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number of people from disadvantaged backgrounds. The proportion | :02:03. | :02:04. | |
financially has almost. 'S the wages of 18 to 21-year-olds fell in the | :02:05. | :02:19. | |
last parliament. Those under 25 are excluded from the national living | :02:20. | :02:22. | |
wage. Will the Chief Secretary to the Treasury Conder and what the | :02:23. | :02:25. | |
Cabinet Office minister said, that this is because those under 25 | :02:26. | :02:30. | |
simply not productive enough? I thank him for that. I think he is | :02:31. | :02:35. | |
ignoring the fact the amazing record we have news unemployment. Since we | :02:36. | :02:40. | |
took office six years ago. Youth unemployment has fallen by 102,000 | :02:41. | :02:46. | |
this year, and youth employment is actually up 94,000 of the year. | :02:47. | :02:50. | |
Close to the highest proportion on record. In terms of the national | :02:51. | :02:55. | |
living wage, while it doesn't apply to those under 25, I remind her that | :02:56. | :02:59. | |
the national minimum wage does apply to those under 25 and it is | :03:00. | :03:03. | |
increasing under this government. For younger workers, the priority is | :03:04. | :03:07. | |
to secure work and gain experience. Youth unemployment remains higher | :03:08. | :03:13. | |
than the employment rate for those aged under 25. Since 2010, nearly | :03:14. | :03:19. | |
500,000 children and young people are in fewer households where there | :03:20. | :03:22. | |
is worklessness. Will he confirm the government will continue to help | :03:23. | :03:26. | |
households into work and cut poverty? Indeed. I thank my | :03:27. | :03:29. | |
honourable friend for that question. We will continue taking action in | :03:30. | :03:35. | |
this space. Mr Speaker, the number of households where nobody had ever | :03:36. | :03:38. | |
worked actually doubled under Labour. Thanks trust, youth | :03:39. | :03:44. | |
employment is up 94,000 over the year. -- thanks to us. Would my | :03:45. | :03:52. | |
right honourable friend agree with me that the way to give a fairer | :03:53. | :03:55. | |
deal to young people is to make sure they are not saddled with the death | :03:56. | :03:58. | |
of reckless spending, and will he ensure me that he will do everything | :03:59. | :04:03. | |
he can to ensure this government balances the box? He is quite right. | :04:04. | :04:12. | |
-- balances the box. Will be repaying the debt that the last | :04:13. | :04:19. | |
Labour government left. What I can also says that household debt as a | :04:20. | :04:24. | |
proportion of income has fallen since Labour's financial crisis, and | :04:25. | :04:28. | |
we are in a much healthier condition in 2016 than we were in 2010. I | :04:29. | :04:36. | |
mustered much -- must advise that we are today visited by the Speaker of | :04:37. | :04:42. | |
the Parliament of Kosovo, visiting the UK in the year in which that | :04:43. | :04:46. | |
independent nation celebrates eight years of its independence. My | :04:47. | :04:51. | |
colleague and his team are warmly welcomed in the House. Mr Speaker, I | :04:52. | :05:03. | |
will with your permission answer this question with question number | :05:04. | :05:08. | |
ten. As a young MP I went there to help with the Morrissey building | :05:09. | :05:13. | |
programme in Kosovo, it's good to have the speaker of the parliament | :05:14. | :05:20. | |
here. -- the democracy building. We set out a plan to build a Northern | :05:21. | :05:24. | |
Powerhouse, so the whole is greater than the parts. Since then we have | :05:25. | :05:29. | |
committed millions in new transport investment, devolved to cities, it | :05:30. | :05:34. | |
in science and culture. Investments in the North are up over 100%. When | :05:35. | :05:40. | |
we started on this bold journey, it is only together that we will | :05:41. | :05:46. | |
transform this country. The severe flooding over Christmas caused huge | :05:47. | :05:51. | |
problems Mr Duley, which is a major player in the Northern Powerhouse. | :05:52. | :05:57. | |
-- huge problems for the city of Leeds. Will the Hill help to deliver | :05:58. | :06:05. | |
investment in infrastructure and help secure the economic prosperity | :06:06. | :06:12. | |
of the North? I want to congratulate him and other West Yorkshire MPs who | :06:13. | :06:18. | |
spoke up powerfully for the need in further investment in West Yorkshire | :06:19. | :06:22. | |
and in need of the city. We have provided that was around ?350 | :06:23. | :06:28. | |
million extra into flood defence investment to protect the businesses | :06:29. | :06:31. | |
and the communities that he represents. Our neighbourhood | :06:32. | :06:34. | |
planning Bill ensures that we are going to have a national | :06:35. | :06:37. | |
infrastructure can listen on a statutory footing to look at the big | :06:38. | :06:42. | |
challenges we face, whether it is transport, broadband or indeed flood | :06:43. | :06:47. | |
defence. I thank my right honourable friend for his answer, and would ask | :06:48. | :06:51. | |
him what benefits there are four infrastructure funding for the | :06:52. | :06:58. | |
region outside of the large cities? This is an important issue. Of | :06:59. | :07:02. | |
course there has been a focus on economic development in recent years | :07:03. | :07:06. | |
in the big cities of the North, but it's the counties and county towns | :07:07. | :07:09. | |
in the North of England we now want to support. Of course in her area, | :07:10. | :07:13. | |
which represents so well, we have the new gross deal for the area. We | :07:14. | :07:22. | |
are looking to devolve more economic powers to counties so they too can | :07:23. | :07:25. | |
see the benefits of securing economic growth. My door is always | :07:26. | :07:29. | |
open to good, sensible proposals for investment in the counties of North | :07:30. | :07:37. | |
England. The Chancellor speaks about investment in transport and in flood | :07:38. | :07:41. | |
defences. Both of those are crucial in my city of Leeds. And yet, last | :07:42. | :07:47. | |
month the government cancelled the trolley bus scheme in Leeds, and in | :07:48. | :07:53. | |
2000 and 11 flood defences were cancelled in Leeds which contributed | :07:54. | :08:02. | |
to the flooding. -- in 2010. I'm surprised about the complacency of | :08:03. | :08:07. | |
my colleague, and would ask the government to properly invest in | :08:08. | :08:14. | |
flood defences in our city. I think the lady is being a little bit | :08:15. | :08:22. | |
churlish. We committed ?6 billion to investment in transport in | :08:23. | :08:25. | |
Yorkshire. But her constituency is in. On flood defences, she raised on | :08:26. | :08:30. | |
the floor of his House very specific schemes. I have funded those in the | :08:31. | :08:35. | |
budget. The future phases she talks about, as you well do not yet have | :08:36. | :08:40. | |
planning and a price tag attached to it. In principle, we are committed | :08:41. | :08:44. | |
to those as well. If she works of us, we will deliver these schemes | :08:45. | :08:47. | |
which were never delivered under a Labour government. The Chancellor | :08:48. | :08:56. | |
mentioned transport investment, yet his government has resided a | :08:57. | :08:58. | |
researcher racial weather is 24 times more transport -- presided | :08:59. | :09:12. | |
over a situation where there is. People in the north need our country | :09:13. | :09:16. | |
to remain at the heart of Europe, so that our cities will keep growing. | :09:17. | :09:24. | |
It's quite right that we invest in major transport infrastructure in | :09:25. | :09:28. | |
our capital cities, which we have done with Crossrail. That is not to | :09:29. | :09:32. | |
the exclusion of investment elsewhere in our country. In her | :09:33. | :09:36. | |
part of the north-west, there has been a massive investment in the | :09:37. | :09:40. | |
electrification of the railways. Under a Labour government only ten | :09:41. | :09:43. | |
miles of the entire railways of the country were electrified. We have | :09:44. | :09:49. | |
high-speed two, which will help with train journeys to Merseyside and | :09:50. | :09:54. | |
Manchester. And now the new Merseyside mea agreed, we can go on | :09:55. | :09:59. | |
putting more money into the infrastructure of Merseyside to | :10:00. | :10:02. | |
support the private businesses to grow and grow jobs in the private | :10:03. | :10:10. | |
sector. This week is Homburg BusinessWeek. Despite the | :10:11. | :10:17. | |
forthcoming opening of the road into the docks, business leaders still | :10:18. | :10:20. | |
tell me they feel somewhat disconnected from the Northern | :10:21. | :10:22. | |
Powerhouse project. Could the Chancellor out line what future | :10:23. | :10:30. | |
schemes may benefit them? My honourable friend championed that | :10:31. | :10:33. | |
road when he first came into Parliament. PCs now the practical | :10:34. | :10:37. | |
benefits with that work now almost complete. -- he sees. All of which | :10:38. | :10:48. | |
are examples of how well delivering for his part of the country. I'm as | :10:49. | :10:53. | |
passionate as he is making sure East Yorkshire and Hull is connected into | :10:54. | :10:59. | |
the Northern Powerhouse. We have made it clear to all cities in the | :11:00. | :11:03. | |
north that whole should be included in that and the surrounding area. In | :11:04. | :11:09. | |
the budget we support the city of culture near where he represents. | :11:10. | :11:16. | |
Recent figures showed a 9.6% crop in the value of new construction | :11:17. | :11:19. | |
projects starts recorded in the so-called Northern Powerhouse in the | :11:20. | :11:23. | |
end of 2015. Interestingly, despite the Chancellor's trick on | :11:24. | :11:26. | |
investment, much of the public capital invested thus far has | :11:27. | :11:33. | |
actually been delivered by the EU. Would he agree that Brexit will not | :11:34. | :11:39. | |
affect greater magister's vision and access to funding? As you well know, | :11:40. | :11:45. | |
I certainly think that Britain is stronger in the European Union and | :11:46. | :11:48. | |
that helps the Northern Powerhouse. Investment projects in the north of | :11:49. | :11:54. | |
England are up over 100% in the last two years. That is actually in | :11:55. | :11:57. | |
striking contrast to some other, to give you a sense of scale, | :11:58. | :12:02. | |
investment projects in London are up 7% in the last two years. In the | :12:03. | :12:10. | |
northern Powerhouse, up 127%. We are balancing the economic geography of | :12:11. | :12:13. | |
this country. It shall welcome the fact that the North of England now | :12:14. | :12:16. | |
has the highest employment rate in the country's history, and we have | :12:17. | :12:21. | |
seen the fastest falls of unemployment in the country. With | :12:22. | :12:28. | |
permission, I would like to answer this with question nine. We have the | :12:29. | :12:33. | |
highest employment rate on record, the lowest claimant count since | :12:34. | :12:37. | |
1974. That's millions more opportunities for a fellow citizens, | :12:38. | :12:41. | |
and we must not now put at risk the security that's being brought by our | :12:42. | :12:50. | |
long-term economic plan. Up to April and June 2015, employment increased | :12:51. | :12:57. | |
by 20 4000. The figures are three times higher than this for EU | :12:58. | :13:02. | |
nationals. With respect to the national wage, what anticipation is | :13:03. | :13:09. | |
therefore the job growth in the UK? -- increased by 20 4000. Nine in | :13:10. | :13:23. | |
every ten people in a job in the UK are UK nationals. As the Chancellor | :13:24. | :13:26. | |
has said, Britain deserves a pay rise, the national living wage | :13:27. | :13:32. | |
delivers it. I'm sure the minister and the whole house will welcome the | :13:33. | :13:36. | |
latest unemployment figures in my constituency. Standing at any 361, | :13:37. | :13:44. | |
or less than 1%. What more can be done to ensure this trend continues? | :13:45. | :13:50. | |
-- at only 361. Airing in mind the over 50s, and the 18 to 24-year-old | :13:51. | :14:05. | |
bracket. I'm sure the keenness to ensure no one is left behind. We've | :14:06. | :14:09. | |
made it more cost-effective for employers to hire young people and | :14:10. | :14:15. | |
apprentices. And also helping older job-seekers find employment through | :14:16. | :14:21. | |
pilot schemes. This morning, the head warned that a Brexit vote means | :14:22. | :14:30. | |
jobs would be lost. What is the estimate of the number of jobs that | :14:31. | :14:35. | |
would be at risk if we left? But when the immediate economic shock | :14:36. | :14:39. | |
our prediction is that 500,000 jobs would be lost, the increase in | :14:40. | :14:43. | |
unemployment, partly from the initial impact on foreign direct | :14:44. | :14:46. | |
investment and the effect continues thereafter. Of course it isn't just | :14:47. | :14:54. | |
a touchy but any non-European company having its European | :14:55. | :14:58. | |
headquarters in the UK, the UK is much the most attractive location | :14:59. | :15:02. | |
for them, they would be in great difficulty if we were to leave the | :15:03. | :15:06. | |
European Union. Has the department made an assessment of what that | :15:07. | :15:10. | |
particular group of employer is contributing and should contribute | :15:11. | :15:13. | |
in the future, which would be addressed we left? We have modelled | :15:14. | :15:19. | |
the effect on foreign direct investment and you don't have to | :15:20. | :15:22. | |
believe that current people in the UK would leave, all you have to | :15:23. | :15:25. | |
believe the notice will have a detrimental impact to the UK is what | :15:26. | :15:29. | |
happens to investment in the future, there are many reasons to invest in | :15:30. | :15:34. | |
Britain but we know that 72% of firms that invest in the UK say that | :15:35. | :15:38. | |
our membership of the EU is a key factor. Alongside genocide and four, | :15:39. | :15:45. | |
we had all these threats to jobs if we leave the EU, Kennington Road | :15:46. | :15:51. | |
will be done if we got to stay in and continue to have unlimited | :15:52. | :15:57. | |
immigration from 27 countries, what will be done to protect my | :15:58. | :16:00. | |
constituents, who have seen their wages flat line because of this | :16:01. | :16:06. | |
unlimited immigration? Well of course we have already taken steps | :16:07. | :16:09. | |
to ensure people cannot just come here and claim benefits from day | :16:10. | :16:15. | |
one, with the renegotiation of the Prime Minister secured, we address | :16:16. | :16:22. | |
the in work benefits system, and are watching touching that the effect of | :16:23. | :16:26. | |
immigration would be as great as is sometimes opposed, particularly when | :16:27. | :16:29. | |
you look at the other models of agreement with you, a number of | :16:30. | :16:34. | |
which include free movement. Just the Minister agree that about to | :16:35. | :16:39. | |
leave the European Union on June 23 could have a negative effect on | :16:40. | :16:45. | |
employment trends, particularly in Northern Ireland which has 50,000 | :16:46. | :16:50. | |
jobs related to exports in the U and for the Chancellor, in my | :16:51. | :16:59. | |
constituency, the effect on that. I know my right honourable friend was | :17:00. | :17:02. | |
in County Down yesterday, and of course Northern Ireland is in a | :17:03. | :17:07. | |
sensitive position because of having the land border with the Republic | :17:08. | :17:11. | |
and therefore with the European Union, the new European Union, that | :17:12. | :17:15. | |
we would be in, I agree with her that employment in Northern Ireland, | :17:16. | :17:20. | |
more people in work than ever before, they need to protect that. | :17:21. | :17:29. | |
Number five. This government is backing small and large businesses | :17:30. | :17:32. | |
as part of our long-term economic plan. A corporation tax rates are | :17:33. | :17:38. | |
the lowest in the G20 and will fall to 17%. In the budgets, we insured | :17:39. | :17:44. | |
600,000 businesses permanently pay no rates at all. This is a | :17:45. | :17:47. | |
conservative government that supports businesses and jobs they | :17:48. | :17:53. | |
create. In towns like Newark where 11,000 new jobs are being created | :17:54. | :17:58. | |
under this government, the task ahead is not just to attract any | :17:59. | :18:02. | |
businesses but those which ensure people are not just in work but I | :18:03. | :18:06. | |
will pay. With that in mind, will they agree with me and the knowledge | :18:07. | :18:14. | |
that not only are knowledge of dozen new businesses have been created | :18:15. | :18:18. | |
since 2010 but one in four working people in this country are now in | :18:19. | :18:25. | |
high skilled, well-paid jobs? I think my honourable friend is right | :18:26. | :18:27. | |
to point out all the good things that are happening in Newark and of | :18:28. | :18:30. | |
course across the East Midlands more we see 53,000 new small and | :18:31. | :18:36. | |
medium-sized witnesses since we came into Downing Street. A remarkable | :18:37. | :18:40. | |
achievement. We have the continued to move people up the job scale, | :18:41. | :18:45. | |
make sure their wages continue to grow as they are at the moment and | :18:46. | :18:50. | |
the good news is that of the jobs being created, 80% or so are | :18:51. | :18:53. | |
full-time and the majority are in skilled occupations. With the | :18:54. | :19:01. | |
benefits of innovation to business and the economy, why does the | :19:02. | :19:03. | |
Chancellor think his decision to change innovation support from | :19:04. | :19:09. | |
grants to loans is anything other than a bad idea, which will increase | :19:10. | :19:13. | |
cost and risk the company is seeking to innovate? I think you would | :19:14. | :19:20. | |
accept as I would, that the UK has had a challenge with turning good | :19:21. | :19:24. | |
inventions in the laboratory into good inventions in the workplace | :19:25. | :19:30. | |
that sell around the world. So our innovation support has needed to be | :19:31. | :19:33. | |
modernised and the idea of loans were something borrowed from a | :19:34. | :19:37. | |
French initiative which has worked well in that economy, in terms of | :19:38. | :19:41. | |
turning scientific invention into good product in the marketplace. It | :19:42. | :19:47. | |
is not simply on innovation, that is a rather unconvincing answer, it's | :19:48. | :19:52. | |
also foreign exports. We understand the benefits of exporting more, so | :19:53. | :19:56. | |
why does the Chancellor again think it's a remotely good idea to take | :19:57. | :20:02. | |
the decision to cut the UK TI budget by 42 million over the next four | :20:03. | :20:06. | |
years, making it more difficult to export and more difficult for him to | :20:07. | :20:09. | |
meet his own target of doubling exports by the end of the decade? | :20:10. | :20:16. | |
Over the last five or six years we have greatly increased the UK TI | :20:17. | :20:20. | |
budget but like every UK Government, it's paid for by the taxpayers, we | :20:21. | :20:24. | |
need to make sure they get value for money and the new head is ensuring | :20:25. | :20:29. | |
the money is go to the front line of supporting medium-sized and small | :20:30. | :20:33. | |
Scottish exporters and others about selling around the world. He should | :20:34. | :20:39. | |
welcome the enormous success many Scottish businesses have, from W to | :20:40. | :20:43. | |
agriculture, to manufacturing in Scotland, in exporting around the | :20:44. | :20:48. | |
world with the support of the UK TI. The clue is in the first two | :20:49. | :20:52. | |
letters. The Chancellor has introduced a subsidy for tax relief | :20:53. | :21:01. | |
on items, a high-risk, high return market, most people support the | :21:02. | :21:05. | |
intention which is to increase competition in the lending market, | :21:06. | :21:09. | |
but many are becoming concerned that some of these loans are being | :21:10. | :21:11. | |
marketed to those who can't reasonably understand the risks stop | :21:12. | :21:16. | |
what is the Treasury doing to ensure that the taxpayer does not end up | :21:17. | :21:20. | |
encouraging the marketing of such schemes to people who can least | :21:21. | :21:27. | |
afford to lose the money? At their own request, the lending industry is | :21:28. | :21:30. | |
now originated by the Financial Conduct Authority, which is alert to | :21:31. | :21:35. | |
the risks my right honourable friend identifies. In the financial crash, | :21:36. | :21:42. | |
we saw the limitation of the UK credit system, where many companies | :21:43. | :21:46. | |
were reliant on bank finance. But we have tried to do in the last few | :21:47. | :21:49. | |
years is broaden the range of financing options for small and | :21:50. | :21:53. | |
medium-sized businesses, not just in terms of capital markets but | :21:54. | :21:56. | |
innovative new products like peer-to-peer lending, and using | :21:57. | :22:01. | |
things like I sat rappers, is a good thing for our economy. To could he | :22:02. | :22:11. | |
look at abolishing the seven course rather than just halving them? We | :22:12. | :22:18. | |
have taken a significant step to helping Welsh businesses and | :22:19. | :22:20. | |
businesses on the other side of the border by holding the tolls, while | :22:21. | :22:25. | |
ensuring we have the resources to maintain the bridge and we don't | :22:26. | :22:28. | |
have too true on the same taxpayers through their tax bill. At an event | :22:29. | :22:38. | |
in my constituency we have invited a number of providers including fibre, | :22:39. | :22:41. | |
satellite providers and point-to-point wireless, which is | :22:42. | :22:45. | |
the best solution in our experience for those in the hardest to reach | :22:46. | :22:50. | |
areas. With the Chancellor look at extending the excellent voucher | :22:51. | :22:55. | |
scheme for satellite for point-to-point wireless will allow | :22:56. | :22:58. | |
communities to pool vouchers to fund these schemes? I am very happy to | :22:59. | :23:04. | |
have a closer look at the proposal my honourable friend makes, I know | :23:05. | :23:08. | |
what a rural constituency he represents and we have pirated | :23:09. | :23:12. | |
support in North Yorkshire for raw businesses and their broadband | :23:13. | :23:19. | |
links. In the Queens speech, in the provisions of the Digital economy, | :23:20. | :23:23. | |
we are looking at making it universal service obligation between | :23:24. | :23:26. | |
no it can have action is formative effect on the rural economy. The | :23:27. | :23:34. | |
Chancellor talks about supporting business and like labour, I'm sure | :23:35. | :23:36. | |
he will want to see long-term sustainable business growth in | :23:37. | :23:42. | |
Britain. After his six years at the helm, what is the forecast for | :23:43. | :23:45. | |
business investment growth this year? Business growth is positive | :23:46. | :23:53. | |
this year, and in the years ahead, according to the OBR forecast and it | :23:54. | :23:57. | |
was negative and I became the Chancellor, so things are improving. | :23:58. | :24:06. | |
Mr Speaker, the OBR has revised down business investment growth by a huge | :24:07. | :24:12. | |
4.9% since November. Even taking into account the fiscal measures he | :24:13. | :24:16. | |
has introduced. And we know this could go further down, if we leave | :24:17. | :24:22. | |
the European Union. The acting head of the British chamber of Commerce | :24:23. | :24:26. | |
recently highlighted frustration from businesses around | :24:27. | :24:30. | |
infrastructure projects, the huge skills gap, child care, housing and | :24:31. | :24:34. | |
uncertainty around the apprenticeship levy, it almost | :24:35. | :24:39. | |
sounds like gruel today without the jam tomorrow. Does the Chancellor | :24:40. | :24:43. | |
agree with him? Where was the apprenticeship levy before they | :24:44. | :24:48. | |
complained about what we were doing? If the Labour Party wants to | :24:49. | :24:52. | |
contribute to this important debate about how we make our economy more | :24:53. | :24:56. | |
productive, I think we are going to need a better contribution. Her PPS | :24:57. | :25:02. | |
has been in an e-mail exchange with the member for Bishop Auckland | :25:03. | :25:04. | |
weathermen but the Bishop Auckland complained about these questions at | :25:05. | :25:09. | |
Treasury questions, saying that the brief she has just been sent is a | :25:10. | :25:13. | |
disgrace and it demonstrates that the Labour Treasury team... Order, | :25:14. | :25:21. | |
order. The Chancellor should remain seated. If that is the sum total of | :25:22. | :25:25. | |
what he has to contribute on his feet in response to that question, | :25:26. | :25:32. | |
frankly, it wasn't worth the breath. Utterly feeble and competition in | :25:33. | :25:37. | |
the improper. And it, it's very simple. Number six. With your | :25:38. | :25:48. | |
permission, question of 12. The predicted rise in unemployment of | :25:49. | :25:55. | |
500,000 includes 24,000 people in Wales, 34,000 people in the West | :25:56. | :25:59. | |
Midlands. In the long-term the central estimate is that GDP would | :26:00. | :26:03. | |
be lower by around ?4300 per household by 2030 is an otherwise. | :26:04. | :26:11. | |
The head of the World Trade Organisation said yesterday that the | :26:12. | :26:18. | |
process of negotiating deals outside of Europe would take decades. Isn't | :26:19. | :26:21. | |
that one of the reasons why confidence would be hit, currency | :26:22. | :26:27. | |
would fall, jobs would be lost including 24,000 in Wales, and | :26:28. | :26:30. | |
companies such as Hitachi have mentioned today they would pull out | :26:31. | :26:36. | |
of the United Kingdom. I think we do agree, Mr Speaker, on the turmoil | :26:37. | :26:41. | |
that uncertainty can bring. And the uncertainty of that future trade | :26:42. | :26:46. | |
deals he raises is part of that. There is much more uncertainty as | :26:47. | :26:50. | |
well about businesses who currently trade with other European countries, | :26:51. | :26:53. | |
about people who are employed, thinking about going to those | :26:54. | :26:57. | |
countries. All of these things generates uncertainty, which creates | :26:58. | :27:00. | |
economic turmoil in the short run. There is the real danger of missing | :27:01. | :27:05. | |
out on a large number of third-party traders in the long-term, if or when | :27:06. | :27:09. | |
all the current trade deals currently under negotiation are | :27:10. | :27:12. | |
finished. That would cut for some 80% of outrage. Can the Chancellor | :27:13. | :27:17. | |
state what the economic benefits are as a result of us leaving the | :27:18. | :27:25. | |
European Union in places like the west midlands, and more importantly | :27:26. | :27:30. | |
the impact on manufacturing. In the judgment's constrict GNC, the | :27:31. | :27:39. | |
automotive sector -- in the gentleman's constituency. It is | :27:40. | :27:43. | |
unsurprising that among those speaking out in favour of Remain | :27:44. | :27:49. | |
include the chief executives of Rolls-Royce and red Land Rover. | :27:50. | :27:57. | |
Considering the UK has been a member of the EU for over 40 years, and we | :27:58. | :28:04. | |
still don't even have a trade deal with the United States of America, | :28:05. | :28:09. | |
the largest economy in the world. Does my honourable friend not agree | :28:10. | :28:13. | |
that our economy would benefit from the United kingdom being able to | :28:14. | :28:19. | |
negotiate our own free trade deals? Mr Speaker, the businesses that I | :28:20. | :28:22. | |
speak to overwhelmingly say that they feel they would get a better | :28:23. | :28:27. | |
deal with the increased economic clout, five times economic weight | :28:28. | :28:31. | |
that comes with being a member of the EU as opposed to being Britain | :28:32. | :28:34. | |
on its own. All these deals to take a long time, but when all the | :28:35. | :28:38. | |
current EU negotiations are completed, the EU will have more | :28:39. | :28:41. | |
trade deals with the rest of the world, and therefore we would then | :28:42. | :28:44. | |
the United States and Canada combine. The living wage is a very | :28:45. | :28:49. | |
attractive economic policy, especially in Eastern Europe. Given | :28:50. | :28:53. | |
the extensive financial modelling my honourable friend has conducted, can | :28:54. | :28:57. | |
he tell the house what his official estimate is of the number of | :28:58. | :29:00. | |
unskilled migrants coming into this country from Eastern Europe in the | :29:01. | :29:04. | |
first five years after a vote to remain? Of course the national | :29:05. | :29:09. | |
living wage makes sure that British workers who are low paid cannot be | :29:10. | :29:13. | |
undercut by people coming from other countries, it would be a great | :29:14. | :29:17. | |
benefit to our economy. It's also the case that as our legal minimum | :29:18. | :29:23. | |
pay increases, we will still be with in the middle wage internationally. | :29:24. | :29:31. | |
Yesterday the Chancellor told the people of Northern Ireland that | :29:32. | :29:35. | |
housed prices would fall by 18% if we voted to leave the EU, even | :29:36. | :29:38. | |
though the day before he said that housing costs would go up by 9%. He | :29:39. | :29:44. | |
told us 14,000 jobs would be lost in export industries, even though the | :29:45. | :29:50. | |
exchange rate which, which would help export, would plunder it. He | :29:51. | :29:54. | |
made an uncanny prediction about income in 14 years' time. -- would | :29:55. | :29:59. | |
plummet. Does he agree that he is expending his own credibility by the | :30:00. | :30:04. | |
panic which is now set in trying to sell the economic, threadbare case | :30:05. | :30:10. | |
for staying in the EU? Saying that house prices would come down but | :30:11. | :30:13. | |
housing costs would go up, that's not inconsistent at all. As the cost | :30:14. | :30:20. | |
of borrowing would go up. In many parts of the country, Northern | :30:21. | :30:23. | |
Ireland is a special case, would be a good thing for house prices to | :30:24. | :30:27. | |
come down, but not as a result of crashing the economy and making it | :30:28. | :30:30. | |
more difficult for people to borrow. In terms of the long-term forecast, | :30:31. | :30:35. | |
it is difficult to forecast 15 here's hence. What the analysis | :30:36. | :30:40. | |
seeks to do, saying all things that being equal, whether you are in or | :30:41. | :30:43. | |
out of the European Union. The result is clear that in the central | :30:44. | :30:48. | |
case of the central scenario, the GDP is hit. Doesn't the Minister | :30:49. | :30:56. | |
agree with me that how the fact that so many international firms have | :30:57. | :31:02. | |
made it very clear that by being in the European Union and being in the | :31:03. | :31:05. | |
single market, this is a good country to invest? So the obvious | :31:06. | :31:10. | |
thing to do is remain in the European Union, a union for | :31:11. | :31:14. | |
investment and the jobs. I do agree that. The United Kingdom has the | :31:15. | :31:18. | |
third highest stock of foreign direct investment in the entire | :31:19. | :31:21. | |
world, behind only the United States and China. We are the biggest | :31:22. | :31:25. | |
recipient of foreign direct investment in the EU, and from the | :31:26. | :31:30. | |
EU. The express of accession countries shows that that move into | :31:31. | :31:33. | |
the European Union agreed us make a difference. It's just about tariffs, | :31:34. | :31:39. | |
it's also about being in the customs union, which some, most of the | :31:40. | :31:46. | |
models don't involve. Important for the cross-border supply chains that | :31:47. | :31:49. | |
the gentleman was talking about earlier. Only two countries, the | :31:50. | :31:53. | |
Germany and the Netherlands run a surplus with the UK, and the rest | :31:54. | :31:58. | |
run a deficit. Does he agree that the others would vote for tariffs, | :31:59. | :32:03. | |
and so would Germany to stop Japanese car imports. Has he | :32:04. | :32:08. | |
modelled the impact of those tariffs on employment levels and on inward | :32:09. | :32:13. | |
in the best mint? Disastrous, I suggest. It is the case that | :32:14. | :32:18. | |
different countries will have different interests. No doubt they | :32:19. | :32:21. | |
would come to the surface, and it needs a very large majority of other | :32:22. | :32:29. | |
countries voting to agree a deal. Fundamentally, I don't think it is | :32:30. | :32:33. | |
about the deficit that one country has with the EU or vice versa. It's | :32:34. | :32:36. | |
about the relative size of the export market to that country. For | :32:37. | :32:42. | |
us, 44% of our exports go to be, for the EE is 8% the other way. In any | :32:43. | :32:46. | |
negotiation, that means that the other side has the better hand. -- | :32:47. | :32:54. | |
for the EU. Can the Minister tell us why we pay over ?10 billion net this | :32:55. | :32:59. | |
year for a ?68 billion trade deficit with a declining part of the world's | :33:00. | :33:03. | |
economy, when anyone with even an ounce of common sense knows that we | :33:04. | :33:07. | |
could have a ?68 billion trade deficit with a declining part of | :33:08. | :33:14. | |
Royal's economy from nothing? I think I did say. -- part of the | :33:15. | :33:20. | |
world's economy. The fact is that for every pound that those in tax to | :33:21. | :33:25. | |
this country to the European Union, it's not a tribute cost and don't | :33:26. | :33:32. | |
belittle it. -- trivial cost. What comes of that is the enhancement to | :33:33. | :33:35. | |
the economy and protection of jobs and investment that we want to see. | :33:36. | :33:44. | |
Mr Speaker, over the last six years, UK Trade Investment has more than | :33:45. | :33:47. | |
doubled the number of businesses it helps, and is now aiming to help | :33:48. | :33:53. | |
another 100,000 fans to expect by 2020. -- to export. It doesn't | :33:54. | :34:01. | |
really say what's happening to exports. The Chancellor promised his | :34:02. | :34:08. | |
strategy would double by the end of the decade. Today, the figures for | :34:09. | :34:14. | |
exporter going the wrong way. What is the government going to do to | :34:15. | :34:17. | |
actually turn around that dire performance? My right honourable | :34:18. | :34:23. | |
friend mentioned earlier the important work that UKTI is doing, | :34:24. | :34:27. | |
not only in terms of promoting the exporting is great brand around the | :34:28. | :34:30. | |
world, but now also working across the whole of government to involve | :34:31. | :34:35. | |
all of our embassies around the world in focusing those resources on | :34:36. | :34:39. | |
increasing the potential opportunities for our world-class | :34:40. | :34:49. | |
exporters. Is the Minister aware that over 25% of small businesses in | :34:50. | :34:54. | |
France and Germany export? Where is the figure in the UK is around 20%. | :34:55. | :35:00. | |
Does he agree with me, it's not just UK TI's all, there is also a role | :35:01. | :35:06. | |
for Chambers of trade and business federations to encourage more small | :35:07. | :35:11. | |
firms in particular to export? My honourable friend is aptly right, | :35:12. | :35:15. | |
there is an important role to be played, not only by our NBC network | :35:16. | :35:20. | |
but also by our Chambers of commerce, our Federation of Small | :35:21. | :35:26. | |
Businesses -- our embassy network. Some of our larger banks have also | :35:27. | :35:31. | |
set themselves targets in terms of additional customers who can export | :35:32. | :35:36. | |
the next two years. Is the Minister aware that Huddersfield and | :35:37. | :35:41. | |
Yorkshire still, the northern powerhouse already in terms of many | :35:42. | :35:44. | |
factoring and the quality of partnership with universities. Issue | :35:45. | :35:48. | |
where that my universities in Yorkshire and the many factoring | :35:49. | :35:51. | |
sector, are terrified that we will leave the European Union, it will | :35:52. | :35:56. | |
bankrupt the universities, it will bankrupt manufacturing set to. I'm | :35:57. | :36:04. | |
sure -- assure the honourable Antman meant to mention it to. He's right | :36:05. | :36:12. | |
to highlight that the UK's universities are unanimous in | :36:13. | :36:14. | |
expressing the value if they put on not only are higher education, but | :36:15. | :36:20. | |
also the potential for those educated in those universities to | :36:21. | :36:26. | |
export in due course. And that he is absolutely right to highlight the | :36:27. | :36:29. | |
fact that all other trade deals would be worse than the current zero | :36:30. | :36:34. | |
tariff trade deal that we have being a memorably EU stop yellow -- a | :36:35. | :36:43. | |
member of the EU. Changes to capital gains tax will give incentives for | :36:44. | :36:49. | |
companies. Individuals expected to pay a lower tax. Further cuts to the | :36:50. | :36:57. | |
corporation tax rate announced the budget of 17% will benefit over 1 | :36:58. | :37:02. | |
million companies, large and small. This supports UK companies to | :37:03. | :37:08. | |
invest, grow, and create jobs. Treasury figures show that just | :37:09. | :37:11. | |
200,000 individuals will benefit from capital gains tax, a giveaway | :37:12. | :37:20. | |
of ?600 million. Meanwhile, on corporation tax, we have the lowest | :37:21. | :37:25. | |
in the G-7, lower even than Saudi Arabia, Russia and China. At the | :37:26. | :37:29. | |
same time, the resolution foundation shows that the poorest 20% of | :37:30. | :37:33. | |
families in this country will lose 506 to ?5 over the course of this | :37:34. | :37:37. | |
government because of their policies. -- ?565. Where is the | :37:38. | :37:46. | |
social justice in that? What I would say is that his honourable friend | :37:47. | :37:51. | |
earlier asked the question about encouraging business investment. We | :37:52. | :37:54. | |
want to encourage business investment, because it's through | :37:55. | :37:57. | |
being an environment where businesses invest that we see | :37:58. | :38:02. | |
improved productivity, the conditions for growth, and we see | :38:03. | :38:06. | |
people benefiting with higher wages. What I would say to the honourable | :38:07. | :38:10. | |
member and the House as a whole, is that pursuing policies that favour | :38:11. | :38:14. | |
business investment, but encourage businesses to invest, such as | :38:15. | :38:18. | |
cutting corporation tax, are important for all of our | :38:19. | :38:24. | |
constituents. In 2010, the Chancellor told this house that | :38:25. | :38:31. | |
raising capital gains tax was necessary to come and I quote, | :38:32. | :38:37. | |
create a fairer, tax system. Given that the Chancellor is now cutting | :38:38. | :38:40. | |
capital gains tax overwhelmingly to the benefit of the richest 0.3% of | :38:41. | :38:46. | |
people, what does the Chancellor think has changed? The purpose of | :38:47. | :38:53. | |
the tax measures as I outlined a moment or so ago, are to encourage | :38:54. | :38:58. | |
people to invest in businesses. This is specifically targeted at | :38:59. | :39:04. | |
companies, the cut in CGT doesn't apply to residential property. It is | :39:05. | :39:08. | |
putting in place an environment where businesses can grow and | :39:09. | :39:11. | |
prosper. That is absolutely the right approach that we should follow | :39:12. | :39:18. | |
colour and -- follow, and I would remind him that other countries have | :39:19. | :39:20. | |
followed approaches of which he has been full of praise and it's not | :39:21. | :39:23. | |
quite working adding them as well, is it? Question about 11. The | :39:24. | :39:35. | |
government has protected disability benefits, protecting them from the | :39:36. | :39:41. | |
freeze. Disability spending will be hiring every 22020, relative bows to | :39:42. | :39:50. | |
2010 and two today -- every year to 2020. The Ayr local authorities are | :39:51. | :40:01. | |
required that record 58% of local authorities have cut their funding | :40:02. | :40:08. | |
by 15% or more. What will ministers do to reverse that trend and make | :40:09. | :40:13. | |
sure that there is funding for local authority is to fund is those | :40:14. | :40:17. | |
important short breaks with white we have provided funding for respite | :40:18. | :40:23. | |
breaks. She's right to highlight this very important thing in this | :40:24. | :40:30. | |
carers week. 200,000 more people receiving carers allowance in this | :40:31. | :40:36. | |
country. The act extends right to assessments. The government is | :40:37. | :40:39. | |
launching a new strategy in recognition of how important role | :40:40. | :40:42. | |
this is a millions of people throughout the country. | :40:43. | :40:45. | |
Can I welcome the commitment in the budget to prevent homelessness, but | :40:46. | :40:53. | |
does the minister recognise the risks of a cap on supported housing? | :40:54. | :41:01. | |
I in turn acknowledge welcome to the additional money to tackling | :41:02. | :41:04. | |
homelessness that was in the budget and indeed previously, on the local | :41:05. | :41:09. | |
housing allowance cap, there is no disjoint evidence review conducted | :41:10. | :41:14. | |
by DC LG and the Department for Work and Pensions, to make sure we get | :41:15. | :41:19. | |
this right, so we can have a long-term, sustainable funding | :41:20. | :41:27. | |
solution for this sector. Number 19. The government seeks parliamentary | :41:28. | :41:29. | |
authority for its spending plans through supply procedure. | :41:30. | :41:34. | |
Occasionally expenditure on some services is so urgent that it cannot | :41:35. | :41:46. | |
await normal procedure. Treasury officials assess cases on the basis | :41:47. | :41:50. | |
of criteria set out in Treasury guidance. Extra support being | :41:51. | :41:56. | |
consulted on for contaminated blood victims is coming from the | :41:57. | :41:59. | |
Department of Health budget where there is simply not enough magic yet | :42:00. | :42:04. | |
previously central contingency funds have been used for national scandals | :42:05. | :42:08. | |
such as Equitable Life. Before the spending review, 18 MPs from six | :42:09. | :42:13. | |
parties wrote to the Chancellor asking that the ?230 million to | :42:14. | :42:16. | |
Treasury was getting from the sale of the blood products company could | :42:17. | :42:22. | |
fund a fair sentiment for contaminated blood victims. We have | :42:23. | :42:26. | |
had no reply. Will the Minister look at this again? I will ensure she | :42:27. | :42:32. | |
gets her the reply she deserves, because this is a deeply distressing | :42:33. | :42:38. | |
issue. The government takes it very seriously indeed. I don't believe it | :42:39. | :42:41. | |
is appropriate to use the contingencies fund in this | :42:42. | :42:44. | |
particular case but what I can tell, and she will know the consultation | :42:45. | :42:51. | |
on the reform of financial support to those affected are closed on the | :42:52. | :42:55. | |
15th of April and we will reply in due course. The Department of Health | :42:56. | :42:59. | |
has identified additional money from its budget for these purposes. Which | :43:00. | :43:04. | |
is in addition to the 22.5 million they spend on this annually as well | :43:05. | :43:08. | |
as the further 25 million and announced in March 2015. Although | :43:09. | :43:17. | |
more than double the support. The government has paid a leading role | :43:18. | :43:21. | |
in driving forward international action on tax transparency, the | :43:22. | :43:24. | |
introduction of country by country reporting that increased the | :43:25. | :43:27. | |
transparency between multinationals and tax authorities and we're | :43:28. | :43:32. | |
pushing the make this public, led the way throughout the developing to | :43:33. | :43:35. | |
the common reporting standard which will see more than 100 countries | :43:36. | :43:39. | |
exchange information on financial accounts add on a similar initiative | :43:40. | :43:45. | |
for the, we have consistently advocated for public registers of an | :43:46. | :43:48. | |
official ownership going live this month. The planned closure of 137 H | :43:49. | :43:58. | |
MRC offices has clearly been very effecting for the employees, | :43:59. | :44:05. | |
communities, can I ask what steps he has taken two interviews in | :44:06. | :44:08. | |
moratorium on these closures of officers to support the wider work | :44:09. | :44:16. | |
of improving tax transparency? I commend his ingenious ability to | :44:17. | :44:20. | |
raise this particular issue, what I would say is it is important that H | :44:21. | :44:26. | |
MRC's funds are spent in an efficient manner to ensure it is | :44:27. | :44:30. | |
spent on delivering the tax being collected that we want rather than | :44:31. | :44:34. | |
spending it on buildings. The savings from buildings are being | :44:35. | :44:39. | |
spent on collecting more tax. He must've the different approaches | :44:40. | :44:45. | |
that the French and UK seem to have taken towards cases like Google. | :44:46. | :44:47. | |
What more can the Minister to to make sure the public and everyone is | :44:48. | :44:56. | |
getting a good deal. Will he give some assurance that a good deal is | :44:57. | :45:02. | |
achieved? We've already heard from the member for Newark. I remember | :45:03. | :45:05. | |
very well his question and I rather hope he does. It is one per session. | :45:06. | :45:12. | |
He can try again at topical but not in substantive is. What I would say | :45:13. | :45:21. | |
to my honourable friend is that HMRC brought in an assurance receded to | :45:22. | :45:27. | |
ensure that all set settlements are properly scrutinised, HMRC are | :45:28. | :45:34. | |
confident they have reached a fair and proper settlement with Google, | :45:35. | :45:37. | |
and it is worth pointing out that in recent years, we've seen increases | :45:38. | :45:45. | |
in revenue collected by HMRC, increases in yield from their | :45:46. | :45:48. | |
compliance activities including from large businesses. If we are to | :45:49. | :45:55. | |
tackle tax evasion and avoidance effectively to remain within the EU. | :45:56. | :45:59. | |
Will the Chancellor and blistered join with me in calling on all MEPs | :46:00. | :46:03. | |
to support the new anti-tax avoidance directive being voted on | :46:04. | :46:09. | |
tomorrow in the European Parliament? Conservative MEPs abstained at the | :46:10. | :46:13. | |
committee stage and there are worrying noises that they may | :46:14. | :46:17. | |
abstain what again. Can the Minister make it clear now that Conservative | :46:18. | :46:23. | |
MEPs will be voting the directive? In terms of the anti-tax avoidance | :46:24. | :46:30. | |
directive, that was discussed at the cuff in meeting a couple of disco, I | :46:31. | :46:34. | |
can do that and the UK was making the case for us taking strong action | :46:35. | :46:39. | |
and working through an anti-violence tax directive. -- anti-avoidance. | :46:40. | :46:47. | |
That will also be addressed in the meeting next week, the UK is pushing | :46:48. | :46:54. | |
for progress and working cooperatively with other member | :46:55. | :46:56. | |
states to ensure we make progress on this. I am mystified whether | :46:57. | :47:02. | |
Conservative MEPs will be voting for it tomorrow or not, I just live in | :47:03. | :47:07. | |
hope that they will. But the European directive did show the | :47:08. | :47:15. | |
value of European Union Corporation, as part of that cooperation | :47:16. | :47:19. | |
following the raids on Google's Paris offices, can the chance to | :47:20. | :47:22. | |
learn from the house would arrangement are in place with the | :47:23. | :47:25. | |
French authorities for sharing information from the raids, and if | :47:26. | :47:29. | |
new evidence comes to light, for the Chancellor stand ready to reopen his | :47:30. | :47:34. | |
deal with Google? -- will the Chancellor stand ready? The first | :47:35. | :47:41. | |
point I have to remind the Shadow Chancellor of is all settlements are | :47:42. | :47:46. | |
reached by HMRC, operational matters are rightly for HMRC and not | :47:47. | :47:51. | |
Treasury ministers. But of course HMRC, if there is new evidence, will | :47:52. | :47:56. | |
take that into account. But the position is that HMRC have made it | :47:57. | :48:03. | |
very clear that under the law that existed between 2005 and 2015, they | :48:04. | :48:08. | |
believe they have reached a settlement that ensures that the | :48:09. | :48:11. | |
right amount of tax has been collected, that is what their job | :48:12. | :48:16. | |
is. Our job is to ensure they have the tools and rules and that is what | :48:17. | :48:22. | |
we are delivering. Number one. The core purpose of the Treasury is to | :48:23. | :48:26. | |
ensure these debility and prosperity of the economy. We are great for the | :48:27. | :48:33. | |
Treasury was able to have funding for local infrastructure projects | :48:34. | :48:37. | |
which clinicians the success of the policies being pursued by the | :48:38. | :48:41. | |
government. However they have been no major investments in rail | :48:42. | :48:46. | |
infrastructure in Hampshire and is holding back our productivity. Will | :48:47. | :48:51. | |
he meet with me, local councils and enterprise partnership to sort out | :48:52. | :48:53. | |
this issue as a matter of urgency as we have committed to 102,000 new | :48:54. | :49:00. | |
homes by 2030 and our roads are already full? Thirsting I would say | :49:01. | :49:07. | |
she's absolutely right to raise the issue of investment and | :49:08. | :49:11. | |
infrastructure in Hampshire -- the first thing I would say. Of course | :49:12. | :49:15. | |
there was money going into the road infrastructure like the 27 and some | :49:16. | :49:19. | |
investment in rail infrastructure like Southampton Central Station but | :49:20. | :49:24. | |
there is room to do more, as someone who has some experience of the rail | :49:25. | :49:27. | |
services from Portsmouth, I know they're not as good as they could | :49:28. | :49:31. | |
be, so I'm happy to meet her and her colleagues and local businesses to | :49:32. | :49:37. | |
see what we can do. In Scotland we have introduced the anti-avoidance | :49:38. | :49:44. | |
rules on avoidance taxes, the SNP have called on the Chancellor | :49:45. | :49:47. | |
repeatedly to embody compliance by guaranteeing that the beneficial | :49:48. | :49:51. | |
ownership of companies and trusts is made public. Has he taken steps to | :49:52. | :49:55. | |
ensure the people of the UK that this progressive step will happen? | :49:56. | :50:01. | |
The UK is bringing in a register open official ownership for | :50:02. | :50:07. | |
companies and in terms of trusts, where there are tax consequences, | :50:08. | :50:13. | |
that also will be included. So yes, the UK's leading on that and we are | :50:14. | :50:16. | |
pretty well the first country to do so. I have been conducted by a | :50:17. | :50:22. | |
number of constituents who are having difficulty with this year's | :50:23. | :50:26. | |
online HMRC self-assessment system, in particular the level of customer | :50:27. | :50:29. | |
service they are getting from the help desk. Will he look into this | :50:30. | :50:34. | |
issue as a matter of urgency so we can get a speedy resolution to the | :50:35. | :50:38. | |
problems and ensure my constituents are not penalised? Can I thank my | :50:39. | :50:44. | |
honourable friend for her question. In terms of the specific points, I | :50:45. | :50:49. | |
would be happy to meet with her, to discuss this. I would also say to | :50:50. | :50:54. | |
her that the customer performance of eight see last year and clearly not | :50:55. | :50:59. | |
at an acceptable level, for the run-up to the self-assessment | :51:00. | :51:04. | |
deadline at the end of January, a decent of calls were getting through | :51:05. | :51:07. | |
first time, the average waiting time was less than five minutes. That can | :51:08. | :51:11. | |
be improved upon but it is a much higher performance than has been | :51:12. | :51:18. | |
achieved in HMRC's previous history. I noticed the Minister has yet to | :51:19. | :51:21. | |
properly respond to the Shadow Chancellor's question about the new | :51:22. | :51:26. | |
anti-tax avoidance directive in the European Parliament, being voted on | :51:27. | :51:30. | |
tomorrow. In light of Conservative MEPs's abstention at committee | :51:31. | :51:33. | |
stage, will someone confirm whether they will be supporting it tomorrow? | :51:34. | :51:42. | |
The text of -- the text has not been finalised. It was the skirt at the | :51:43. | :51:45. | |
Council of ministers meeting a couple of weeks ago. -- it was | :51:46. | :51:51. | |
discussed. It will be discussed again on the 17th of June. It is not | :51:52. | :51:56. | |
been finalised. The position of the UK Government is clear. We want | :51:57. | :52:00. | |
something that is strong and effective and that is the case we | :52:01. | :52:02. | |
have been advocating in the Council of ministers. The evolution of | :52:03. | :52:08. | |
business rates allowing local areas to shape their own future will be a | :52:09. | :52:13. | |
real benefit to my constituency of Kingston, making it one of the | :52:14. | :52:17. | |
highest council taxes in the country and receive one of the lowest | :52:18. | :52:22. | |
government grant in return. Could he confirm when the first devolution | :52:23. | :52:30. | |
deals will be rolled out? My honourable friend and local council | :52:31. | :52:33. | |
have been at the forefront of calling for this major reform of | :52:34. | :52:38. | |
local government finance, which is now being undertaken across the | :52:39. | :52:41. | |
whole country, but I can confirm that London would be moving ahead of | :52:42. | :52:45. | |
many other areas and will start the retention of business rates and | :52:46. | :52:55. | |
local areas from April 2017. The public finance will be at risk and | :52:56. | :53:01. | |
will push up energy bills to businesses and consumers. For the | :53:02. | :53:04. | |
Chancellor redirect the investment to clean, safer and cheaper energy | :53:05. | :53:09. | |
sources such as carbon capture? The first thing I would say is they were | :53:10. | :53:14. | |
remarkable figures recently that showed that 25% of UK ex-fatigue | :53:15. | :53:18. | |
generation is now from renewable energy, second only to Germany. It | :53:19. | :53:25. | |
is a translation of our energy supply under this Conservative | :53:26. | :53:28. | |
leadership. We need to renew the next generation starting with | :53:29. | :53:32. | |
Hinkley point, but the deal we have signed to make sure that taxpayers | :53:33. | :53:36. | |
are not exposed to the construction risk. I note the government is going | :53:37. | :53:43. | |
to publish a report on the progress of payments to Equitable Life | :53:44. | :53:45. | |
policyholders who are victims of the great scam and I congratulate the | :53:46. | :53:51. | |
government on the progress made to compensate those individuals. Will | :53:52. | :53:53. | |
my right honourable friend undertake to review the amount of money paid | :53:54. | :53:59. | |
to those victims of the scam so they can make good on the debt of honour? | :54:00. | :54:06. | |
What I can announce is that while the Equitable Life payment scheme is | :54:07. | :54:10. | |
now closed to new claims, that payments that are being made under | :54:11. | :54:17. | |
the scheme are not only tax free but will continue for the life of the | :54:18. | :54:19. | |
element. Relevant and unity. It has concluded that GDP growth was | :54:20. | :54:37. | |
also 40 possible bundle the Chancellor listen to the experts and | :54:38. | :54:40. | |
offer investment instead of idyllically driven austerity? Both | :54:41. | :54:48. | |
the downward predictions are specifically for this year and in | :54:49. | :54:52. | |
both cases, both organisations attribute that to the referendum on | :54:53. | :54:56. | |
our membership of the EU and potential exit from the EU but if | :54:57. | :55:01. | |
the country votes to remain, they expect activity to bounce back and | :55:02. | :55:03. | |
they haven't revised down growth for next year. Just the Minister share | :55:04. | :55:09. | |
my concern about the activities of and villains chasing law firms who | :55:10. | :55:14. | |
encourage fraudulent whiplash claims of which I have had personal | :55:15. | :55:17. | |
experience, and can the Minister update the house on the government | :55:18. | :55:20. | |
was macro plans to clamp down on this outrageous practice? I hope | :55:21. | :55:30. | |
that my honourable friend has only experienced the ambulance chasers | :55:31. | :55:35. | |
and not the whiplash stop he is right to holler the cost was put on | :55:36. | :55:40. | |
motorists. We estimate it is about ?90 a year, which is why we have | :55:41. | :55:46. | |
taken steps to reform this area and lastly in the Autumn Statement we | :55:47. | :55:50. | |
announced further reforms which will remove the right to cash | :55:51. | :55:54. | |
compensation for minor whiplash injuries while ensuring genuine | :55:55. | :55:54. | |
claimants are rehabilitation. Genuine tax avoidance must be | :55:55. | :56:05. | |
tackled, but HMRC pursuing people who invested legally in scheme is | :56:06. | :56:09. | |
not to avoid tax now being hit with accelerated payments is an front -- | :56:10. | :56:19. | |
affront. Will the Chancellor meet with me and a group of affected | :56:20. | :56:24. | |
people who are Dutch mentally affected by this issue? I completely | :56:25. | :56:29. | |
disagree with the honourable member. He is opposing a measure we | :56:30. | :56:33. | |
introduced that says to people who are in dispute with HMRC about the | :56:34. | :56:37. | |
money they pay because of their potential use of tax evasion or | :56:38. | :56:40. | |
avoidance seat dreams, that they should win upfront and if they win | :56:41. | :56:42. | |
their case they should will get their money. We have raised hundreds | :56:43. | :56:49. | |
of millions of pounds for public services, one some key court | :56:50. | :56:52. | |
judgments and I find it remarkable for a Liberal Democrat to be siding | :56:53. | :56:55. | |
with those who want to try and debate their taxes. Will the | :56:56. | :57:03. | |
Chancellor agree with me that we need to work with our businesses to | :57:04. | :57:07. | |
tackle our productivity, especially ensuring that we have a skilled | :57:08. | :57:11. | |
workforce in engineering and design and technology to boast our economy | :57:12. | :57:16. | |
further? I completely agree with our honourable friend and I know how | :57:17. | :57:20. | |
much she champions skills in her constituency, in Wiltshire. Of | :57:21. | :57:27. | |
course the apprentice levy, which is coming in soon, now legislated for, | :57:28. | :57:31. | |
will ensure we are able to increase the amount of apprentices in this | :57:32. | :57:35. | |
country towards a 3 million that we committed to in the manifesto. More | :57:36. | :57:40. | |
money will go into skilled apprenticeships in fields like | :57:41. | :57:42. | |
design and engineering that she wants to see more of. So do I. Many | :57:43. | :57:48. | |
constituents of mine, including those working, are telling me that | :57:49. | :57:53. | |
their employers are attacking their terms and conditions because of the | :57:54. | :57:58. | |
National living wage. Does he believe that this abuse should not | :57:59. | :58:01. | |
go on, because it's giving constituents overall a minor pay | :58:02. | :58:06. | |
cut? We certainly expect businesses to pay the national living wage, and | :58:07. | :58:09. | |
to honour not just the letter of the law, and we have increased | :58:10. | :58:13. | |
enforcement of the living wage through HMRC, but also the spirit of | :58:14. | :58:17. | |
it, which is that people should pay that wage and not find ways to cut | :58:18. | :58:21. | |
other allowances to make good on paper. | :58:22. | :58:30. | |
gender pay gap figures. What steps is he'll she taking to reduce the | :58:31. | :58:33. | |
gender pay gap in the financial services sector? I rework on this | :58:34. | :58:39. | |
question, because our financial services sector is not only our | :58:40. | :58:42. | |
highest-paid sector, but it's also the one with the widest gender pay | :58:43. | :58:46. | |
gap. That is why we have launched the women in finance Charter, and | :58:47. | :58:50. | |
asking all financial services firms to implement the recommendations, | :58:51. | :58:57. | |
the Indy Chief Executive's excellent review into the and representative | :58:58. | :59:02. | |
of senior women in financial services. The government has made | :59:03. | :59:08. | |
significant public spending cuts affecting disabled people, including | :59:09. | :59:14. | |
nearly ?30 million in cuts. Given that disabled people are twice as | :59:15. | :59:17. | |
likely to be living in poverty than the general population, how many | :59:18. | :59:20. | |
more disabled people will be living in poverty by 2020? Mr Speaker, | :59:21. | :59:27. | |
spending on disabilities bending is going up, not down. There are many | :59:28. | :59:32. | |
people getting the highest rate than there were in DLA, there are 200,000 | :59:33. | :59:37. | |
people more getting carers's allowance, more people getting helps | :59:38. | :59:44. | |
remote ability. We are working on the employment disability gap, which | :59:45. | :59:50. | |
is so important. It has remained stubbornly wide, but the most recent | :59:51. | :59:59. | |
report did show a decrease. 10% of our GDP comes in through each | :00:00. | :00:06. | |
import, that link road will still seeing the opening. Part of economic | :00:07. | :00:12. | |
plan is to show that this area of Lancashire is going to be | :00:13. | :00:17. | |
regenerated, would my honourable friend my diary permitting, like to | :00:18. | :00:22. | |
open the road? I remember visiting the road with my right honourable | :00:23. | :00:26. | |
friend the primer Minister, just days before the general election. -- | :00:27. | :00:34. | |
the Prime Minister. His constituents said, let's have him back in | :00:35. | :00:38. | |
Parliament championing more investment in Lancashire. Diary | :00:39. | :00:43. | |
permitting, I would be delighted to open the link road. When I was in | :00:44. | :00:47. | |
Northern Ireland yesterday, I met the company that trades between | :00:48. | :00:52. | |
he/she Warrenpoint, and they are investing in more jobs there. Wales | :00:53. | :01:01. | |
will be left with a vastly inferior fiscal settlement to both Scotland | :01:02. | :01:08. | |
and Northern Ireland. Why can't Wales have corporation tax powers | :01:09. | :01:11. | |
like Northern Ireland, and devolution like both countries? I | :01:12. | :01:16. | |
totally agree with him that we need to get on with income tax | :01:17. | :01:20. | |
devolution. I will be having further meetings with the worst government | :01:21. | :01:23. | |
to make sure that we do that. At the same time, we will need to look at | :01:24. | :01:29. | |
questions like the block grant. -- with the Welsh government. We have | :01:30. | :01:38. | |
said of course the funding floor at 115% for the duration of the | :01:39. | :01:44. | |
parliament. The economy in the West Midlands has been one of the | :01:45. | :01:46. | |
fastest-growing subregions in the UK over the last few years, with new | :01:47. | :01:49. | |
jobs and investment. With the Chancellor agree with me that we | :01:50. | :01:52. | |
need to continue to focus on investment and growth in the Black | :01:53. | :01:55. | |
Country, and avoid the economic risk that would come from as leaving the | :01:56. | :02:01. | |
European Union? I agree with my friend on both counts. First of all, | :02:02. | :02:05. | |
I think there's an enormous amount of exciting news in the Black | :02:06. | :02:08. | |
Country, and businesses there are growing and creating jobs and there | :02:09. | :02:11. | |
is more investment coming into that part of the country that he | :02:12. | :02:14. | |
represents so well. I think that that economic growth is at risk if | :02:15. | :02:19. | |
we read through European Union. We had today warnings from the chairman | :02:20. | :02:24. | |
of the Federal reserve, the head of Hitachi and the World Trade | :02:25. | :02:27. | |
Organisation all telling us that there is a real economic risk for | :02:28. | :02:33. | |
the UK if we vote to leave. What assessment has the Chancellor made | :02:34. | :02:38. | |
of the impact on the British economy of overcrowding in London and South | :02:39. | :02:41. | |
East airports, and how much will further delay cost us? It absolutely | :02:42. | :02:49. | |
clear that we need additional runway capacity in the south-east of | :02:50. | :02:52. | |
England. That's what the Davis report suggested. Of course the | :02:53. | :02:55. | |
government now needs to come forward with a conclusion to the report, but | :02:56. | :02:59. | |
we did want to address the issue of air quality when we raise that | :03:00. | :03:02. | |
issue, people said was necessary to look into it this remark when you | :03:03. | :03:05. | |
look at the last few months, when you look at the debate in the mail | :03:06. | :03:09. | |
context, you can see that our quality is an important issue to get | :03:10. | :03:14. | |
right. Where close to finishing that, and will report back on the | :03:15. | :03:18. | |
commission and future airport capacity. Just before I call on the | :03:19. | :03:23. | |
honourable gentleman, I should explain that on account of the | :03:24. | :03:28. | |
subsequent business, its importance and the likely levels of | :03:29. | :03:33. | |
subscription to it, it will run for a maximum of half an | :03:34. | :03:34. |