Charter for Budget Responsibility
Andrew Selous Excerpts(10 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Ed Balls
Yes.
Let me end by discussing the role of the OBR, because that is also set out in this charter. Page 5 states:
“The Coalition Government’s major reform to the fiscal framework has been the creation of the Office for Budget Responsibility”.
We agree with that, which is why we have proposed a reform to enhance the OBR’s role and allow it, as the hon. Member for Ipswich has advocated, independently to audit the tax and spending commitments in the manifestos of the main political parties. Why has the Chancellor not used the opportunity of this updated budget responsibility charter to make that reform? If he were to think again, he would be joining not only me, but the Chair of the Treasury Committee and the Chief Secretary to the Treasury, who have both supported this reform. We need legislation in the Finance Bill to make that happen.
Ed Balls
I will not give way. We know from the head of the OBR that if an agreement is reached by this summer, this reform independently to audit all tax and spending commitments, including all issues referring to social security spending, can be done in time for next year’s general election. It is a matter of political will. The Chancellor seems to be happy to spend his time, and that of the House, trying to set political traps—traps that keep backfiring on him—but he does not seem happy, and neither do other Government Members, to join the hon. Member for Ipswich and allow the OBR to audit the Conservative party manifesto or our manifesto, so that we can have a proper, open and transparent debate at the next election. Why does the Chancellor not join this cross-party consensus and let the OBR play that role? What has he got to hide? This is really not a trap—it is just the right thing to do.
Amendment of the Law
Andrew Selous Excerpts(10 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Ed Balls (Morley and Outwood) (Lab/Co-op)
Yesterday’s Budget was the Chancellor’s last chance to make decisions and announce measures that will make a difference before the general election. For all his boasts and complacency, the Budget did nothing to address the central reality that will define his time in office—the fact that for most people in our country, living standards are not rising but are falling year on year, and that working people will, in fact, be worse off in 2015 than they were in 2010.
Yesterday the Chancellor tried to claim that everything is going well and according to plan, but millions of working people on middle and lower incomes are still not feeling any recovery. Young people stuck on the dole for months are not feeling it. Pensioners seeing their gas and electricity bills rise each year are not feeling it. Parents facing child care costs so high that it barely adds up for them to go to work are not feeling it. People aspiring to own their own home but finding that rising prices have put that beyond their dreams are not feeling it. Small businesses struggling to get a loan from the banks are not feeling it. Nurses who have been told that they will not even get the below-inflation pay rise they were promised certainly are not feeling it.
With wages still rising slower than prices, and working people worse off than they were when this Chancellor took office, the Office for Budget Responsibility revealed yesterday, in table 3.6 of its economic forecast, that real wages will be 5.6% lower in 2015 than in 2010. [Interruption.] I will tell the House what is awful—that people are not better off under the Tories; they are worse off under the Tories.
Andrew Selous (South West Bedfordshire) (Con)
Does the shadow Chancellor agree with the former Labour adviser who said about pensioners last night that
“you can’t trust people to spend their own money”?
Ed Balls
I do not agree, but I will come on to that in a moment.
We will study very carefully the proposals put on the table for discussion. We have just had a statement. The proposals are important, and it is important to have more flexibility and choice. We have been calling for reforms of the annuities market: to be honest, the price of annuities and competition in the market have not been good enough over the past few years. I must say that we all remember the pensions mis-selling of the early 1990s, and we need to make sure that there is a tight grip on tax avoidance. That is why we will look carefully at the proposals.
I must tell the hon. Gentleman that if he looks at table 3.6 on page 87 of the Office for Budget Responsibility’s report on this so-called Budget for savers, he will see that the savings ratio was 7.2% in 2012 and 5% last year and—here is what will happen to savings in the next five years—then goes from 4.1% to 3.6% and down to 3.2%. The Budget for savers will see savings fall every year in the next five years, with each of the figures revised down by the OBR in its latest forecasts. I must say that I am not sure whether this is quite the Budget for saving that it is stacked up to be.
What we desperately needed was a Budget that delivered for the many, not just a few at the top. What a wasted opportunity it was. The annual increase in the personal allowance is outweighed completely by the 24 tax rises that we have seen since 2010. The Chancellor’s welcome conversion to the importance of capital allowances for business investment means that he has reversed the cuts to capital allowances that he made in 2010. Let me tell him what the OBR says in the Budget documents about the overall impact of all the Budget measures:
“The measures in the Budget are, in aggregate, not expected to alter the OBR GDP growth forecast.”
This Budget will have no impact on growth at all.
As for the Chancellor’s 1p cut in beer duty, welcome as it is, it means that people have to drink 300 pints to get one free. This morning’s Tory poster says:
“Bingo! Cutting the bingo tax & beer duty to help hardworking people do more of the things they enjoy”.
How patronising, embarrassing and out of touch that is. The Tory party calls working people “them”—them and us. Do the Tories really think that they live in a different world from everyone else? Does that not reveal just how out of touch this Tory Government are? It is no wonder that they do not understand the cost of living crisis and no wonder that the Chancellor did nothing in the Budget to tackle it.
We are told by the Chancellor that he did not know that the poster was coming out. The Tories’ chief election strategist did not know about the ad campaign that came out straight after his Budget—pull the other one! It gets worse. I hear that the Prime Minister did not properly understand what the Chancellor was saying. Apparently, when he told the Prime Minister that he wanted to cut taxes for Bingo, the Prime Minister thought he was referring to an old school chum: “Hurrah, another tax break for millionaires. Bingo, Bingo!”
It is okay though, because we know that the job of the chair of the Conservative party is safe. No. 10 says that the Prime Minister has full confidence in the Tory party chair. That’s the end of him then! According to The Sun, the Tory party chair is currently on a tour of northern cities, presumably to see how the other half live. I wonder how it is going. Can you imagine, Mr Deputy Speaker? “Goodness me, the houses even have indoor toilets these days.” I wonder whether he is looking for pigeon fanciers up north. My advice to him is to change his name back to Michael Green. That was a bit safer.
The problem with the Budget was not what it did, but what it did not do. Where was the freeze on energy prices that Labour has called for? Where was the 10p starting rate to cut the taxes of 24 million working people? Where was the expansion of free child care to 25 hours a week for working parents? Where was the compulsory jobs guarantee, paid for by a tax on bank bonuses? Where was the cut in business rates for small firms? Where was the new investment in affordable housing? Where was the reversal of the £3 billion top rate tax cut to balance the books in a fair way? We got none of Labour’s cost of living plan to balance the deficit in a fairer way, just more of the same. Working people are worse off, while millionaires get a tax cut—just more of the same from the same old Tories.
Budget Resolutions and Economic Situation
Andrew Selous Excerpts(10 years, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Andrea Leadsom (South Northamptonshire) (Con)
This Budget has been billed as a resilient Budget for a resilient economy. I say that it is a robustly, and indeed resolutely, resilient Budget for a really strong future economy. I completely agree with my hon. Friend the Member for Warrington South (David Mowat) that it passes all the tests of looking to the long term, rather than at short-term give-aways, which is so important in any Budget.
The first thing I would like to say is a huge thank you to the Chancellor on behalf of Northamptonshire for the contribution to a pothole fund, which Northamptonshire will be universally delighted about—[Interruption.]
Andrea Leadsom
That is a great shame. The Chancellor mentioned my hon. Friend the Member for Northampton North (Michael Ellis), so I was rather hoping that we would get to keep it all, but perhaps not.
I would like to mention the efforts that the Chancellor has made for business, which is the source of our country’s long-term recovery. Doubling the annual investment allowance to £500,000 per annum is superb for businesses and will allow manufacturing companies in my constituency, for example in motorsport valley—the area around Silverstone—to invest in plant and equipment. Doubling the UK’s direct export lending programme will enable us to create the export-led recovery for the long term that we so much want to see. Capping the carbon price support rate will save costs for manufacturers in the medium and long term. That is great news for the east midlands, the west midland, the north of England and the entire UK. I hope that Opposition Members will be honest enough to welcome those measures.
I commend the Chancellor on his work for savers and pensioners, which is truly groundbreaking. I also want to pay tribute to Dr Ros Altmann, who has long campaigned for changes to annuity rates. She has been pointing out the weakness in the annuity construction of pensions for many years. I understand that she was in fact an adviser to Opposition Members when they were in government. She has been trying to persuade Governments of all colours to lift the unfair obligation to buy an annuity on reaching retirement age. I am delighted about the news, which will really change the fate of future pensioners.
The annual ISA cap has been lifted to £15,000, but much more important is the allowing of investors to choose whether they want to invest in cash or stocks to meet their savings needs. These things are incredibly important. When it was introduced, quantitative easing was essential to try to prevent further harm to our economy. However, there can be no doubt that the historically low interest rates that have resulted from the QE programme have very badly harmed savers and pensioners—those on fixed incomes. The structural change that the Chancellor has made is really important and will be welcomed not just in my constituency but across the UK.
I have paid tribute to Dr Ros Altmann, who I feel sure is a woman of absolutely high enough calibre to be considered for the next post available on the Monetary Policy Committee, the Financial Conduct Authority or the Financial Policy Committee. I defy any Member to disabuse me of that notion. I also welcome the appointment, announced yesterday, of Dr Shafik to the Monetary Policy Committee.
Andrew Selous (South West Bedfordshire) (Con)
It is a pleasure to follow the right hon. Member for Tottenham (Mr Lammy), who understands the need for strong families.
I want to deal head-on with many of the points that have been made about the financial challenges that people face. The facts are that the recession this country faced was much deeper than we thought; at the same time, this country faced a huge commodity price shock, with energy and food prices going up significantly; and our major market in the eurozone, where half our exports go, was flat on its back. Those were significant challenges.
The Chief Secretary in the previous Government, the right hon. Member for Birmingham, Hodge Hill (Mr Byrne), pointed out that wages for lower-paid workers had been rising very slowly since 2003. On top of that, there was a huge wave of immigration under the previous Government. Between 2005 and 2010, there were 413,000 fewer British people and 736,000 more foreigners in employment. Those are official figures from the Office for National Statistics. That had an impact on driving down wages, which has been at the root of many of the concerns we have heard from the Labour party.
How do we deal with low wages and create a high-wealth economy so that we can deal with the issues of poverty we have been discussing this afternoon? We do it by having world-class schools. This is a Government who are not content with British children getting better educational results than the previous year—they want them to match the results of those in the highest performing countries. We do it through highly skilled apprenticeships: the number of people going into apprenticeships has doubled, and some 2 million apprenticeships have been launched under this Government. We do it by setting up university technical colleges nationally—my constituency has Central Bedfordshire UTC—to make sure that our young people have the skills to go on to earn decent wages in productive industries. That is how we will deal with productivity, because the money is there to be earned.
Government Members think it is morally unacceptable to pass this generation’s unpaid debts on to our children and grandchildren. It is frankly shameful that this country has not lived within its means since 2001. The fact is that every four days we are still spending £1 billion more than our income. That is why we have further work to do on getting the budget back in balance. As the Chancellor reminded us at the start of his speech, we still have one of the highest deficits in the world.
In their first term, the Labour Government brought down debt as a proportion of GDP from, roughly, 40% to 30% when they followed Conservative financial plans, and I commend them for that. To be fair, they were right to do it.
We have created 1.7 million new private sector jobs, with 400,000 new businesses set up, and we are looking at a real-terms increase in the minimum wage to £6.50. I may add that cleaners at the Department for Work and Pensions are now on the living wage, which was not the case under the previous Government. For the first time in 35 years, the United Kingdom has a higher employment rate than the USA.
For pensioners and savers, the Chancellor has today announced fantastic and really significant changes. I remember saying in opposition, in one of my first speeches in this House, that I wanted people to have the same sense of ownership in relation to their pension as they have in relation to their house or their car, and we have moved significantly towards that today. People will feel that they own this money and have much greater control over it and much greater flexibility, which is all hugely welcome.
The tax cuts coming in are hugely significant. The investment allowance is going up to £500,000. Fuel duty has been frozen. Council tax has again been frozen. The personal allowance will increase to £10,500. Corporation tax has been cut from 28% to 21%. Business rates for smaller businesses will be cut next month by £1,000, which is brilliant for our small shops and businesses. Employers national insurance contributions will also be cut from next month by £2,000. A penny is being taken off a pint of beer. From next April, national insurance will not have to be paid for everyone under 22. All those measures will help enormously, as will the cuts in energy costs, which I was delighted to hear about because they are absolutely necessary. I very much welcome the fact that families will get a further £15 off their energy bills, while mid-sized manufacturers will get £50,000 off their bills.
What the Chancellor said about exports was fantastically significant. Going from the least competitive to the most competitive export finance regime in Europe is fantastic. I am the son of a small manufacturer who exported all over the world, so this is in my blood. I get hugely excited when I see businesses in my constituency—BE Aerospace, Honeytop Speciality Foods, Strongbox Marine Furniture—exporting all around the world. We need to give them more help, and we need more exports.
The Chancellor said that this is a Budget for resilience, and it is good that this Government are trying to encourage resilient families. The number of children living with both parents has increased by 250,000, going up from 67% to 69%; and it is particularly welcome that the figure has gone up from 45% to 48% for low-income families.
Finally, I hugely welcome the cut in VAT on air ambulances. Many mayors in my constituency have raised money for the air ambulance in the east of England.
Oral Answers to Questions
Andrew Selous Excerpts(10 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Andrew Selous (South West Bedfordshire) (Con)
3. What recent estimate he has made of the rate of employment.
Richard Harrington (Watford) (Con)
11. What recent estimate he has made of the rate of employment.
Danny Alexander
Employment in the UK is increasing and, under this Government, has exceeded 30 million for the first time in our country’s history. Over the last year, the employment rate has risen 0.6 percentage points to 72.1%, higher than that in the US, Italy and France, and the EU28 and the G7 averages. In the last year, employment has grown faster in the UK than it has in France, Germany, Italy, Japan, the EU28 and the G7.
Andrew Selous
Given that some Members of this House were predicting that the Government’s long-term economic plan would lead to the disappearance of 1 million jobs, can the Chief Secretary remind the House how many new jobs have been created in the last three years?
Danny Alexander
My hon. Friend is right and he draws attention to one Member who told the CBI annual conference that our plan would lead to the disappearance of 1 million jobs—[Hon. Members: “Who was it?”] It was the Leader of the Opposition. In fact, employment has increased by 1.3 million, with more than 1.6 million jobs created in the private sector—proof, if anyone should need it, that our economic plan is working for the United Kingdom.
Fairness and Inequality
Andrew Selous Excerpts(10 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jonathan Edwards
I do not want to become too involved in the Scottish independence debate. I have colleagues who are better qualified to do that. I will say, however, that the case for the creation of a more equal society is based on the generation of prosperity, and that the job-creating levers resulting from fiscal devolution would clearly allow the Welsh and Scottish Governments to achieve that aim.
In my eyes, the case for the creation of that more equal society is crystal clear, and should be the overriding priority of our politics. Equality improves the well-being of citizens, reduces social tensions, and creates a fairer and more democratic society. Democracy, in its wider sense, is about far more than voting; it is about creating a fully participatory society in which everyone has an opportunity to contribute.
Is it any wonder that voting levels are so disgracefully low? Why would those at the bottom of the pile have any interest in participating in electoral events when the main protagonists have a common vision of preserving the status of the élites that currently rule? The Huffington Post reports today that a generation of Londoners have given up all hope of owning their own homes. I certainly felt like that in my twenties, when I had a relatively well-paid job but house prices were rocketing out of control. I can assure Members that that situation is completely demoralising. It is no wonder that young people in particular feel completely disfranchised: their overriding feeling is that the world is passing them by.
Respected academics and commentators have declared that the UK is the fourth most unequal country in the developed world, and that, given current trends, it could even end up being the most unequal. It is certainly the most unequal in terms of individual and geographical disparity anywhere in the European Union, according to last year’s EUROSTAT figures.
Andrew Selous (South West Bedfordshire) (Con)
The hon. Gentleman mentioned prosperity a few moments ago. Having have looked carefully at the motion, I am disappointed to see nothing about skills, nothing about productivity, and nothing about the creation of high-value-added businesses. Is the hon. Gentleman not encouraged by the creation of university technical colleges, and by the millions of apprenticeship starts that will give our young people the skills that will enable them to obtain high-paid jobs?
Jonathan Edwards
Plaid Cymru has certainly prioritised apprenticeships in Wales. We struck a budget deal with the Welsh Government to secure more of them.
Stephen Crabb
The content was marked by the absence of a really attractive vision for what the Welsh economy could be. I was sitting expectantly, hoping that the hon. Member for Carmarthen East and Dinefwr would set out a vision of what small-country, successful economics might look like under a Plaid Cymru Administration, but we heard precious little about that. I hope that some of his colleagues will be able to enlighten us on that. Instead, there was a familiar return to the talk of more spending, more borrowing and more debt—exactly the things that will shackle the people of Wales and their children for generations to come with more economic problems.
Andrew Selous
Does the Minister agree that there is nothing fair at all about getting the next generation to pay even more of this generation’s debts?
Stephen Crabb
My hon. Friend is exactly right. There is nothing fair, progressive or just about loading future generations with more debt and the consequences of debt. If we are a responsible political generation in the House, we will take care to ensure that our decisions minimise the impact on future generations.
This country continues to face deep-seated, long-standing economic challenges. The UK underwent an economic trauma between 2008 and 2010, and we are still living with the consequences. As a result of that trauma in those two years, there was a huge destruction of value in the economy, and a destruction of wealth, and we are still recovering from that, even in 2014. Although it is difficult for Opposition parties to admit, the Government have made difficult, challenging decisions and taken practical steps to reduce the deficit and restore stability and order to our national finances, which is the starting point—the foundation—for tackling all the other social and economic issues that the hon. Member for Carmarthen East and Dinefwr and others have begun to raise in the House this afternoon. As a coalition Government, we are ambitious that the emerging economic recovery should be a recovery for all parts of the UK, including Scotland and Wales, and for all people from all walks of life in our country. That is at the heart of our vision of fairness as a coalition Government.
Pub Companies
Andrew Selous Excerpts(10 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Toby Perkins
I could not agree more with my hon. Friend.
I shall outline how we have arrived at this position. We have now seen the full scale of the revelations from the Select Committee in its four different reviews over eight years. Examples have also been given by many Members from across the House on behalf of their constituents. The hon. Member for Northampton South (Mr Binley), my right hon. Friend the Member for Torfaen (Paul Murphy) and my hon. Friend the Member for Easington (Grahame M. Morris) are all well-known champions of the cause. Just a little research has revealed many more.
The hon. Member for Salisbury (John Glen) has told the House about the landlords of the White Horse in Quidhampton, alleging that
“Enterprise Inns signed them up to a lease on a false prospectus and…made their business completely uneconomic and unsustainable”.—[Official Report, 13 June 2013; Vol. 564, c. 476.]
The hon. Member for Meon Valley (George Hollingbery) has confirmed that
“unsustainable rent demands…from Enterprise Inns”—[Official Report, 13 June 2013; Vol. 564, c. 476.]
led to the closure of the White Hart in South Harting. The hon. Member for Romsey and Southampton North (Caroline Nokes) has written to Enterprise Inns to inform it that the Abbots Mitre in Chilbolton was
“under threat largely due to unrealistic rents and changes in terms and conditions.”
The hon. Member for Bristol North West (Charlotte Leslie) has written to Enterprise Inns asking it not to close the Lamplighters in Shirehampton.
The hon. Member for Cheltenham (Martin Horwood) has bemoaned Enterprise’s decision not to save the Little Owl, saying that
“a big company has failed to recognise a pub’s value to the community.”
The hon. Member for Pudsey (Stuart Andrew) was also concerned with saving the Owl, this time the one in Rodley, whose threatened closure he blamed on
“the mounting costs imposed by the building owners, Enterprise Inns”.
The hon. Member for Bromley and Chislehurst (Robert Neill), who has recently written an excellent article in support of a mandatory free-of-tie option, has said of the sale of the Porcupine in Mottingham that the public were
“incensed that their right to bid for the pub has been bypassed deliberately by Enterprise Inns and LiDL”.
The right hon. Member for East Devon (Mr Swire) told a packed crowd that he would be joining the campaign to save the Red Lion in Sidbury, which Punch Taverns was planning to sell. There are many more examples. My right hon. Friend the Member for Tooting (Sadiq Khan) joined the campaign that successfully saved the Wheatsheaf. My hon. Friend the Member for Westminster North (Ms Buck) was particularly busy: she was trying to save both the Clifton and the Star. My right hon. Friend the Member for Southampton, Itchen (Mr Denham) campaigned to save the Bittern. The list goes on and on and on.
Today we are faced with a choice. We can race to the aid of pubs in distress in our communities—pubs that are the symptoms of the great pubco disaster that plays out in every one of our constituencies and leads to job losses and the loss of a treasured community asset. We can sign the petitions; we can beg the pub companies to be fair this time; we can complain that the rents were too high or that the companies sold a false dream; we can rage against how they did not understand or seem to care about the impact on our communities; we can bemoan that they changed the rules; or, finally, we can act.
Andrew Selous (South West Bedfordshire) (Con)
Televised sport, especially football, is very important to many pubs. I have had news today that a pub in my constituency is in difficulty because Sky Sports wanted to charge £1,250 a month to show Sky Sports in the pub. Has the hon. Gentleman had any thoughts as to how we can try to get sport into pubs more cheaply or increase competition so pubs can show sport, especially football?
Toby Perkins
The hon. Gentleman makes an incredibly important point. I know that many pubs have an agonising decision to make about whether they continue to show sport, which is incredibly expensive but attracts a lot of people through the door. I am sure he raises this question looking forward this weekend to Sheffield United playing Fulham on BT Sport, which can be watched in most good public houses at about 1 o’clock on Sunday afternoon.
The point the hon. Gentleman raises highlights the fact that the proposal we are discussing today is not a panacea for all the problems of the pub trade. If our motion is supported and the Government, with our support, swiftly bring forward regulation we can all back, it will not mean that all the problems will be solved and no more will be asked of Parliament. The sports issue is important and I will speak to my hon. Friend the Member for Eltham (Clive Efford) about it, as he is putting forward Labour’s ideas on sport for the next manifesto.
Oral Answers to Questions
Andrew Selous Excerpts(10 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Nicola Blackwood (Oxford West and Abingdon) (Con)
4. What steps he has taken to increase infrastructure investment.
Andrew Selous (South West Bedfordshire) (Con)
6. What steps he has taken to increase infrastructure investment.
The Chief Secretary to the Treasury (Danny Alexander)
Average annual investment in infrastructure has risen to £45 billion per year under this Government, compared with just £41 billion during the last five years of the previous Government. Last week we published an updated national infrastructure plan that set out our long-term plan for meeting those ambitions for the next decade and beyond. That included a pipeline of £375 billion-worth of projects, building on the announcements we made in June.
Danny Alexander
I agree about the importance of the A34, which is why, through the national pinch-point programme announced in the 2011 autumn statement, we committed to a scheme to improve links between the A34 and the M40. Work on that scheme will start in March, and I am sure the hon. Lady will agree that it will make a significant difference to the economy in her part of the country.
Andrew Selous
Does the Chief Secretary agree that if we are to compete internationally it is essential that we build our infrastructure more quickly? Over the past decade or so, progress has been glacially slow. In my constituency, the A5-M1 link road was announced 10 years ago, in 2003, and a shovel has yet to hit the ground.
Danny Alexander
I agree very much with my hon. Friend, and that is why part of our national infrastructure plan last week included further improvements to the planning system for major infrastructure projects. The A5-M1 link road has been prioritised as a key project and I understand that funding was announced last year and work will start next spring.
Danny Alexander
I can confirm to the House that the action the Government are taking will ensure there is £50 off people’s bills this year. That is as a result of serious-minded work to ensure we reduce the pressure the Government are putting on people’s bills. That includes taking the warm homes discount, which helps 2 million low-income people in this country, on to the Government’s balance sheet. That is the right option, compared with the complete con that unfortunately is still being peddled by the Opposition.
Andrew Selous (South West Bedfordshire) (Con)
T3. Will the Financial Secretary provide any more detail on last week’s announcement that the Government will later this month provide payment for people who bought pre-September 1992 with-profits annuities from Equitable Life?
The Financial Secretary to the Treasury (Sajid Javid)
At Budget 2013 the Chancellor announced that the Government would make ex gratia payment to Equitable Life with-profits annuitants who were excluded from the Equitable Life payment scheme because their annuity began before September ’92. Thanks to the legislation this Government have brought forward, we are now ready to make those payments. Today, I can confirm that over 9,000 people will receive lump-sum payments of £5,000 each next week, before Christmas, and a further 450 in receipt of pension credit will receive an additional £5,000 each.
Cost of Living
Andrew Selous Excerpts(10 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sajid Javid
The hon. Gentleman tempts me and I will come to jobs shortly as there is plenty to tell. He should recognise that employment is at its highest level since records began, and that most jobs created are full time. Also, there is nothing wrong with part-time work.
Andrew Selous (South West Bedfordshire) (Con)
Because the Government have taken the difficult decisions necessary and stuck to a long-term plan, the claimant count has fallen by more than a third in my constituency, where 730 more people are in work than when the other lot were in power.
Sajid Javid
The information my hon. Friend provides is true of almost every constituency in the country.
Oral Answers to Questions
Andrew Selous Excerpts(10 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sajid Javid
The hon. Lady should know, as she would if she looked at the facts carefully, that the Help to Buy scheme is priced on commercial terms; it is designed to break even and it will not cost the taxpayer anything.
Andrew Selous (South West Bedfordshire) (Con)
Does the Minister share my concern that, reportedly, some young people have actually given up saving for a deposit, and will he ensure that those of us on the Government Benches will stand with those people who have a dream of home ownership to make sure it can be fulfilled?
Sajid Javid
My hon. Friend is absolutely right. Some Opposition Members believe that only people who have rich parents that can help them meet some of the large deposit requirements should be able to buy their own home. That is not the policy of this Government, who support hard-working families.
Oral Answers to Questions
Andrew Selous Excerpts(10 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Sajid Javid
My hon. Friend is absolutely right to raise education as another way of tackling the causes of poverty. Thousands of children up and down the country are benefiting from the pupil premium and the further educational reforms that are taking place, not least the focus we put on apprenticeships.
Andrew Selous (South West Bedfordshire) (Con)
Is not the real truth about child poverty the fact that median hourly pay rose by only 0.3% a year between 2003 and 2008? The only real answer for the United Kingdom economy is for it to be a high-skill, high-value-added economy. Our school reforms, and in particular our poverty-busting university technical colleges, are the answer to the problem.
Mr Speaker
The question is about fiscal policy, so a very brief reply will suffice. We are grateful to the Minister.