Treasury
Debate between Lord Hammond of Runnymede and William Wragg(5 years, 12 months ago)
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Mr Hammond
No. The Government are pursuing a Brexit that protects British jobs, British businesses and British prosperity, as the hon. Gentleman well knows. We have protected school funding so that it will rise in real terms per pupil next year, and as we move to the fair funding formula for schools, every authority will be funded to enable every school to receive a cash increase. The police settlement on which the House recently voted provides £450 million of additional resource for police forces across the country. We have protected police budgets since 2015.
The following is an extract from the Chancellor of the Exchequer’s spring statement on 13 March 2018.
Mr William Wragg (Hazel Grove) (Con)
My right hon. Friend has struck the right balance between the need for financial discipline and the justifiable need for investment in public services. With that in mind, will he ensure in the autumn Budget that additional funds are provided for schools to ensure the successful implementation of the national funding formula, which we welcomed in Stockport?
Mr Philip Hammond
When she was Education Secretary, my right hon. Friend the Member for Putney (Justine Greening) announced that the fair funding formula would be introduced in a way that would protect per capita spending per pupil, and we would guarantee that every school would receive a cash-terms increase. That guarantee stands today.
[Official Report, 13 March 2018, Vol. 637, c. 742.]
Letter of correction from Mr Philip Hammond:
An error has been identified in the response that I gave to my hon. Friend the Member for Hazel Grove (Mr Wragg).
The correct response should have been:
Spring Statement
Debate between Lord Hammond of Runnymede and William Wragg(6 years, 1 month ago)
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Mr Hammond
Of course I did no such thing. [Interruption.] No, I did not. We spend more than £50 billion a year on benefits to support disabled people and people with health conditions. That is a record high, and we have spent £7.5 billion more in real terms since 2010. As a share of GDP, our public spending on disability and incapacity is the second highest in the G7. It amounts to 2.5% of our GDP and to 6% of all Government spending.
Mr William Wragg (Hazel Grove) (Con)
My right hon. Friend has struck the right balance between the need for financial discipline and the justifiable need for investment in public services. With that in mind, will he ensure in the autumn Budget that additional funds are provided for schools to ensure the successful implementation of the national funding formula, which we welcomed in Stockport?
Mr Hammond
When she was Education Secretary, my right hon. Friend the Member for Putney (Justine Greening) announced that the fair funding formula would be introduced in a way that would protect per capita spending per pupil, and we would guarantee that every school would receive a cash-terms increase. That guarantee stands today.[Official Report, 24 April 2018, Vol. 639, c. 8MC.]
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and William Wragg(6 years, 6 months ago)
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Mr Hammond
As I have already said, the Government have made it clear—the Prime Minister set this out in the Florence speech—that we want to agree an implementation period as part of a deal with the European Union. We are greatly encouraged by the fact that, at last week’s European Council, the 27 agreed to start internal preparatory discussions on guidelines in relation to an implementation period. We are confident that that will give British businesses confidence that we are going to provide them with the certainty they require.
Mr William Wragg (Hazel Grove) (Con)
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and William Wragg(6 years, 9 months ago)
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Mr William Wragg (Hazel Grove) (Con)
T1. If he will make a statement on his departmental responsibilities.
The Chancellor of the Exchequer (Mr Philip Hammond)
My priority is to ensure that the economy remains resilient as we negotiate our exit from the European Union. That means building on this Government’s achievements in reducing the deficit by two thirds, delivering record levels of employment and getting unemployment down to the lowest rate since the mid-1970s, while continuing to tackle the long-term challenge of productivity enhancement and making steady progress towards balancing the budget
Mr Philip Hammond
I agree with my hon. Friend. The UK will have increased the tax-free personal allowance by over 90% compared with 2010, completing a decade of sustained tax cuts for working people. Over 31 million taxpayers will pay less tax in 2017-18, including 3 million taxpayers in the north-west. Since 2010, more than 4 million taxpayers have been taken out of income tax altogether.
Oral Answers to Questions
Debate between Lord Hammond of Runnymede and William Wragg(7 years, 3 months ago)
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Mr Hammond
The way it works is that the pricing of new Government debt is determined by the auctions around new issuance, which, clearly, is bought at current exchange rates by foreign purchasers of debt. The hon. Lady makes a good and important point: currency volatility, rather than the actual level of the currency, does introduce an additional dimension for foreign purchasers of UK Government debt. I have said many times that the process that we are embarked on of negotiating our exit from the European Union creates some uncertainty, some of which we have seen manifesting itself in the currency markets. The sooner we can get through that period of uncertainty and have clarity about our future relationships with the European Union, the better for markets, business and people in this country. The purpose of the speech that the Prime Minister is making right now is to start to give some clarity to the situation.
William Wragg (Hazel Grove) (Con)
The Chancellor of the Exchequer (Mr Philip Hammond)
We have committed to returning the public finances to balance as soon as possible in the next Parliament, and to reducing the structural deficit to below 2% of GDP by the end of this Parliament. As I have said, that strikes the right balance between restoring the public finances to health and giving ourselves enough flexibility to allow us, if necessary, to support the economy in the short term as we go through this period of greater uncertainty. We have also been able to commit an additional £23 billion to a national productivity investment fund to improve our economic productivity.
William Wragg
Does my right hon. Friend agree that the resilience of our economy is best served by what the Prime Minister has said today, which is that Britain will be leaving the single market with no ifs and no buts?
Mr Hammond
For six months, we have kept open as many options as possible while we review the way forward in this negotiation with the European Union. We have heard very clearly the views and the political red lines expressed by other European leaders. We want to work with those leaders and to recognise and respect their political red lines. That is why the Prime Minister is setting out right now a position on which we will go forward, understanding that we cannot be members of the single market because of the political red lines around the four freedoms that other European leaders have set. She is expressing an ambitious agenda for a comprehensive free trade arrangement with the European Union that will allow our companies to trade in Europe, and European companies to trade in Britain, while minimising disruption to business patterns and to pan-European supply chains.