Economic Update

Peter Gibson Excerpts

Wednesday 8th July 2020 Commons Chamber

[Rishi Sunak]

The right hon. Lady knows this area well, and I enjoyed reading of and learning from some of the things she did at that time. In terms of a guarantee, what we have put in place is a comprehensive suite of interventions. She will know from the evidence that we want to encourage young people into work or some kind of work-based training. In the hierarchy of interventions, that should come first. However, we do have a classroom-based offer. She will have heard me talk about increased funding for level 2 and 3 training for school leavers especially, if they cannot avail themselves of traineeships, sector-based work academies or other interventions. More broadly, I would be very happy to sit down with her to get her advice and thoughts on how we can ensure that the kick-start scheme is as successful as it can be.

[Peter Gibson (Darlington) (Con)]

May I thank my right hon. Friend on behalf of the 9,900 furloughed workers of Darlington, whose prospects of redundancy have been reduced today, and the 1,000 unemployed young people of Darlington, whose prospects of a job have been improved today? Does he agree that his incredibly bold changes to stamp duty are the key to unlocking our housing market?

[Rishi Sunak]

I know that my hon. Friend has been working very hard on behalf of his local businesses and young people, and I am glad that he welcomes today’s initiatives. He is right about unlocking the housing market. The intervention today will mean that almost 90% of people buying a main home in this country this year and until March next year will pay no stamp duty. It is a strong catalyst for people to get moving—to get buying and selling—and, importantly, to get renovating, all of which will create local jobs in Darlington and beyond.