Oral Answers to Questions

Drew Hendry Excerpts

Tuesday 24th October 2017 Commons Chamber

[The Financial Secretary to the Treasury (Mel Stride)]

As I said earlier, we have cut corporation tax dramatically and as a consequence we raise 50% more in corporation tax today than we did in 2010.

[Drew Hendry (Inverness, Nairn, Badenoch and Strathspey) (SNP)]

T2. The Chancellor will be aware that the Office for National Statistics has revised downwards the UK positive net international investment position from £470 billion to minus £20 billion. What further shocks of this magnitude does he expect as a result of his Government’s handling of the EU negotiations?

[Mr Philip Hammond]

The hon. Gentleman will see, if he looks at that revision, that the cause is lower-than-anticipated returns on UK investment stocks held overseas, principally returns on mining and petroleum-related activities.