(5 years, 6 months ago)
Commons ChamberWe know that manufacturing companies have been building precautionary buffer stocks of imported components to give them resilience against any disruption at our ports in the event of a no-deal Brexit—this tends to be larger companies. However, it is also the case, as my hon. Friend knows very well from his work as a Minister, that despite the Government’s attempts to engage with business, there are still far too many businesses who have adopted the famous approach of the ostrich in the sand in relation to this eventuality and are not taking precautionary actions to prepare for the possibility of a no-deal exit.
Rolling out full fibre is essential to Britain’s digital future. That will be done largely by the private sector. The public sector’s role will be to provide the appropriate support in areas where full fibre roll-out is not commercially viable, but supporting the urban centres in all our conurbations, including in Yorkshire, will be an early priority for the broadband roll-out programme. I should say to the hon. Gentleman—I hope this will cheer him up—that I recently met an Italian digital entrepreneur who has relocated his business from silicon valley to Sheffield and he said it was the best decision that he ever made.
(5 years, 7 months ago)
Commons ChamberAs I have said many times, the most important thing for under-25s is to ensure that they get into the workforce and establish a pattern of work.
Almost half the children living in my constituency are living in poverty as a direct result of the Chancellor’s ideological austerity agenda. Why is the stain of rising child poverty not enough for him to act today?
There is nothing ideological about getting a deficit down from £150 billion a year to enable us to fund our public services sustainably in future.
(6 years, 1 month ago)
Commons ChamberToday’s data show regular wages growing at the fastest rate for three years. The Office for Budget Responsibility forecast that wages will continue to grow, reaching 3.5% by 2021, while consumer prices index inflation will continue to fall, reaching the target of 2% by the end of this year. That is welcome news for everybody. Nevertheless, the Government recognise the pressure on household budgets, which is why we introduced the national living wage, delivering a 7% pay rise in real terms for the lowest, paid from April 2015 to April 2017. It is why we raised income tax thresholds, saving the average taxpayer more than £1,000 this year and, at the last Budget, froze fuel and alcohol duties for a further year.
Under the current business rates system, city centre-based businesses are paying more in rates than large out-of-town-based warehouses, severely restricting the amount that they can put towards wages and hampering wage growth for employees. Will the Chancellor today commit to reforming this outdated business rates system so that businesses are able to pay their staff higher wages while boosting our high street economy?
I have already acknowledged the pressure that the high street is under, and it is certainly something that the Government are extremely concerned about. I do not think that we can hold back the tide of changing consumer behaviour, but it is certainly right that we seek to facilitate high streets as they evolve. I remember, when I came into this House 21 years ago, that there was a similar angst among our electorates about the growth of out-of-town supermarkets and the impact that that was having on high streets. High streets evolved and survived and, in many cases, prospered. Now they are facing another challenge and we must help them again to rise and meet it.
(6 years, 4 months ago)
Commons ChamberMy right hon. Friend asks about Parliament’s role in dealing with the onshoring of a very large number of financial services regulations. Some of them will be dealt with through a parliamentary process, but other areas of financial services regulation are dealt with by the independent regulators—the Financial Conduct Authority and the Bank of England. I will write to her and give her as much detail as I can about how that will break down between the different categories.