Oral Answers to Questions

Stephen Hammond Excerpts

Tuesday 7th January 2020 Commons Chamber

[Kevin Hollinrake (Thirsk and Malton) (Con)]

3. What fiscal steps he is taking to increase productivity throughout the UK economy.

[Stephen Hammond (Wimbledon) (Con)]

7. What fiscal steps he is taking to increase productivity throughout the UK economy.

[Andrew Selous (South West Bedfordshire) (Con)]

12. What fiscal steps he is taking to increase productivity throughout the UK economy.

--- Later in debate ---

[Sajid Javid]

My hon. Friend speaks with experience on this subject and is right about the importance of access to finance. I know that he has broadly welcomed the voluntary Business Banking Resolution Service but is not happy with the way it is exactly working at the moment. I know that he has a meeting coming up with the Economic Secretary on this important issue.

[Stephen Hammond]

High-quality infrastructure is a key factor in improving productivity, so will my right hon. Friend consider establishing both a sovereign wealth fund and an infrastructure bond, which would enable part of the financing solution to allow that necessary infrastructure to be implemented?

[Sajid Javid]

The Government’s fiscal policy will allow for a step change in infrastructure investment, which is what we need to level up and unleash the potential of the whole country. That is why I am open to looking at ideas for new financing instruments, but I would need to be satisfied that they represent good value for money, that they can be sustained for the long term and that they are consistent with our wider fiscal objectives. I would be happy to discuss that with my hon. Friend.