All 3 Debates between Lord Hammond of Runnymede and Rishi Sunak

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Rishi Sunak
Tuesday 18th July 2017

(6 years, 8 months ago)

Commons Chamber
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Lord Hammond of Runnymede Portrait Mr Hammond
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The hon. Lady is assuming that we will lose trade with the European Union. It is clear to me that, all other things being equal, the ability to enter bilateral trade deals with third countries will be a positive for our economy. Of course, we also want to protect our trade with the European Union. My focus is on ensuring that we get a Brexit deal that protects our existing patterns of trade and commercial engagement with the European Union, as well as, over time, allowing us to explore new opportunities beyond the European Union.

Rishi Sunak Portrait Rishi Sunak (Richmond (Yorks)) (Con)
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The Chancellor will be aware that the current cost of Government borrowing is at a historical low, with gilt yields at 1%. Does he agree that, if markets lose confidence in our ability to live within our means, the cost of that borrowing would spiral, costing us billions of pounds? That would mean less to spend on our public services.

Lord Hammond of Runnymede Portrait Mr Hammond
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My hon. Friend is right to warn of the danger of a loss of market confidence in UK fiscal policy—I am looking very hard at the right hon. Member for Hayes and Harlington (John McDonnell). If markets lose confidence in UK fiscal policy, they will re-price lending to the United Kingdom. We already spend more every year on servicing our debt than on our armed forces and police services together. It would do a huge disservice to taxpayers in this country if we created conditions that would cause the cost of that debt to rise.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Rishi Sunak
Tuesday 18th April 2017

(6 years, 11 months ago)

Commons Chamber
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Rishi Sunak Portrait Rishi Sunak (Richmond (Yorks)) (Con)
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4. What steps he is taking to support economic growth outside London and the south-east.

Lord Hammond of Runnymede Portrait The Chancellor of the Exchequer (Mr Philip Hammond)
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The Government are supporting economic growth across the whole country as a key part of our productivity agenda by investing in infrastructure and skills, and by developing our industrial strategy. At the autumn statement, I launched our northern powerhouse strategy and earlier this year set out our midlands engine strategy. We recently allocated a further £1.8 billion from the local growth fund and an initial tranche of £185 million of local transport funding across the English regions.

Rishi Sunak Portrait Rishi Sunak
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From Merseyside to Teesside, ports are a great northern success story. Will my right hon. Friend look into the potential for the creation of free ports throughout the United Kingdom? Free trade zones would increase trade, create manufacturing jobs and boost regional growth, which are all key ingredients of our future economic prosperity.

Lord Hammond of Runnymede Portrait Mr Hammond
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My hon. Friend has made the case for free ports, and the Government have heard that case very clearly. We will consider all options that have the potential to support our ambition to see Britain as a great global trading nation, but before making any decisions we shall need to consider carefully not only the advantages that free ports can deliver, but the costs and potential risks associated with them.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Rishi Sunak
Tuesday 20th October 2015

(8 years, 5 months ago)

Commons Chamber
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Lord Hammond of Runnymede Portrait The Secretary of State for Foreign and Commonwealth Affairs (Mr Philip Hammond)
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I discussed the migration crisis with my counterparts at the EU Foreign Affairs Council earlier this month. There is rising recognition among EU member states that Europe cannot continue indefinitely to absorb very large numbers of migrants and that a comprehensive approach is needed, with much greater focus on tackling the root causes of migration as the UK has long advocated. On the issue of mass migration within the EU, my right hon. Friend the Prime Minister has made it clear that we are focused on reforming migrant access to welfare to reduce the artificial pull factors that draw migrants to the UK.

Rishi Sunak Portrait Rishi Sunak
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I thank the Secretary of State for that answer. Does he agree that the best long-term solution to tackling the migration crisis is to improve the living conditions of people in major source countries and that this Government’s commitment on international aid is a tangible example of our leadership in that area?

Lord Hammond of Runnymede Portrait Mr Hammond
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I agree with my hon. Friend. There are two distinct groups. There are those who are displaced by war and conflict, and for the period of their displacement we have to ensure they have the resources they need, usually through the United Nations, to feed themselves and to be able to educate their children and to access healthcare. Then there are those who are coming from countries where, frankly, life is very hard, and we have to work with those countries of origin to ensure economic development that gives everybody a chance to do something that gives them an incentive and a reason to want to stay.