:03:14. > :03:20.Hello and welcome to BBCParliament 's live coverage from the House of
:03:21. > :03:23.Commons. In an hour's time the Shadow Foreign Secretary well as an
:03:24. > :03:29.urgent question on recent developments in Turkey. At least 232
:03:30. > :03:33.people were killed and 1400 wounded in fighting after a failed lilitary
:03:34. > :03:36.coup to overthrow the Turkish Government on Friday. The m`in
:03:37. > :03:40.business in the Chamber will be the second region of the Higher
:03:41. > :03:43.Education and Research Bill. The legislation would mostly apply in
:03:44. > :03:48.England and will force univdrsities to release more information covering
:03:49. > :03:53.ethnicity, gender and background as well as making it easy to start new
:03:54. > :03:58.higher education institutions. Join me for a round-up of the dax in both
:03:59. > :04:02.Houses of Parliament at 11 o'clock tonight. Before all that, wd have
:04:03. > :04:05.the first session of questions to the new Chancellor of the Exchequer,
:04:06. > :04:30.Philip Hammond, and his teal of ministers.
:04:31. > :04:41.Order, order. I must inform the House that I have received written
:04:42. > :04:46.notification from the chair of the culture, media and sport colmittee,
:04:47. > :04:50.namely the honourable gentldman their members via Hereford `nd South
:04:51. > :04:54.Herefordshire and from the chair of the science and technology
:04:55. > :05:01.committee, the honourable mdmber for Oxford West and Abingdon, of their
:05:02. > :05:03.wish to resign from the chahr following their ministerial
:05:04. > :05:11.appointments. In accordance with the standing order number 122 C, I
:05:12. > :05:18.declared that the chairs of those two committees are vacant. H shall
:05:19. > :05:21.announce the announcement -, for the elections as soon as practical. I
:05:22. > :05:27.hope it will be possible to hold those elections during the September
:05:28. > :05:38.sitting. Order, questions to Mr Chancellor of the Exchequer, Mr
:05:39. > :05:42.Philip Boswell. Thank you. With your permission, I should like to group
:05:43. > :05:46.this question with questions two, seven and eight. While it is clear
:05:47. > :05:51.that the referendum decision represents a shock to the UK
:05:52. > :05:55.economy, thanks to the actions taken nevertheless six years by mx
:05:56. > :05:59.predecessor, he is well placed to respond. I will work closelx with
:06:00. > :06:03.the Bank of England to provhde stability and maintain confhdence in
:06:04. > :06:07.the fundamental health of the UK economy as we prepare for the Autumn
:06:08. > :06:10.Statement. As further post-referendum economic data is
:06:11. > :06:14.published, the short-term rdsponse of the economy to the Brexit
:06:15. > :06:18.decision will become clearer and if further measures are requirdd, they
:06:19. > :06:24.will be announced at the Autumn Statement. Giving colleagues
:06:25. > :06:30.anecdotal evidence of capit`l flight, the recent vote to leave the
:06:31. > :06:32.EU has plunged the economy hnto volatility and uncertainty `nd given
:06:33. > :06:37.the Conservative Government have been slow to act and yet to provide
:06:38. > :06:42.a strategy, can the Chancellor tell the people of the UK when they will
:06:43. > :06:47.get an insight into the scale of capital flight following thd Brexit
:06:48. > :06:54.vote? The honourable gentlelan is right to say that the shock of the
:06:55. > :06:58.exit vote at the referendum has created a short-term turbuldnce in
:06:59. > :07:03.the UK economy but we are wdll placed to manage that turbulence. In
:07:04. > :07:06.answer to his question about data, there are a series of data
:07:07. > :07:13.publications jubilate summer and autumn which will inform a proper
:07:14. > :07:16.response at the Autumn Statdment. The so-called long-term economic
:07:17. > :07:20.plans of the Conservative Government has resulted in the Governmdnt
:07:21. > :07:23.failing on key economic indhcators are missing the target set for
:07:24. > :07:30.themselves. Can the Chancellor tell the Chamber whether we are going to
:07:31. > :07:36.witness an end to this disastrous area of austerity? The UK continues
:07:37. > :07:41.to run a very large fiscal deficit by international standards `nd we
:07:42. > :07:48.would have to address that deficit. We have already announced wd will no
:07:49. > :07:51.longer seek to bring the budget into balance by 2019/ 2020. That doesn't
:07:52. > :07:56.mean we can go forward without a clear framework for retrievhng
:07:57. > :08:02.fiscal balance over an appropriate time frame and we will addrdss this
:08:03. > :08:06.issue at the Autumn Statement. Can I welcome the chance led to hhs place
:08:07. > :08:15.and wish him good luck. He's going to need it. A survey of 132 fought
:08:16. > :08:20.macro officers found it expdcted revenues to fall. Business
:08:21. > :08:26.confidence is now lower than at the time of the collapse of Lim`n. 2%
:08:27. > :08:31.of companies expect to reduce capital spending. This is a call by
:08:32. > :08:36.Brexit. What steps will attdmpt to take to restore confidence `nd don't
:08:37. > :08:41.just give us what for, give us real plans. The honourable gentldman is
:08:42. > :08:47.right. The evidence is anecdotal in the early stages as you would
:08:48. > :08:51.expect. The initial responsd to this kind of shock must be a mondtary
:08:52. > :08:55.response delivered by the B`nk of England. The governor in announcing
:08:56. > :08:58.that interest rates were not delivered last week did makd it
:08:59. > :09:05.clear the bank is developing a monetary package which will announce
:09:06. > :09:12.in course. The Chancellor's certainty that following thd EU
:09:13. > :09:17.Referendum Bill the purchasd of one company is not shared by its
:09:18. > :09:20.founder, Hermann Hauser, who said the determination of what comes next
:09:21. > :09:25.the technology will not be decided in Britain any more but in Japan.
:09:26. > :09:31.Wide as the Chancellor think the founder of the company is wrong I
:09:32. > :09:35.suspect that the founder of the company has not had the bendfit of
:09:36. > :09:40.discussions with the acquirhng company. I have met the leader of
:09:41. > :09:47.the current management team who wholeheartedly supporting the
:09:48. > :09:49.purchase by Softbank. We have achieved and have volunteerdd for
:09:50. > :09:54.some hard guarantees about the future autonomy of the comp`ny,
:09:55. > :09:58.headquartered here in the UK about its commitment to double thd number
:09:59. > :10:04.of UK employees of the next five years. What became clear from a
:10:05. > :10:09.discussion with the founder and CEO of Softbank, is they firmly believe
:10:10. > :10:17.that Cambridge will be the global centre for developing the Internet
:10:18. > :10:27.of Things and Arm will play a key role in that. It is the job he
:10:28. > :10:30.always wanted. I am hoping `nd I noticed he has said that we are
:10:31. > :10:35.going to wait until the Auttmn Statement. I hope I get an `nswer to
:10:36. > :10:49.this one earlier. The fix -, fiscal surplus target has rightly scrapped
:10:50. > :10:53.the discussion -- the decishon to stick to this surplus rule `nd the
:10:54. > :10:57.automatic stabilisers have been allowed to kick in. The higher
:10:58. > :11:05.deficit implied by that dechsion will have to be plugged sooner or
:11:06. > :11:12.later from 2010. The predecdssor planned an 80% consolidation of bat
:11:13. > :11:22.to come from spending and only 0% from tax. There is a question
:11:23. > :11:27.coming. In the event, it was better than that. Does he intend to stick
:11:28. > :11:36.to his predecessor's target or is he going to vary it? Mr Speaker, the
:11:37. > :11:43.honourable gentleman will note that in fact the surplus rule always came
:11:44. > :11:48.with the caveat that if OBE are forecast for consecutive qu`rters of
:11:49. > :11:52.less than 1% annualised growth, the target would be suspended. The
:11:53. > :11:59.consensus of all forecasters is that is likely to be what they forecast
:12:00. > :12:02.this Autumn Statement. My predecessor's announcement was
:12:03. > :12:06.pre-empting something that dverybody expects to happen. How we are going
:12:07. > :12:13.to respond over the longer term to the resulting deficit will be set
:12:14. > :12:17.out at the Autumn Statement. In the hope that he will provide a
:12:18. > :12:23.masterclass in the ass king of a question, I called Mr Jacob Rees
:12:24. > :12:30.Mogg. May I congratulate my right honourable friend on his
:12:31. > :12:36.appointment. May I go on to point out to him that it is a gre`t
:12:37. > :12:42.opportunity through Brexit that ?24 billion purchase of Softbank is a
:12:43. > :12:47.good example of trade deals that are a good sign of this. When hd grasp
:12:48. > :12:54.this opportunity and lead us through? Might honourable friend
:12:55. > :12:59.points to the fundamental strengths of the UK economy. Britain hs still
:13:00. > :13:05.one of the most attractive places in the world to do business, to start a
:13:06. > :13:09.business, to invest money. Ht is right that we should focus on those
:13:10. > :13:14.positive aspects. It is also right that we are conscious of thd
:13:15. > :13:17.short-term turbulence that we will inevitably experience and the need
:13:18. > :13:23.to manage that carefully ovdr the next 18 months. I also welcome the
:13:24. > :13:30.Chancellor to his place. As has been mentioned, Softbank has madd a huge
:13:31. > :13:35.investment in a fantastic C`mbridge business. Cambridgeshire is at the
:13:36. > :13:38.forefront of technology and innovation and it will double its
:13:39. > :13:42.workforce. Cambridge can only continue to attract investmdnt like
:13:43. > :13:45.this if we have the infrastructure to support it. Can he confirm that
:13:46. > :13:53.he will be committed to infrastructure investment? Ly
:13:54. > :13:56.honourable friend is right. Raising the UK's productivity is thd
:13:57. > :14:00.long-term challenge for our economy and infrastructure investment is one
:14:01. > :14:04.of the ways we do that. I draw attention to another point. The
:14:05. > :14:08.success of Cambridge today not only as a centre of academic excdllence
:14:09. > :14:13.but as an innovation hub of global importance, has arisen becatse of
:14:14. > :14:16.the very foresighted decision of Cambridge City Council many years
:14:17. > :14:21.ago to allow development around the city and the creation of thd
:14:22. > :14:28.Cambridge business Park, now a world magnet for investment. Can H
:14:29. > :14:34.congratulate the Chancellor on his position. One of the key flows of
:14:35. > :14:38.capital that will increase post-Brexit is the 300 millhon or so
:14:39. > :14:44.invested every year in guilt by those seeking a UK investor Beezer.
:14:45. > :14:48.This is of little value to the UK economy. I wrote the previots team
:14:49. > :14:52.saying this would be better investment in drug discoverx but
:14:53. > :14:55.amazingly I got the brush off. I wonder if I could impose myself upon
:14:56. > :14:59.the Chancellor of the Exchepuer and ask for a meeting to explain the
:15:00. > :15:00.merits of requiring these pdople to invest in a productive part of the
:15:01. > :15:11.UK? I anticipate there will be ` neat in
:15:12. > :15:18.the foreseeable future. I understand the point and I will be happy to
:15:19. > :15:24.discuss it with him. My congratulations to the Chancellor.
:15:25. > :15:30.When I welcomed him I was a very fresh face. He already showdd great
:15:31. > :15:37.promise which he has more than fulfilled now. Would you not agree
:15:38. > :15:42.that the major threat from Brexit is the investment in British industry
:15:43. > :15:50.and in Britain and thereford the purchase by Softbank of this is to
:15:51. > :15:55.be welcomed and it is the bdst antidote to be prevailing doubts
:15:56. > :15:59.that exist at the moment? Wdll, I think the honourable gentlelan is
:16:00. > :16:05.absolutely right. I thank hhm for his kind words. We need to remind
:16:06. > :16:11.ourselves that we are running a 6.9% of GDP external account defhcit
:16:12. > :16:17.That has to be funded somehow. It has been funded by a successful run
:16:18. > :16:21.of foreign direct investment into the UK, more than in any other
:16:22. > :16:27.country in the European Union. That has slowed as uncertainty around the
:16:28. > :16:33.reverend has been created. We now need to generate the confiddnce to
:16:34. > :16:37.allow it to resume. Mr Speaker, I'd like to take the opportunitx to
:16:38. > :16:41.welcome the Chancellor to hhs post and the Chief Secretary and new
:16:42. > :16:46.Ministers. There is a real concern that the uncertainty surrounding
:16:47. > :16:52.Brexit is forcing many businesses and international banks to consider
:16:53. > :16:57.moving their core operations and jobs overseas. Banks, in particular,
:16:58. > :17:01.make use of the EU banking arrangements to operate in the UK.
:17:02. > :17:06.What measures will be Chancdllor be taking to avoid the loss of these
:17:07. > :17:10.arrangements? The honourabld lady is right that passport thing is an
:17:11. > :17:14.important feature of the arrangements we have with the
:17:15. > :17:18.European Union. In the negotiations that we will have in the future with
:17:19. > :17:22.the European Union about Brhtain's future relationship with it,
:17:23. > :17:26.protecting those rights for our financial sector, which I should
:17:27. > :17:31.emphasise is not just about London. Two thirds of financial jobs are
:17:32. > :17:39.outside of London. That'll be an important part of the negothations.
:17:40. > :17:45.Moving back to the issue of arms. Foreign takeovers linked to the fall
:17:46. > :17:50.in the pound. The Chancellor stated this week that Britain is open to
:17:51. > :17:54.foreign investment, barely ` week after the Prime Minister wanted to
:17:55. > :17:58.oppose such takeovers. Has the Government approach to securing new
:17:59. > :18:02.investment being reduced in the matter of the week from an
:18:03. > :18:09.industrial policy, to slashhng corporation tax and hoping for the
:18:10. > :18:13.best? No, Mr Speaker. The UK remains very much open to foreign
:18:14. > :18:18.investment. We are very cle`r that we want investors that will invest
:18:19. > :18:23.in British technology, jobs and businesses headquarters basdd and
:18:24. > :18:34.directed from the UK. We ard not open to asset strippers. Nulber
:18:35. > :18:43.three, Mr Speaker. With your permission, Mr Speaker. I would like
:18:44. > :18:47.to answer this question for. A total value of ?7.6 billion. Over 300
:18:48. > :18:51.infrastructure schemes have been delivered in the West Midlands since
:18:52. > :18:59.2010. There are eight in projects in the infrastructure pipeline, it will
:19:00. > :19:05.job value of ?3.5 billion. Over 240 schemes have been delivered since
:19:06. > :19:08.2010. Thank you, Mr Speaker. I am grateful for the response and I
:19:09. > :19:13.would like to congratulate ly honourable friend on his new role.
:19:14. > :19:18.The power station site is a hop of connectivity. The National grade,
:19:19. > :19:23.infrastructure all come togdther and an ideal location for redevdlopment.
:19:24. > :19:27.Will my right honourable frhend outline the assistance the
:19:28. > :19:33.Government can provide to ensure the speedy redevelopment of the site and
:19:34. > :19:36.will he meet with me to discuss the possibility of creating an
:19:37. > :19:40.enterprise zone on the strategically important site in the West Lidlands?
:19:41. > :19:44.Well, I'd like to thank my honourable friend for her khnd words
:19:45. > :19:50.and also thank her for her puestion. She is not the first represdntation
:19:51. > :19:54.I have received in the few days I have done this job are not the last
:19:55. > :19:59.I will receive today. I will be delighted to meet with her to
:20:00. > :20:03.discuss the enterprise zone and the site she talks about. It is
:20:04. > :20:07.important that we have world-class infrastructure and if we can bring
:20:08. > :20:11.them together in various forms at particular sites, that enables us to
:20:12. > :20:17.make further progress and I look forward to discussing that hn future
:20:18. > :20:19.with her. Can I also congratulate my right honourable friend. Thd
:20:20. > :20:25.infrastructure bonds will hdlp improve productivity and promote
:20:26. > :20:30.economic growth. Could you please outline the projects that could be
:20:31. > :20:34.eligible for this funding? H am not sure this morning is a point in
:20:35. > :20:39.which I can provide specific examples. I would say to hil is that
:20:40. > :20:44.this Government is very ambhtious about infrastructure, as my right
:20:45. > :20:48.honourable friend the Chancdllor has already pointed out, infrastructure
:20:49. > :20:53.is one of the ways we can promote productivity. It is one of the great
:20:54. > :20:57.challenges we face but we are determined to address it. The
:20:58. > :21:00.Minister has wheeled off a list of money going to introductory products
:21:01. > :21:05.in the West Midlands, could you publish a list of all the money
:21:06. > :21:10.years delivering? Who is gohng to be accountable for this public money?
:21:11. > :21:19.Is it going to be combined authorities, local authorithes?
:21:20. > :21:22.Interns, it wasn't just mondy. I would be delighted to provide her
:21:23. > :21:27.with the details of the projects that have been delivered. 300
:21:28. > :21:33.infrastructure schemes delivered in the West Midlands. 240 in the
:21:34. > :21:38.north-west. In terms of accountability, is pacific nature of
:21:39. > :21:41.these schemes, as is clear over the last six years, we have delhvered on
:21:42. > :21:48.infrastructure. That is mord to do and we are determined to do that.
:21:49. > :21:52.One of the absurdities of the last Chancellor's tenure was the fiscal
:21:53. > :21:58.year rules that forbid borrowing money, even when the return on that
:21:59. > :22:06.money would have the. The former Chancellor ended up borrowing
:22:07. > :22:10.billions. Does that -- that orthodoxy was challenged in the
:22:11. > :22:17.leadership election. Will wd see a more rational approach? As ly right
:22:18. > :22:23.honourable friend the Chancdllor has already made clear, the previous
:22:24. > :22:26.Chancellor also made clear, in circumstances where there is a
:22:27. > :22:35.projection of growth less than % over a 12 year period, that 12 month
:22:36. > :22:44.period, that fiscal rule dods not apply. The fact is, we inherited a
:22:45. > :22:48.deficit. We have shown strong determination over the last six
:22:49. > :22:53.years to bring that deficit down. As we face the challenges we now face
:22:54. > :22:57.in terms of Brexit, taking the tough decisions on public spending over
:22:58. > :23:01.the last six years, we would be in a more honourable position th`n they
:23:02. > :23:08.are now. The previous Chancdllor announced a new rail link bdtween
:23:09. > :23:12.the Midland Metro and the enterprise zone in my constituency. Wotld he
:23:13. > :23:20.meet with me to discuss how we can extend that to the mainline rail
:23:21. > :23:24.link at Stourbridge so that we can support businesses, commuters and
:23:25. > :23:27.jobs in my constituency? I lade my prediction that I will recehve
:23:28. > :23:32.further representation and direct request seems to be holding true. I
:23:33. > :23:38.am happy to meet my honourable friend to discuss this projdct.
:23:39. > :23:43.Thank you, Mr Speaker. Can H add my welcome to the Chancellor to his
:23:44. > :23:47.position and the whole team. He deserved the promotion to bd chief
:23:48. > :23:52.secretary as well. I believd I promoted only a month ago in the
:23:53. > :23:57.speech to the House itself. EU funding for the regions comds to 10
:23:58. > :24:01.billion per year. The local Government Association confdrence
:24:02. > :24:06.recently said all parties expressed their concern over the last of the
:24:07. > :24:11.structural funds. Will he clarify whether he plans to make funding
:24:12. > :24:17.equivalent to that received to the EU structural funds in the dvent of
:24:18. > :24:23.the UK leaving the EU? Can H thank the Shadow Chancellor for hhs kind
:24:24. > :24:27.words? His description of md as chief secretary seemed to bd ahead
:24:28. > :24:33.of his time. It is not a phrase I often use for the Shadow Ch`ncellor.
:24:34. > :24:37.He was right on this occasion. In terms of the structural funds, let
:24:38. > :24:42.me say this, of course we nded to make an assessment in terms of value
:24:43. > :24:46.for money and so on. We will be making announcements in terls of
:24:47. > :24:51.this area in due course. I recognise the case in terms of addressing
:24:52. > :24:56.uncertainty. I think it is right that we take due process before we
:24:57. > :25:02.make any announcements. I'm grateful for that. Can I ask him, in the
:25:03. > :25:08.interest of local Government, that statement is made sooner rather than
:25:09. > :25:14.later. The boat also affects our access to the funds in the DU. With
:25:15. > :25:17.business investment falling even before the vote to leave, and
:25:18. > :25:24.Government investment intending to fall, what action is he takhng to
:25:25. > :25:29.ensure Britain maintains its stake in the European investment bank
:25:30. > :25:34.First of all, on the general point, I recognise what he was driving at
:25:35. > :25:38.in terms of uncertainty. Thd desirability to resolve that
:25:39. > :25:44.uncertainty sooner rather than later. It is the case that the UK
:25:45. > :25:47.did very well from the European investment bank in recent months in
:25:48. > :25:53.terms of attracting investmdnt. There is no evidence as yet to see
:25:54. > :25:58.the UK will be discriminated against during the period we remain part of
:25:59. > :26:02.the EU. He is right to raisd it and we will monitor it. We want to
:26:03. > :26:14.ensure that we continue to do well for the UK. Number five. Thd
:26:15. > :26:18.Government is committed the Chancellor iss has a tax system that
:26:19. > :26:24.encourages investment. We h`ve already announced a reduction in
:26:25. > :26:29.corporation tax to 17%. We `re reducing the business rates burden
:26:30. > :26:33.to ?6.7 billion. The Governlent has also increased the rate of tax
:26:34. > :26:38.credit and set the annual investment allowance at its highest evdr. I
:26:39. > :26:43.thank the Chancellor for his response. I congratulate hil. I and
:26:44. > :26:56.many small businesses in my community, are facing difficulties.
:26:57. > :27:01.A business cannot benefit from the rate. Can the Chancellor thdrefore
:27:02. > :27:05.consider the reintroduction of the retail rate, which last year helped
:27:06. > :27:13.these businesses with ?1500 discount on their rates bill? Mr Spe`ker the
:27:14. > :27:16.retail scheme was it tempor`ry arrangement until the current
:27:17. > :27:21.proposals were fleshed out fully. I'm afraid we will not be able to
:27:22. > :27:27.reintroduce it. It is the c`se that many businesses that benefited under
:27:28. > :27:31.the old retail scheme will benefit from the permanent scheme that we
:27:32. > :27:35.have introduced to reduce the burden of business rates. I'm afrahd I have
:27:36. > :27:42.to tell my honourable friend the May be some that will slip throtgh the
:27:43. > :27:46.net. Thank you, Mr Speaker. May I congratulate the Chancellor and his
:27:47. > :27:51.team for the appointment. When it comes to supporting businesses,
:27:52. > :27:55.PricewaterhouseCoopers said Ruths growth in Northern Ireland hs likely
:27:56. > :28:01.to remain zero and the worst in the United Kingdom. We'll be Ch`ncellor
:28:02. > :28:09.put some mechanisms, enterprise zones to help us? One of our
:28:10. > :28:13.priorities, both in the intdrests of social fairness and in the hnterest
:28:14. > :28:19.of improving the productivity of the economy will be to address the huge,
:28:20. > :28:22.one might almost say grotespue, disparities between economic
:28:23. > :28:27.performance in the delay might different regions and nations in the
:28:28. > :28:29.UK. That'll be a central pohnt of our productivity and the kex
:28:30. > :28:37.cornerstone of our long-terl economic plan. Since the referendum,
:28:38. > :28:41.some businesses and my constituency have put investment and recruitment
:28:42. > :28:45.on hold due to the uncertainty. They welcome the policies he has
:28:46. > :28:49.mentioned and I also welcomd the indication that my honourable friend
:28:50. > :28:55.will look at fiscal stimulus in the Autumn Statement. That is some time.
:28:56. > :28:59.Can I press him to reveal a bit more of the options you might consider to
:29:00. > :29:04.support the economy and bushnesses? I'm afraid I am not going to be
:29:05. > :29:07.tempted by my honourable frhend to speculate on the content of the
:29:08. > :29:12.Autumn Statement, or even the date of the Autumn Statement at this
:29:13. > :29:16.stage. What I can say to her is that the bank of England as well equipped
:29:17. > :29:20.with the tools that are necdssary to deal with the short-term nedds of
:29:21. > :29:27.the economy, following the shock of the referendum and the all well
:29:28. > :29:33.placed after this batch of dconomic data, that'll be published hn the
:29:34. > :29:37.autumn, to give a longer response. Can the two can I welcome the
:29:38. > :29:41.honourable member. His preddcessor cut corporation tax for a btsiness
:29:42. > :29:46.to allow the living wage to be introduced. As we speak, Marks and
:29:47. > :29:52.Spencer are concerned that ly consulting on cutting Saturday and
:29:53. > :29:58.Monday bank holiday Monday pay, in order to do just that. What will he
:29:59. > :30:03.do to help my constituent m`ke sure she does not lose ?2000 per year
:30:04. > :30:07.because of the introduction of the living wage? Well, Mr Speakdr, very
:30:08. > :30:12.clearly the intention of thd introduction of the living wage was
:30:13. > :30:16.not to make people worse off, it was precisely to support the living
:30:17. > :30:19.standards of those on the lowest wages and I'll look very carefully
:30:20. > :30:23.at the case she has drawn to my attention.
:30:24. > :30:29.Can I welcome the Chancellor to his place. There was a report that
:30:30. > :30:34.illustrated someone who livdd in a deprived area was less likely to
:30:35. > :30:38.start a self-employed busindss. It highlighted the barriers thdy face
:30:39. > :30:41.in starting a business. Would my right honourable friend consider the
:30:42. > :30:47.recommendations in the report and work to reverse this trend? I am
:30:48. > :30:52.happy to do that. One of thd strengths of the UK economy is our
:30:53. > :30:56.innate entrepreneurialism and we need to make sure it works hn all
:30:57. > :31:02.areas and regions and nations of the UK. Can I congratulate the
:31:03. > :31:07.Chancellor and the Chief secretary to their new roles. The problem we
:31:08. > :31:11.have seen is fiscal policy occasionally works against the
:31:12. > :31:14.interests of business. We h`ve seen the conversion of energy funding
:31:15. > :31:20.from grants to loans and a cut in this Parliament of the UK THA
:31:21. > :31:25.budget. Can I ask the Chancdllor to look again at those policies and
:31:26. > :31:32.make sure innovation and export support funding is in line with
:31:33. > :31:37.innovating and exporting businesses? I can assure him I will be looking
:31:38. > :31:40.comprehensively at all areas of the portfolio as I prepare for the
:31:41. > :31:49.Autumn Statement in the context of the economic situation that we face.
:31:50. > :31:54.I ask him to look at one other thing. One of the problems the
:31:55. > :31:59.economy faces is a lack of demand. Can I asked the Chancellor to look
:32:00. > :32:05.at not just headline corpor`tion tax cuts but an intelligent use of
:32:06. > :32:10.allowances like the reintroduction of industrial buildings relhance --
:32:11. > :32:17.allowance? Long-term supply site capacity to boost what we do in
:32:18. > :32:21.terms of exporting in the ftture. I can assure him that when we look at
:32:22. > :32:27.the corporate tax environment, we will not just be looking at headline
:32:28. > :32:30.rates. We will be looking at the rates for investors in the TK
:32:31. > :32:41.because that is what we want to target. More investment, jobs and
:32:42. > :32:50.more wealth created in the TK. Thank you. Budget 2016 and announced the
:32:51. > :32:53.biggest ever coveted business rates in England with ?6.7 billion over
:32:54. > :32:59.the next five years. The package cuts business rates for all rape
:33:00. > :33:09.players -- payers and 6000 small businesses will not have to pay
:33:10. > :33:12.again. -- rate payers. Congratulations to my honourable
:33:13. > :33:17.friend on her new role. As the Government decided whether car park
:33:18. > :33:20.business rates will be devolved to local authorities? This will have a
:33:21. > :33:25.reduction in Council overhe`ds which could enable Welch Council to reduce
:33:26. > :33:32.parking fees to improve the economies of our local markdt towns.
:33:33. > :33:37.I congratulate her in taking a close interest in what will boost her
:33:38. > :33:42.local economy. The Government will devolve 100% of business rates
:33:43. > :33:46.revenues to local Government. The details are subject to constltation
:33:47. > :33:50.and was published earlier this month. She and her local cotncil may
:33:51. > :33:55.want to contribute to that consultation and make that point as
:33:56. > :34:00.she did so well there. Some of the richest areas are finding it easier
:34:01. > :34:05.to raise money. If we're not going to perpetuate poverty, doesn't the
:34:06. > :34:10.Government, if it is going to proceed with this, have to lake sure
:34:11. > :34:14.their proper balancing mech`nisms otherwise the problems that we have
:34:15. > :34:22.seen in Sony parts of the country, who feel left aside, will bd
:34:23. > :34:26.perpetuated for future generations? In my previous role I had
:34:27. > :34:33.responsibility for the publhc health grant. We are going to have an Opel
:34:34. > :34:37.-- open consultation and we are consulting on business rates
:34:38. > :34:41.retention and we are aware of that issue and the existing systdm of
:34:42. > :34:45.redistribution and will be continued in some form. That is something we
:34:46. > :34:49.will be looking closely at. The business rate system, somethmes
:34:50. > :34:55.interact with the planning system to leave premises empty but incurring
:34:56. > :35:00.tax. But the Government work to ensure that councils are
:35:01. > :35:06.incentivised to ensure premhses are occupied so business owners have a
:35:07. > :35:12.chance of paying the tax thdy incur? I hear the point and that is
:35:13. > :35:17.something that further conshderation will be given to. Any help that
:35:18. > :35:23.small businesses get from btsiness rates are welcome in my constituency
:35:24. > :35:27.but it doesn't help balance the fact that my university and my
:35:28. > :35:32.manufacturing business has been hard-hit by Brexit. I know she is
:35:33. > :35:35.not one of the guilty Brexit people but what will she do to help
:35:36. > :35:44.manufacturing and the universities hard-hit? The Chancellor has already
:35:45. > :35:49.made a number of comments about how we deal with the situation going
:35:50. > :35:54.forward and in terms of addressing that. There will be more to this --
:35:55. > :35:58.there would be more to be s`id in the autumn. We have to recognise
:35:59. > :36:04.that whilst we do face risks, we have to look to manage thosd but to
:36:05. > :36:09.seize the opportunities that we can take from the situation we `re in.
:36:10. > :36:13.Returning to the point about business rates, 600,000 of the
:36:14. > :36:19.smallest businesses come out of business rates are a good thing
:36:20. > :36:23.Whilst it has been announced, it has yet to take effect and we all have a
:36:24. > :36:32.job to do in the spring to lake sure our local businesses get thd maximum
:36:33. > :36:37.benefit. Northern Powerhousd will be built by connecting up the cities in
:36:38. > :36:41.the north so the whole is greater than the parts. We have cre`ted
:36:42. > :36:45.billions to new transport investment, devolved powers to
:36:46. > :36:49.cities and promoting sciencd and culture. According to one rdcent
:36:50. > :36:54.survey, the number of FDI projects in the North is up by 127% since
:36:55. > :36:58.2014 and the employment ratd is close to its record high and an amp
:36:59. > :37:07.it has fallen faster than in the South. May I add my congrattlations
:37:08. > :37:10.to the new front bench. In ledieval times, the North was ruled from the
:37:11. > :37:15.great city of York. In Yorkshire things to move on but the nded for
:37:16. > :37:18.well-connected transport links is still fundamental that everx
:37:19. > :37:21.thriving city. Will my right honourable friend and sure there is
:37:22. > :37:28.sufficient funding in place to deliver the key infrastructtre needs
:37:29. > :37:33.like the upgrading of the York ring road to fulfil its true potdntial in
:37:34. > :37:38.the new enterprise zone? Wh`t I would say to him is this Government
:37:39. > :37:43.is determined to ensure that we have strong transport infrastructure in
:37:44. > :37:52.the North of England. I hear the points he has made. We have invested
:37:53. > :37:59.?161 million to transform the M 2 and the A66 and A69. We recognise
:38:00. > :38:07.the case he is making and wd are determined to ensure the North of
:38:08. > :38:11.England can fulfil its potential. May I congratulate the honotrable
:38:12. > :38:18.gentleman on his promotion to the Cabinet. Earlier he was verx vague
:38:19. > :38:24.about the European structur`l funds. ?800 million of European structural
:38:25. > :38:29.funds were part of the north-east devolution deal. Without a guarantee
:38:30. > :38:32.from the Government, this whll push a coach and horses through that
:38:33. > :38:36.deal. I will give the Minister time to listen to what the Chancdllor is
:38:37. > :38:41.saying in the hope that he can come to the dispatch box and say the
:38:42. > :38:46.Government will guarantee this 00 million. As I said earlier, we
:38:47. > :38:50.recognise the need to bring any uncertainty to end as soon `s we
:38:51. > :38:58.can. In the circumstances, ht is right that we take a moment before
:38:59. > :39:03.making any guarantees that let me be clear as a Government. We rdmain
:39:04. > :39:07.committed to ensure everythhng we can do to strengthen the Northern
:39:08. > :39:11.Powerhouse, to ensure the North of England fulfils its full potential.
:39:12. > :39:14.That includes transport infrastructure but on this specific
:39:15. > :39:19.point, we will be making an announcement in the not too distant
:39:20. > :39:23.future. Despite his shyness, the man in the cream suit has exactly
:39:24. > :39:34.identical question and I want to give him his opportunity. Ntmber 17,
:39:35. > :39:39.sir. Spit it out now, Mannix Commissioner Mark since 2010, my
:39:40. > :39:41.city of Leeds has seen hundreds of millions of pounds invested in
:39:42. > :39:44.transport infrastructure and I wonder whether my right honourable
:39:45. > :39:50.friend can confirm the billhons of pounds that has been put around for
:39:51. > :39:57.the Northern Powerhouse to hnvest in transport if a structure across the
:39:58. > :40:01.Humber will be delivered? This is one of those rare occasions for a
:40:02. > :40:12.cheap secretary where I can be like the man from Delmont AM say, yes.
:40:13. > :40:16.The Northern Powerhouse plans are at risk. In the 1980s, how economic
:40:17. > :40:21.generation was kick-started by funding from Europe and it supports
:40:22. > :40:23.small businesses, training `nd apprenticeships. Can I give the
:40:24. > :40:30.Chief secretary another chance but not when he guarantee anothdr ? 74
:40:31. > :40:32.million has been pledged to South Yorkshire under the current
:40:33. > :40:40.programme and that it will be paid in full? He will understand, as a
:40:41. > :40:45.former Treasury Minister, that there is any for some consistency here we
:40:46. > :40:49.will be making announcements soon and we recognise the point he is
:40:50. > :40:52.making and the desire to relove uncertainty that I am not in a
:40:53. > :40:58.position to make an announcdment this morning. There are nind
:40:59. > :41:05.enterprise zones in the north-west of England including the magnificent
:41:06. > :41:13.place in the Weaver Vale employing 500 scientists. Enterprise zones are
:41:14. > :41:16.essential for the Government's recruitment -- commitment to
:41:17. > :41:20.building a great Northern Powerhouse. He makes a very good
:41:21. > :41:25.point. Enterprise zones rejhg used by this Government in the l`st
:41:26. > :41:30.Parliament, it is important in terms of getting a clustering effdct in
:41:31. > :41:34.terms of a culture of enterprise. It is making a big contribution towards
:41:35. > :41:39.the Northern Powerhouse and playing a role in the increase in investment
:41:40. > :41:46.we are seeing in the north of England. I welcome the new lembers
:41:47. > :41:49.to the bench. Five Northern Powerhouse combined authority
:41:50. > :41:52.leaders have requested a medting with Prime Minister in Manchester to
:41:53. > :41:57.discuss the obligations of Brexit on the Northern given us now
:41:58. > :42:02.contributions to the countrx as a whole. In advance of a Brexht, come
:42:03. > :42:08.cheap secretary tell the Hotse how many civil servants were working on
:42:09. > :42:14.regional plans or any other plans for such an eventuality? First of
:42:15. > :42:21.all can I thank the honourable gentleman and welcome him to it the
:42:22. > :42:25.post. I am delighted to see the shadow from French almost up to full
:42:26. > :42:33.complement. In terms of thehr particular point, we face a number
:42:34. > :42:38.of challenges in terms of the new situation. There are a numbdr of
:42:39. > :42:43.opportunities. As I have made clear today, the Government is determined
:42:44. > :42:47.to ensure that whatever the consequences of the Brexit vote
:42:48. > :42:51.that we ensure we can enabld the northern cities to prosper, work
:42:52. > :43:02.together and it remains a Government priority. The Government recognises
:43:03. > :43:05.the benefits of early intervention to ensure all young people receive
:43:06. > :43:08.the best start in life. The Government works with the honourable
:43:09. > :43:12.gentleman to establish the darly intervention foundation and we are
:43:13. > :43:17.continuing to provide funding to the foundation to develop and share the
:43:18. > :43:20.evidence base in this area. We have invested ?717 million to thd
:43:21. > :43:25.troubled families programme which AMs to achieve sustained positive
:43:26. > :43:36.outcomes for 400,000 familids with multiple problems for 2020. Can I
:43:37. > :43:39.take the opportunity to reorient some of the Treasury thinking away
:43:40. > :43:44.from late intervention, firefighting, paying excesshvely to
:43:45. > :43:47.put things right and have a think about an early intervention
:43:48. > :43:53.philosophy which allows the Treasury to invest early and make money. Look
:43:54. > :43:57.therefore at the big Societx capital and their terms of referencd at the
:43:58. > :44:02.possibility of improving thd market on social investment? Will he make
:44:03. > :44:06.me and a number of all partx colleagues to discuss these issues?
:44:07. > :44:12.First of all, happy to meet the honourable gentleman to discuss
:44:13. > :44:16.these issues. To be fair with the Government, we introduced social
:44:17. > :44:19.impact bonds and introduced the troubled families programme and that
:44:20. > :44:26.seems to be working. There hs some good signs in terms of improved
:44:27. > :44:29.school attendance, reduced crime and Anti-Social Behaviour Orders we
:44:30. > :44:32.recognise the benefits of e`rly intervention but I am happy to
:44:33. > :44:39.discuss this at great length over the weeks ahead. Can I add ly
:44:40. > :44:43.congratulations to the cheap secretary and commend the btilding
:44:44. > :44:46.Great Britain's report which I chaired last year which revdaled the
:44:47. > :44:52.cost of getting it wrong on perinatal health and our chhld
:44:53. > :44:56.neglect of ?23 billion. Invdsting in young people at an early st`ge is
:44:57. > :44:58.every bit as beneficial to the economy is investing in roads and
:44:59. > :45:04.infrastructure and will he give -- we allows -- will he allow ts to
:45:05. > :45:09.give a presentation so that our children can have a better future? I
:45:10. > :45:15.will be interesting to see such a presentation whether that is with
:45:16. > :45:19.the honourable gentleman from Nottingham or separately. I am happy
:45:20. > :45:23.to do either way. The point I would make is as a Government, we have
:45:24. > :45:27.demonstrated a willingness to look at any such case and would respond
:45:28. > :45:34.to the evidence. I look forward to that.
:45:35. > :45:42.Thank you. I generally proud of the role the Government and the UK has
:45:43. > :45:49.played in recent years. This Government has taken a leadhng role
:45:50. > :45:54.in tackling tax avoidance. We lead the development on early
:45:55. > :45:59.implementation of the new global standard for automatic exch`nge on
:46:00. > :46:03.offshore accounts and I am sure we will continue to offer glob`l
:46:04. > :46:12.leadership on this vital issue. The panel of papers reveal what long had
:46:13. > :46:16.suspected, the super rich enjoy manipulating the tax system. A
:46:17. > :46:22.written response from the former Chancellor said the ?10 million
:46:23. > :46:25.multi-agency task force set up to investigate these revelations still
:46:26. > :46:32.does not have the Panama papers in their possession. Willie cl`rify
:46:33. > :46:38.where the ?10 million has bden spent on or is this another example of
:46:39. > :46:45.Tory accounting? -- will he. I understand there may be loghstical
:46:46. > :46:50.barriers to getting the papdrs. With the journalist is, in fact. I will
:46:51. > :46:57.write to hire in more detail but I do not think it is the fault of the
:46:58. > :47:02.party treasurer. Does she agree with me that one strand of activhty in
:47:03. > :47:06.this campaign is to continud to reduce corporation tax and she agree
:47:07. > :47:12.we should have an aspiration to have the lowest corporation tax of any
:47:13. > :47:18.country in Europe? Well, in terms of what he says about corporathon tax,
:47:19. > :47:23.obviously it is the effective rate that really matters. We havd set out
:47:24. > :47:29.a very sensible and very good ambition for where we want to get to
:47:30. > :47:35.in 2020. On the internation`l area, clearly what matters and wh`t people
:47:36. > :47:39.pay. I returned to the point, the UK has led the world and more `nd more
:47:40. > :47:42.people have signed up to looking at how we make sure multinational
:47:43. > :47:47.corporations pay what they should. Mr Speaker, when it comes to
:47:48. > :47:53.corporation tax, we can onlx get the get women are what is going on in
:47:54. > :48:00.these companies. I welcome the words of tackling the Amazon and Google
:48:01. > :48:03.'s. I welcome her to her new post, with the Treasury team reconsider
:48:04. > :48:08.introducing in the Finance Bill when it comes back in the autumn, a
:48:09. > :48:12.public country by country rdporting amendment, so we can see wh`t is
:48:13. > :48:18.going on. What ever the corporation tax rate is, we get we deserve. I am
:48:19. > :48:22.aware of interest in this m`tter and the previous debates that h`ve taken
:48:23. > :48:28.place. The key thing is, thhs has to happen on a multi national basis and
:48:29. > :48:35.in multinational basis. It hs going to be an issue at the T20 mdeting.
:48:36. > :48:40.We will have more to say about it. The world and UK has a leadhng world
:48:41. > :48:49.position and ruble pushed the world to go for that matter furthdr. -
:48:50. > :48:55.push the world go further. The employment level stands at 31.6
:48:56. > :49:00.million. This represents more people in work than ever before. Over the
:49:01. > :49:04.past year employment growth has been driven by full-time workers and by
:49:05. > :49:09.high and medium skilled occtpations, showing the recovery has bedn
:49:10. > :49:11.producing high-quality employment and boosting productivity and
:49:12. > :49:19.reasoning living standards `cross the country. Can I congratulate my
:49:20. > :49:23.honourable friend on his well deserved appointment. In St`fford,
:49:24. > :49:30.employment is at record levdls and the job-seeker allowance cl`imant
:49:31. > :49:37.has fallen from 3.2% to 1.1$ since 2010. Employers point out that our
:49:38. > :49:41.skill saw two shortages. Will she be having discussions with colleagues
:49:42. > :49:49.about strengthening endangerment between employers and schools on the
:49:50. > :49:57.subject? Minister. My honourable friend makes an excellent point 700
:49:58. > :50:02.and constituency since 2010. Skills are important and I will be happy to
:50:03. > :50:05.have a conversation. Can I congratulate the Exchequer `nd
:50:06. > :50:11.Secretary to the Treasury. He will bring a dash of colour and
:50:12. > :50:14.flamboyance to the Treasury. Employment is incredibly important
:50:15. > :50:19.in my constituency and across Scotland. Can the secretary gave a
:50:20. > :50:23.commitment today that not 1p of research and development funding
:50:24. > :50:27.that goes to the higher education institutions in Scotland, and my
:50:28. > :50:37.constituency will be lost as a result of the EU Brexit dechsion?
:50:38. > :50:40.The honourable member for Edinburgh is, as always, very entertahning.
:50:41. > :50:43.The Chief Secretary has madd an announcement that we will bd
:50:44. > :50:52.discussing and announcing this in due course. Order. Topical
:50:53. > :51:03.questions. Thank you, Mr Spdaker. Number one. My priority is to ensure
:51:04. > :51:07.the prosperity of the econoly. That means new time measures to respond
:51:08. > :51:12.to be shocked and longer term measures to manage the impact of
:51:13. > :51:14.transition out of the EU and to reposition the UK economy to
:51:15. > :51:21.maximise its potential in the new circumstances we will then face
:51:22. > :51:24.Thank you. May I also add mx congratulations to the new front
:51:25. > :51:28.bench. Leicestershire Countx Council was one of the lowest funding local
:51:29. > :51:32.authorities in the country. The council is reaching the point where
:51:33. > :51:38.it need to let not be able to meet the statutory obligations. Will my
:51:39. > :51:43.right honourable friend helped to arrange an urgent meeting the his
:51:44. > :51:48.counterparts in the DCAL G `nd council officials to discuss this
:51:49. > :51:55.matter? As my honourable frhend notes, it is a see LG lead but I
:51:56. > :52:00.will facilitate a meeting for him. The Chancellor will have sedn the
:52:01. > :52:06.two research published this morning. It shows that young people hn work
:52:07. > :52:10.are still receiving 7% less than before the crisis. Older workers
:52:11. > :52:14.have seen no improvement for seven years now in earnings. Will he take
:52:15. > :52:18.the opportunity to put an end to what is becoming a lost dec`de of
:52:19. > :52:29.hysterically. And deliver ptblic investment of well-paid sectred jobs
:52:30. > :52:34.across the country? Also sl`shed the fiscal rule? As this is our first
:52:35. > :52:38.outing together, and I will make it clear that I do not believe in the
:52:39. > :52:43.money tree. I am clear we h`ve to pay our way in the world. Wd have a
:52:44. > :52:49.very large fiscal deficit that we have to address. While doing it we
:52:50. > :52:54.have to ensure that we maxilise the productive capability of thd UK
:52:55. > :52:59.economy. That means targeting our investment into skills, that does
:53:00. > :53:02.largely means young people, into infrastructure and encouraghng
:53:03. > :53:06.capital formation and private businesses. Thank you. Last year the
:53:07. > :53:12.former Chancellor came to hhs sting and committed to extending
:53:13. > :53:16.high-speed rail. This investment is the key to development delivering
:53:17. > :53:24.local housing and business expansion. Then I ask for hhs
:53:25. > :53:31.commitment to this vital project. I am grateful for the question from
:53:32. > :53:35.honourable friend. In terms of the particular terms he sets out, he is
:53:36. > :53:41.a strong champion in his constituents. In terms, if xou will
:53:42. > :53:45.forgive me, my position of trying to control the purse strings, `ll
:53:46. > :53:50.that'll have to be looked at. As I have made clear, this Government is
:53:51. > :53:56.committed to improving transport infrastructure, including in Sussex.
:53:57. > :54:02.You. Can I voice compliments to the new front bench and acknowlddgement
:54:03. > :54:06.for the old. The prospect of moving to an ultra low corporation tax rate
:54:07. > :54:10.has already been spoken of. That has huge implications for developing
:54:11. > :54:17.countries that my companies. Will he carry out and publish is sphlt over
:54:18. > :54:24.analysis of the effect of t`x rates and rules as the Government in the
:54:25. > :54:27.Netherlands have done? In tdrms of corporation tax and the imp`ct on
:54:28. > :54:32.developing countries, the position is very clear. We believe in taxing
:54:33. > :54:37.profits that come from the dconomic activity that occurs here. That is
:54:38. > :54:41.as far as it goes. In terms of developing countries are concerned,
:54:42. > :54:47.one of the things we have done consistently over the last six years
:54:48. > :54:49.as help build up capacity, tax capacity in developing countries and
:54:50. > :54:54.getting support for the authorities so that they are better abld to
:54:55. > :54:58.collect the taxes that are due. The move of the international sxstem is
:54:59. > :55:02.to helping those countries `s well. Me and congratulate the Chancellor
:55:03. > :55:06.on his appointment. I ask when you looks through his injury th`t he
:55:07. > :55:11.picks up the recent report from the financial education in schools. I
:55:12. > :55:19.cheered the enquiry that produced that report, which concluded that
:55:20. > :55:23.whilst it is a positive step that delivery is still too patchx.
:55:24. > :55:28.Millions of children are ill equipped. Will my right honourable
:55:29. > :55:34.friend make this a priority that he deals with this issue? I know my
:55:35. > :55:39.honourable friend takes a kden interest in this very interdsting
:55:40. > :55:45.and increasingly complex matter It's very important that people have
:55:46. > :55:49.the skills we need to help navigate financial matters, which is why into
:55:50. > :55:53.thousand and 40 and the coalition Government made financial education
:55:54. > :55:59.part of the curriculum in English schools. I am happy to concdde that
:56:00. > :56:06.is more work to be done. Th`nk you. Cuts to welfare and spending, it is
:56:07. > :56:18.estimated funding is forecasted to fall between 2009 and 2000 `nd 0 by
:56:19. > :56:23.the equivalent of ?1800 per head. In 2015 and 2020, day-to-day spending
:56:24. > :56:29.is going to spend the four by 1 00 pounds per head. What plans to stop
:56:30. > :56:33.this dangerous trend? I havd no plans to reverse the spending plans
:56:34. > :56:37.set out by my predecessor at the moment. Any such plans will be
:56:38. > :56:45.announced in the Autumn Statement. Will deliver what I will sax is that
:56:46. > :56:48.Scotland now has devolved t`xation powers and can consider addressing
:56:49. > :56:54.this balance within its own confidence if it chooses to do so.
:56:55. > :56:57.Mr Speaker, the Chancellor got his first job in my constituencx and so
:56:58. > :57:02.it is a pleasure to welcome him to his latest job. Our borough has now
:57:03. > :57:08.produced two excellent chancellors of the exchequer. Written h`s not
:57:09. > :57:12.had a chancellors and Nigel Lawson who has taken the issue of tax on
:57:13. > :57:16.occasion seriously. As we prepare the economy for Brexit, will he make
:57:17. > :57:19.it one of his priorities and consider in the eight months before
:57:20. > :57:28.the next budget creating a commission on tax? Can I do say to
:57:29. > :57:31.my honourable friend that wd have created the office of taxable
:57:32. > :57:35.occasion and we are legislating currently on the Finance Bill to put
:57:36. > :57:41.that on a legislative basis. Setting out more and more ambition to enact
:57:42. > :57:45.ambitious plans as how to the tax system could be simplified. A lot of
:57:46. > :57:50.recommendations have alreadx been made. Thank you. As a proud
:57:51. > :57:55.Londoner, I believe we must have greater control over taxes `nd
:57:56. > :58:01.public services, especially in light of Brexit. Siddique Karen h`s an
:58:02. > :58:08.vicious plans for landing. Willie commit to a deal for London in his
:58:09. > :58:12.first Autumn Statement? -- will he? I have to disappoint her in that I
:58:13. > :58:16.cannot commit to anything at this stage. What I can tell her that I am
:58:17. > :58:20.meeting with the Emir of London later this week and look forward to
:58:21. > :58:26.the discussion with him. -- Mayor of London. Willie agreed we nedd a
:58:27. > :58:31.broad coalition to ensure bhg businesses start to pay thehr taxes
:58:32. > :58:38.and will he give the full stpport of the T20 and G-7 on this, whhch
:58:39. > :58:44.started at the summit in 2004? As one of my colleagues has already
:58:45. > :58:49.said, if we are to tackle the profit shifting, we have to do it on a
:58:50. > :58:55.global basis. This is an important topic on the agenda of the leeting
:58:56. > :59:00.this weekend in China and I intend to take a full part in it. What
:59:01. > :59:05.positive consideration will be given to the implementation of fiscal
:59:06. > :59:10.flexibility is by the new Treasury team to assist and underpin our
:59:11. > :59:16.tourism industry? We will look in the Autumn Statement of all sectors
:59:17. > :59:21.of the economy and where we believe more fiscal support is necessary, we
:59:22. > :59:26.will announce the measures. Tank you, can I welcome him to hhs post
:59:27. > :59:32.and ask if he agrees if multinational need to changd and if
:59:33. > :59:36.they have a duty to put somdthing back as a debt to their fellow
:59:37. > :59:43.citizens and a responsibility to pay their taxes? Yes, Mr Speaker. In a
:59:44. > :59:47.new report on living standards poverty and inequality in the UK, it
:59:48. > :59:52.has been found that the young people in the 20s I still receiving 20 7%
:59:53. > :00:09.less. We have had this question from the
:00:10. > :00:11.Shadow Chancellor and have introduced the national livhng wage
:00:12. > :00:15.which will make a differencd to people on low earnings at the bottom
:00:16. > :00:20.of the income scale. The honourable lady was hinting at something else
:00:21. > :00:24.which is about questions of intergenerational fairness `nd the
:00:25. > :00:29.Prime Minister signalled early on in her tenure of F/ office that it is
:00:30. > :00:33.one of the areas she wishes to address. Can I congratulate my right
:00:34. > :00:39.honourable friend and the entire new Treasury team. With some softening
:00:40. > :00:41.of the market in house sales, will my right honourable friend commit to
:00:42. > :00:48.looking at the data and consider whether 3% might be stamp dtty on
:00:49. > :00:55.second property purchases and whether it is desirable and raises
:00:56. > :00:59.any additional revenue at all? I can commit to looking at the data and
:01:00. > :01:05.can turn my honourable friend that my approach to taxation is ht is
:01:06. > :01:11.therefore a simple raise revenue for the Exchequer and I expect the taxes
:01:12. > :01:15.we put in place to do that. In the Queen's speech, the Governmdnt said
:01:16. > :01:19.it continues to support the Northern Powerhouse. Why of the 15
:01:20. > :01:27.infrastructure projects with the most public funding is only one in
:01:28. > :01:32.the North? In terms of some of the numbers that are quoted abott
:01:33. > :01:36.regional impact, they don't take into account national projects such
:01:37. > :01:41.as HS2 which benefit a numbdr of regions in this country. Let me be
:01:42. > :01:46.clear. I set out earlier thd very large commitment to infrastructure
:01:47. > :01:54.projects in the north of England. Something like 240 in the
:01:55. > :01:58.north-west, 300 in the Midl`nds As part of the West of England
:01:59. > :02:04.devolution deal, business r`tes will be devolved to a combined atthority.
:02:05. > :02:11.Can he recognise the import`nce of this deal to the regional economy?
:02:12. > :02:19.We have no plans to announcd any changes to the business ratds plans
:02:20. > :02:24.already in place. The Government has announced that they are going to
:02:25. > :02:29.give ?375,000 worth of bankhng finds to be Joe Cox fund set up bx her
:02:30. > :02:33.family and friends to support charities that mattered to her. That
:02:34. > :02:38.fund has raised ?1.5 million in just a month. Can I welcome the
:02:39. > :02:40.Government's decision to allocate banking families to support this and
:02:41. > :02:45.will the Chancellor joining me in encouraging people to give to the
:02:46. > :02:51.fund which support the Whitd helmets, Hope not hate the Royal
:02:52. > :02:54.voluntary service? I am delhghted to join the honourable lady in making
:02:55. > :02:58.such an appeal and I am that the Government has been able to support
:02:59. > :03:03.this very valuable fund in lemory of Joe Cox and I am sure members of the
:03:04. > :03:12.public seeing that Government contribution will want to rddouble
:03:13. > :03:17.their efforts to support thd fund. I welcome the new team. We nedd to
:03:18. > :03:21.provide more high skilled jobs boosting productivity but attract
:03:22. > :03:23.the right businesses and in this post EU WorldCom could the
:03:24. > :03:29.Chancellor kindly give his commitment which has been mtch
:03:30. > :03:42.praised so forth for the A343 upgrade. I am rapidly learnhng that
:03:43. > :03:46.when it comes to road progr`mmes and other transport infrastructtre, I
:03:47. > :03:49.need to respond. We remain enthusiastic for improving our
:03:50. > :03:56.transport network, whether hn the south-west of England or elsewhere
:03:57. > :04:00.will stop given the Supreme Court's ruling, does the Chancellor have
:04:01. > :04:07.plans for a review of failings to enforce the prospectus rules in the
:04:08. > :04:14.Lloyds ECA notes case? A constituent of mine has been fighting h`rd the
:04:15. > :04:17.pensioners. I am familiar whth this case from the point of the
:04:18. > :04:25.constituency MP but have not had a chance to look at the point of it
:04:26. > :04:28.from a Treasury minister. Ghven the fall in borrowing costs and the
:04:29. > :04:32.infrastructure investment to show that we mean business and the
:04:33. > :04:37.enthusiasm shown by the front bench, will they meet with me to dhscuss an
:04:38. > :04:48.acceleration of the joining of the A303? I would be... My diarx is
:04:49. > :04:52.filling up and I was planning on taking a summer holiday but I would
:04:53. > :04:59.be delighted to meet my honourable friend. Two infrastructure project
:05:00. > :05:04.is critical to the north-east increased at full capacity `t
:05:05. > :05:07.Heathrow and funding for an expanded Metro. What commitment can the
:05:08. > :05:17.Government give today on those issues? I think it has been clear on
:05:18. > :05:25.airport capacity and it will be made in the autumn. In terms of the
:05:26. > :05:31.Metro, there is not much more I can add to what I have previously said.
:05:32. > :05:36.The Government is wanting to support transport infrastructure across the
:05:37. > :05:40.country and are looking at `ll good products -- projects. We have had 20
:05:41. > :05:47.topical questions and we must now move on. Urgent question. Elily
:05:48. > :05:59.Thornberry. To as the secretary of state if he will make a statement on
:06:00. > :06:03.recent departments in Turkex. May I thank the honourable lady vdry much
:06:04. > :06:08.for applying for this questhon today. Members on both sides of the
:06:09. > :06:11.House will have seen from events unfolding on their television
:06:12. > :06:17.screens and the claim clear on Friday that a military uprising was
:06:18. > :06:21.underway in Turkey. It was `n attempted coup which we condemn
:06:22. > :06:24.unreservedly. This was ultilately unsuccessful and constitutional
:06:25. > :06:25.order has been