Topical Questions — House of Commons, 2017-04-18
Topic: Domestic Commerce
Questions: As we are congratulating football teams, I am sure the House will want to join me in congratulating Hibernian football club, which has returned to the top league in Scotland.The Chancellor of the Exchequer has a brass neck when he talks about a stable and resilient economy. The growth in the money supply, which has been trending at around 6%, is mainly down to an increase in personal borrowing and credit card debt. When are we going to get fiscal measures that will stimulate the economy, rather than relying on the boom and bust we are seeing again?; The House may be aware that Plymouth Argyle were also promoted yesterday.I am the chairman of the all-party group on south-west rail. Last November, the peninsula rail taskforce published a report on the future of rail in the south-west. One key recommendation was for a resilient railway line through Dawlish. Will my right hon. Friend confirm that there is enough money in the kitty to deliver that?; Co-operatives and worker-owned businesses tend to be more resilient and are more productive. Does the Chancellor agree that regulation and law should not disadvantage their development? Will he consider redirecting tax incentives away from company executives and towards employees looking to buy their own workplace?; Given the large proposed increase in probate fees, and bearing in mind that deceased people’s bank accounts are frozen, will the Chancellor or the Chief Secretary look at allowing the fees to be paid after probate has been granted and the estate has been wound up?; We have heard today an awful lot about a stronger economy and the need to improve productivity. What discussions has the Chancellor had with his Cabinet colleagues about skills and education funding? There is concern that children in Blackburn are about to lose £284 per head under what the Government call a fairer funding formula.; Although the south-east is the financial powerhouse of the UK, it does none the less have some less prosperous areas such as the Isle of Wight. What steps is my right hon. Friend taking to ensure that the benefits of economic growth reach all corners and all islands of the United Kingdom?; Britain’s coastal communities have enormous potential for sustainable economic growth in the trade, energy, fishing and tourism sectors. Much good work is being done, but I would be grateful if my right hon. Friend gave us an assurance that no stone will be left unturned to ensure that coastal Britain realises its full potential.; The taxpayer has benefited from the return to private ownership of Lloyds and UK Asset Resolution, but can my right hon. Friend provide an update on the sale of the Royal Bank of Scotland?
Philip Hammond (Conservative, Centre-right): We are making real progress in realising our holdings in the banking sector. We continue the programmed sale of our shareholding in Lloyds, which is now down from 43% to less than 2%. Just last month, we sold £12 billion of Bradford and Bingley mortgages in a highly competitive process. The Government are not at present actively marketing their stake in RBS. Our policy remains to return the bank to private hands as soon as we can achieve fair value for the shares, recognising that fair value could well be below what the previous Government paid for them. We must live in the real world and make decisions on the future of our holding in RBS in the best interest of taxpayers.