
:59:04. > :59:08.he is a very smart thinker on his feet and always ready to stand for
:59:09. > :59:13.the interests of his new constituents. As I said to the
:59:14. > :59:15.member for Sherwood, I would love to get the full spree cholerae
:59:16. > :59:21.enterprise zone into a condition where we can give it the go-ahead,
:59:22. > :59:26.and I give him and his neighbour my personal commitment that we will try
:59:27. > :59:30.to do that over the next year or so. The fact that question has been
:59:31. > :59:36.asked does not stop others asking the same question. Repetition is not
:59:37. > :59:40.a novel phenomenon and banners of commons.
:59:41. > :59:44.Can I ask the Chancellor of the Exchequer to ponder the fact that we
:59:45. > :59:47.still have not really tackled productivity in this country. Can I
:59:48. > :59:52.guide him and say could he and his department look at the way in which
:59:53. > :59:57.we further invest in manufacturing skills, because surely he will agree
:59:58. > :00:00.with me that what we want in this country is high skills, high-paid
:00:01. > :00:05.jobs, and you find those in manufacturing? I think the
:00:06. > :00:09.honourable gentlemen is right to draw attention to the fact that the
:00:10. > :00:13.UK has had a productivity challenge for many decades, and the financial
:00:14. > :00:17.crisis caused a significant impairment which had an impact as
:00:18. > :00:22.well. Productivity is improving, but the key weakness in the British
:00:23. > :00:26.economy, consistently identified by everyone who looks at it, is a
:00:27. > :00:29.weakness of skills. Hopefully the apprenticeship levy and the
:00:30. > :00:33.expansion of the apprenticeship programme will go some way to
:00:34. > :00:37.address that historic weakness. (INAUDIBLE)
:00:38. > :00:44.In improving financial inclusion and creating a stronger savings culture.
:00:45. > :00:48.With the opportunity of a Will Counsel For Credit Unions coming to
:00:49. > :00:52.the UK and Northern Ireland later in media, will he continue to build on
:00:53. > :00:57.the work of the credit union expansion programme and back this
:00:58. > :01:01.vital work? I other constituency neighbour is a fine advocate for the
:01:02. > :01:07.excellent industry of credit unions. As he will know, we have back the
:01:08. > :01:10.industry with ?38 million of investment in terms of the credit
:01:11. > :01:15.union expansion project, we will continue to seek ways to back the
:01:16. > :01:19.credit unions. Given that manufacturing remained
:01:20. > :01:24.6.1% below precrisis levels with worrying trends in the manufacture,
:01:25. > :01:27.plant, machinery and pharmaceuticals, will he accept that
:01:28. > :01:32.he and his domestic policy agenda has just as much should an impact as
:01:33. > :01:37.the global factors which he is so keen to blame? He must bear in
:01:38. > :01:40.measure of responsibility and come forward with proposals to halt the
:01:41. > :01:43.decline. Manufacturing makes of a larger
:01:44. > :01:48.sector of the economy than when I became the Chancellor, but there is
:01:49. > :01:52.a huge amount more to do to make the UK more competitive, businesses more
:01:53. > :01:57.competitive, improve skills for manufacturers and the like. I have
:01:58. > :02:01.to say, I suspect she agrees, that the idea of banning manufacturers
:02:02. > :02:06.from paying dividends would not be a particularly sensible way forward.
:02:07. > :02:10.That is another policy of the Labour Party, unfortunately.
:02:11. > :02:15.Is he aware that since he took office in May 2010, the claimant
:02:16. > :02:21.count my constituency has fallen by 62% and the youth unemployment count
:02:22. > :02:24.by 67%? Would he agree that reducing corporation Tax, increasing the
:02:25. > :02:29.personal allowance and reforming welfare has caused these fantastic
:02:30. > :02:31.figures, would he confirmed that his long-term economic plan will
:02:32. > :02:40.continue? We will absolutely deliver the plan in these more difficult
:02:41. > :02:44.global economic conditions. The IMF have not revised down the UK credit
:02:45. > :02:49.forecast, even though they have revised down the global economic
:02:50. > :02:51.forecast. We will invest in Croydon and South London with important
:02:52. > :02:55.transport infrastructure and do everything we can to back homeowners
:02:56. > :03:02.in his constituency, a group I know he particularly champions.
:03:03. > :03:07.Can I return the City Minister to the issue of the cancelled FCA
:03:08. > :03:11.inquiry into culture. The member for Chichester's Parliamentary banking
:03:12. > :03:16.inquiry pointed out that murder on the orient express excuse, everyone
:03:17. > :03:20.was partly responsible but no one was really to blame. She said that
:03:21. > :03:25.ministers had no role in the cancellation of batting wary, will
:03:26. > :03:32.she say, yes or no, whether any civil servants did? -- the
:03:33. > :03:33.cancellation of that inquiry. No. We must move on, demand