Owen Thompson
Main Page: Owen Thompson (Scottish National Party - Midlothian)Department Debates - View all Owen Thompson's debates with the HM Treasury
(7 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Philip Boswell (Coatbridge, Chryston and Bellshill) (SNP)
1. What assessment he has made of the (a) extent of and (b) economic effect of assets and capital being moved out of the UK as a result of the outcome of the EU referendum.
Owen Thompson (Midlothian) (SNP)
2. What steps he is taking to update the Government's long-term economic plan in response to the outcome of the EU referendum.
Ian Blackford (Ross, Skye and Lochaber) (SNP)
7. What assessment he has made of the near-term effect of the outcome of the EU referendum on economic confidence and growth in the UK.
Mr Hammond
The hon. Gentleman is right to say that the shock of the exit vote at the referendum has created short-term turbulence in the UK economy, but we are well placed to manage it. In answer to his question about data, a series of data publications during the late summer and autumn will inform a proper response at the autumn statement.
Owen Thompson
The Conservative Government’s so-called long-term economic plan has resulted in their failing on key economic indicators and missing the targets that they set for themselves. Will the Chancellor tell the Chamber whether we will witness an end to this disastrous era of austerity?
Mr Hammond
The UK continues to run a very large fiscal deficit by international standards and we will have to address that deficit. We have already announced that we will no longer seek to bring the budget into balance by 2019-20, but that does not mean that we can go forward without a clear framework for achieving fiscal balance over an appropriate timeframe. We will address that issue in the autumn statement.