Speech in Westminster Hall - Wed 08 Feb 2017
Low-Cost housing
"I have finished my remarks.
Question put and agreed to.
Resolved,
That this House has considered low cost housing...."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: Low-Cost housing
Written Question
Friday 13th January 2017
Asked by:
John Penrose (Conservative - Weston-super-Mare)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the potential for further increases in the employment rate in the UK economy over the next (a) two, (b) four and (c) six years.
Answered by Simon Kirby
The Office for Budget Responsibility (OBR) publish forecasts for the employment rate for all those aged over 16. This differs from the main Office for National Statistics measure which looks at those aged between 16 and 64.
In the November 2016 Economic and Fiscal Outlook, the OBR projected the 16+ employment rate to stand at the highest annual rate since 1974 in 2016, at 60.5%, before falling to 60.1% in 2018, 59.9% in 2020 and 59.7% by 2022Q1.
Written Question
Thursday 12th January 2017
Asked by:
John Penrose (Conservative - Weston-super-Mare)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on wages for people in semi and unskilled jobs of changes to the proportion of non-UK nationals entering the adult workforce.
Answered by Simon Kirby
The evidence on the impact of immigration on wage rates is mixed, although a 2015 working paper by the Bank of England found an increase in the immigrant to native ratio has a small negative impact on average British wages, particularly within the semi/unskilled services occupational group.
Written Question
Friday 16th December 2016
Asked by:
John Penrose (Conservative - Weston-super-Mare)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the effect on (a) per capita GDP and (b) overall productivity of changes in the migrant share of the adult population.
Answered by Simon Kirby
As noted in the 2012 report by the Migration Advisory Committee (MAC), the empirical literature suggests that the impact of migration on aggregate productivity may be mixed and heavily dependent on the type of migrant coming to the UK. Migrants may increase productivity either through a simple ‘batting average’ effect if they work in higher productivity roles relative to the average for non-migrants, or through increasing the productivity of UK workers through greater specialisation and knowledge transfer. In this report, the MAC established the key role played by skilled migrants in raising productivity. Further, the 2014 MAC report, ‘Migrants in low-skilled work’, found low skilled migrants have a neutral impact on UK-born employment rates, GDP per head and productivity.
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"I beg to move,
That this House has considered the UK Sovereign Wealth Fund.
It is good to have you looking after us this morning, Mr Owen. The title and subject of this debate come from a proposal I published recently, with help from the good people at the Social …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"At this point in my remarks, I envisage a consistently balanced budget across the economic cycle. That would be a major step forward and, given this country’s history since the second world war, it would produce a welcome degree of certainty for businesses, Government and everyone else. I will come …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"I have not included in my paper any proposal to take existing Government assets and pour them into the sovereign wealth fund, to give it a kick-start. It would be possible, and there are parallels. The previous Chancellor floated the idea of a regional shale gas sovereign wealth fund, based …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"That is a crucial point. As I said, we need to start building the fund soon. It is an urgent priority that we should begin it when the budget hits balance, but once we have begun, we need to save a little for a very long time, and that needs …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"What I propose would take effect once we had got the budget in balance. The Chancellor’s new set of fiscal rules is designed to take us through the next few years before we get the budget in balance, but once we do get it in balance, any Chancellor—as we are …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund
Speech in Westminster Hall - Wed 14 Dec 2016
UK Sovereign Wealth Fund
"Does the hon. Gentleman agree that there is not necessarily a choice between tax cuts and a sovereign wealth fund? Potentially, depending on pacing, we could do both. In some cases, it might make sense to do both, if only because—as the Government have already said in answer to parliamentary …..."John Penrose - View Speech
View all John Penrose (Con - Weston-super-Mare) contributions to the debate on: UK Sovereign Wealth Fund