Autumn Statement Resolutions

Debate between John Redwood and Lindsay Hoyle

Monday 27th November 2023 Commons Chamber

[John Redwood (Wokingham) (Con)]

I have my business interests declared in the Register of Members’ Financial Interests.

Underneath the exchanges of words, I welcome the outbreak of agreement, given that the Labour party now strongly supports the idea of helping more people into work. I suspect that the Opposition will not vote against the main items in the autumn statement because they understand that the Government have had success in keeping so many people in work and promoting employment over the years, despite some extremely difficult situations. They also understand that that is an important thing for a responsible Government to do, and not just to get the benefit bill down. As Labour has eloquently said, life can be so much more worth while when people have suitable work, suitably supported, that gives them a sense of purpose and of contributing to their communities.

I wish to draw brief attention to the issue of getting inflation under control and the inadequacy of forecasts by the Office for Budget Responsibility and the Bank of England. It is extremely difficult for Ministers to conduct consistent policy when the forecasts are zinging around so much and giving different and often misleading ideas of what is feasible and what is not. I welcome the other place’s most recent report on the Bank of England, which highlights how the Bank has been unable to come up with realistic inflation reports over the last three years and has therefore taken inappropriate action. First, it loosened monetary policy in the covid recovery phase, and now its monetary policy is too tight as it seeks to adjust its past mistakes. I hope that the Bernanke review will get on with the important task of adjusting the Bank’s models and coming up with a better answer to help guide our counsels, and particularly those of our Ministers.

I find it odd that we have a Monetary Policy Committee that is not interested in money and credit. As the other place’s report suggests, perhaps it should look at putting money and credit into its thinking—more diversity of thought is recommended—and into the models to try to get them to work. What is the point of the committee sitting around trying to make decisions if the main data it is using—namely, what it thinks the inflation rate will be—can be massively out? It thought that the inflation rate would stay at a pretty consistent 2%, when it was en route to 11%. That was why, for many months, the Monetary Policy Committee did not take appropriate action to rein in potential inflation. Now it is pretty sure that inflation will come under control, but it still has had difficulties and is constantly having to change its inflation forecasts in the meantime, as has the OBR.

The review rightly points out that when looking at money and credit in the economy, we need to look at the experience elsewhere in the world. Of the five most important central banks of the world, including the Bank of England, those in Asia have lived through exactly the same big escalation in food and energy prices as a result of the dreadful war in Ukraine. The two major central bank economies in Asia are very vulnerable, because they import a lot of food and energy, but their inflation stayed around 2%, whereas the three western central banks, including the Bank of England, took much more aggressive monetary action, printing a lot of money and buying an awful lot of bonds, and experienced the inflation rate going up to around 10%. They should pause and ask why.

The review also rightly says that the Bank of England should be more accountable to Parliament—not to the Government, in any way to prejudice its independence—because it is in the process of losing us the most colossal sums of money. Successive Chancellors have guaranteed the Bank of England against all losses from their bond buying programmes, which started under Labour at the end of the first decade of the century and were escalated by the current Government in response to covid. We are now looking at a possible loss of £170 billion, based on the latest figures that it has revealed. Every penny of that has to be paid by the Treasury on behalf of taxpayers as and when it is incurred.

There is absolutely no need for the Bank of England to make those losses bigger and more immediate by wading into the markets at the moment and selling those bonds in a hurry, at very depressed prices—prices that the Bank has deliberately depressed in order to get interest rates higher. It could follow the European Central Bank, which wisely is not selling its bonds at a loss in the market but is awaiting their retirement when they fall due for repayment, when the losses will be less but it can still shrink the balance sheet, which is the main thing it wishes to do.

I hope the Government will look at that, because it has always been a dual-controlled policy: the bond buying required the signatures of successive Chancellors of the Exchequer. It is a matter of legitimate concern for this House when the losses are so colossal, and there is a direct impact on all public expenditure figures, public borrowing and so forth, excluding the Bank of England. As many in the debate will know, we look at the figures both cum the Bank the England and ex the Bank of England. The ex the Bank of England figures look very poor indeed.

I welcome measures in the autumn statement to promote more growth, which is crucial. The way to get inflation down faster is to promote more capacity, so any measure that gets us more capacity is welcome. That is why I am particularly keen that we be much kinder to the self-employed and small businesses. They can do more work immediately, but some of the tax penalties still weigh on them, preventing them from getting self-employed status or winning contracts, or preventing small businesses from growing quickly enough. I repeat my urging for Ministers to look at that: more capacity would be the best way to get inflation down.

I will put in one final plea to Ministers to find some money to cut the taxes on energy. They are making us extremely uncompetitive and are keeping inflation higher for longer. It would be a win-win to get some of the taxes on energy down.

[Mr Speaker]

We now come to the SNP spokesperson.

Northern Ireland

Debate between John Redwood and Lindsay Hoyle

Wednesday 22nd March 2023 Commons Chamber

[John Redwood (Wokingham) (Con)]

The Government should not put this measure to a vote now. This will not work. It cannot work as a brake, because Stormont will not meet because of it. It gives amazing powers to the European Union—

[Mr Speaker]

Order.

Ministerial Code

Debate between John Redwood and Lindsay Hoyle

Monday 2nd March 2020 Commons Chamber

[Mr Speaker]

Order. I am expecting to run this urgent question for about 45 minutes.

[John Redwood (Wokingham) (Con)]

I am someone who strongly supports the work that the Home Secretary is doing to make sure we are secure and to have a new borders policy. Can the Government guarantee that this will be a quick process, so that we can get to an early answer and she can get on with the job?

High Speed Rail (West Midlands - Crewe) Bill

Debate between John Redwood and Lindsay Hoyle

Report stage & 3rd reading & 3rd reading: House of Commons & Report stage: House of Commons
Monday 15th July 2019 Commons Chamber

[Yvette Cooper]

I am conscious of the time and see Mr Deputy Speaker looking at me, so I shall give way only briefly.

[Mr Deputy Speaker (Sir Lindsay Hoyle)]

I am very relaxed.

[John Redwood]

How would a review help, given that the right hon. Lady’s Front-Bench colleagues and the current Government are united behind the current scheme, which does nothing to help our towns?

Parliamentary Buildings (Restoration and Renewal) Bill

Debate between John Redwood and Lindsay Hoyle

3rd reading: House of Commons & Report stage: House of Commons
Wednesday 19th June 2019 Commons Chamber

[Mr Deputy Speaker]

Hence I am sure Sir John will now go back to where he wanted to be.

[John Redwood]

I am very willing to do so. As I say, I welcome the principle that where works are conducted, there needs to be a proper audit. However, I go back to the intervention that I made at the start of the debate, when I said that any audit should also look at the policy, because I note that the legislation we are being asked to approve today makes it very clear that the policy has not been finalised. We are setting up authorities and bodies to sort out both the policy and the implementation, so I submit that the audit must apply to the policy as well as to the implementation.

Exiting the EU: Sectoral Impact Assessments

Debate between John Redwood and Lindsay Hoyle

Wednesday 1st November 2017 Commons Chamber

[John Redwood]

Of course it should see documents, as long as they do not harm the national interest, and it is Ministers who are charged with the duty of ensuring that the national interest is upheld. It is quite obvious that Labour Members have absolutely no wish to uphold the national interest, and whenever I debate with them they tell me that the EU is right, the EU is in a strong position and the EU will grind us down. They should be speaking up for their electors and the jobs in their constituencies, because Brexit is teeming with opportunity.

We are asked to talk about sectoral impact assessments, so let us hear it for the fishing industry. It is going to be a much stronger, better British industry when we can have our own territorial waters and our own policy. [Interruption.]

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. I am struggling to hear the right hon. Gentleman, and I am sure that everybody wants to listen to every word he has to tell the Chamber.

[John Redwood]

They do not like good news, Mr Deputy Speaker.

Let us consider the agricultural industry. Is it not a great tragedy that we have lost so much of our capacity to make our own food and to grow our own food where our temperate climate allows? Will not being outside the EU enable us to have an agricultural policy that allows us to be more self-sufficient, so that there are fewer food miles travelled and more jobs for British farmers? Would not that be great? Why do the Opposition not spend a bit of time thinking about how that policy might work, and what a big opportunity it will be for that sector if we develop in such a way?

Would not it be great for quite a number of the sectors in our country if we got that £12 billion a year back as soon as possible and started spending it in the UK? I thought the Opposition understood that if you spend more money in a country, you create more jobs and more economic activity. When it comes to the money we send to Brussels, all we ever hear from them is, “Let’s keep sending them the money. Let’s do it next year, the year after, the year after that. Can we find a way to send the money for another three years after we’ve left?” It is outrageous that they want to give our money away in this way.

--- Later in debate ---

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

That is not a point of order. I call John Redwood.

[John Redwood]

I think that is a silly point, because there were tax cuts from the Government and it was very important that we had a sensible Budget after we had made full provision.

The Opposition are always running things down. My worry about these sectoral studies is that there is a tendency amongst some Government advisers and consultants to want to highlight every conceivable thing that could go wrong and lots of inconceivable things that could not conceivably go wrong, because that is how they make their money or that is what they think they are there to do. They do not risk-assess; there are very few genuine risks that need to be managed properly, and we still have 15 months to manage them. If necessary, we can manage them for ourselves without even needing the agreement of the EU.

I look forward to Ministers making a judicious response to this debate. I do not want them to share any information that undermines our position. I just live in hope that one day the Opposition will wake up to all those voters who wanted Brexit, and understand that they need to be positive and sympathetic to the British Government view, not to the EU view.

Neighbourhood Planning Bill

Debate between John Redwood and Lindsay Hoyle

3rd reading: House of Commons & Legislative Grand Committee: House of Commons & Report stage: House of Commons
Tuesday 13th December 2016 Commons Chamber

[John Redwood (Wokingham) (Con)]

rose—

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Mr John Redwood!

[John Redwood]

I rise, Mr Deputy Speaker, to support—

[Mr Deputy Speaker]

I sounded shocked because I had not realised you were here at the beginning.

[John Redwood]

I was in at the beginning. I have come because this an important subject and I want to support my colleagues in saying that where land is being compulsorily acquired, the aim should be to ensure that the owner gets the open market value that they would have got had they been a voluntary seller in the private sector market without the distortion of the public sector purchaser. As my hon. Friend the Member for The Cotswolds (Geoffrey Clifton-Brown) indicated, that surely means that if there is hope value in the land, it should be included in the price. It might be possible to take care of hope value with an overage, or it might be that we can express a capital value of the hope value and clean the whole thing up in one go. Either way, it needs to be sorted out, and I hope that will be confirmed by the Minister. I believe that that is the intention.

As to the Opposition argument, I think that sometimes the best is the enemy of the good. We already have 17 pages of additional legislation on compulsory purchase, and if the Opposition thought that something needed fixing or improving, this was their opportunity to table amendments to do so. The new clause is the Government’s best fix for the current legislation. I think we can do it by means of amendment to existing law. We need not redesign the whole thing. A redesign could create added hazards and complexities and bring scope for mistakes.

European Union (Referendum) Bill

Debate between John Redwood and Lindsay Hoyle

Friday 17th October 2014 Commons Chamber

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. I want to hear the hon. Gentleman, but I cannot hear him for those who are either shouting him down or cheering him on. Whichever it be, I want to hear the hon. Gentleman.

[Mr John Redwood (Wokingham) (Con)]

May I support my hon. Friend’s excellent point by asking whether he has noticed that there is only one Liberal Democrat in the Chamber? I presume that the Liberal Democrats are ashamed of trying to stop the British people having a vote on this issue, and ashamed of the U-turn they have performed. They once believed in an in/out referendum, but now that there is a chance of our having one, they will not support it.

Devolution (Scotland Referendum)

Debate between John Redwood and Lindsay Hoyle

Tuesday 14th October 2014 Commons Chamber

[Mr Redwood]

Does the hon. Gentleman wish to intervene?

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. The hon. Member for West Aberdeenshire and Kincardine (Sir Robert Smith) has only just walked into the Chamber, and I do not want to embarrass him.

[Mr Redwood]

I say that we need justice for England, and that we need to embark on this course now. We could begin today if Scottish Members of Parliament, like those in the SNP, would simply say that they would no longer vote on English-only matters. We could do it quite simply by amending the Standing Orders of the House, which I strongly recommend.

I hope that other parties will come with us. I am offering something that is extraordinarily popular in England. All the parties are struggling a bit to be popular enough to win the general election, and one would have thought that they would want to associate themselves with something as popular as this. I cannot remember when I last supported something this popular, and I do not go out of my way to support unpopular causes. Yet I find MPs from other parties queuing up to disagree with the English people, to deny the English people justice, to say that an English person’s vote should not count as much as a Scottish person’s vote, and to say that, yes, they want to see an income tax rate set for England by people who will not be paying the tax, and who do not represent those who do pay it.

I say, “Justice for England! Justice now! English votes for English issues!”

Court of Justice of the European Union

Debate between John Redwood and Lindsay Hoyle

Tuesday 11th June 2013 Commons Chamber

[Mr John Redwood (Wokingham) (Con)]

But does the Minister not agree that what we want is fewer judges because we want fewer cases? The judges we want are the ones who will uphold the sovereignty of national Parliaments on far more issues than is currently the case—

[Mr Deputy Speaker (Mr Lindsay Hoyle)]

Order. I have allowed the right hon. Gentleman to intervene on the Minister even though he only arrived in the Chamber three minutes ago. However, the debate is about advocates-general, not about judges.