argyrotsipi/train-dataset huggingface dataset:
Sovereign Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): We are committed to reducing debt while at the same prioritising investment in high-value infrastructure that will enhance our productivity. Of course, the only way we can pay down debt is to generate a current surplus, which means more tax or less spending. The trajectory that I set out at the autumn statement is the right one for this country in the circumstances. I intend to stick to that and ensure that we get the public finances back into balance as early as possible in the next Parliament.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): 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.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Foreign Trade
Philip Hammond (Conservative, Centre-right): 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.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Macroeconomics
Andrew Tyrie (Conservative, Centre-right): The Treasury Committee has challenged whether the Office for Budget Responsibility’s sustainability reports—the latest such report was published just an hour ago—are worth the effort, given that they amount to 50-year forecasting. The OBR’s latest effort does not even try to take account of Brexit at all. It is required to do this work by statute. Does the Chancellor not think that it might be a good idea to revisit that commitment?
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): My right hon. Friend has a point in one sense, in that economic forecasters admit that even with a five-year forecast, there will be a high degree of uncertainty about accuracy. On a 50-year forecast, there will be a very high degree of uncertainty indeed, but we will see how the debate goes on the fiscal sustainability report that is published today. I suspect that it will act as a very useful catalyst for discussing some of the really important strategic issues that we face as a nation, not in the white heat of immediate political debate, but over a much longer term—over a 50-year period—so that we can think about where we go in the balance between public spending and taxation, and how we support our vital public services.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: International Affairs
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?
Philip Hammond (Conservative, Centre-right): My assessment is that by setting out our agenda and by setting out clear objectives, as the Prime Minister is right now, we are meeting the first ask of our European partners, which is to be clear about what we want. We are recognising the political red lines they have set out and saying that we will respect them. That is the first step towards sensible engagement with our European Union partners to reach an outcome that is positive for the UK and for the European Union. That of course must include freedom for financial services firms to continue doing their business.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: International Affairs
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Hammond (Conservative, Centre-right): What we have said is that where EU funding is awarded to projects involving universities, businesses, external research institutes and farmers between now and the point of our departure from the European Union, provided those awards meet our value-for-money criteria and have the support of the UK or devolved Administration Department responsible, the Treasury will underwrite those awards. We expect that in any settlement with the European Union, the Commission will go on paying those awards after we have left, but if it does not we will stand behind them.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Thomas Hollobone (Conservative, Centre-right): Many small businesses in Kettering are supplied by other British firms and sell their goods and services to British consumers, yet all are affected by often unnecessary EU regulation. Will the Chancellor join efforts post-Brexit to reduce this burden as quickly as possible?
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: International Affairs
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Hammond (Conservative, Centre-right): I reject the hon. Gentleman’s analysis. We are engaging constructively with the real world and recognising the political red lines of our European Union partners. If we do not recognise them, frankly, we are banging our heads against a brick wall. They have to recognise our political red lines, we have to recognise theirs, and then we need to work together to find a pragmatic solution that works for all the people of the UK within those red lines, and that is what we are doing.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Hammond (Conservative, Centre-right): I am disappointed to hear the hon. Gentleman resorting to the soundbite; he is normally better than that. The discussions I have had with third countries that have free trade agreements with the European Union suggest that there is a strong appetite for a quick and simple agreement with the UK so that, as we leave the European Union, we can immediately enter into a successor agreement with those countries—Korea, for example—that will allow us to continue trading with them on the same terms.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: Macroeconomics
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Hammond (Conservative, Centre-right): Let us take that question apart. There are two points. First, the OBR’s 50-year forecast sets out a possible outcome if the Government take no action. As I made very clear in the autumn statement, we are acutely aware that action will be required in order to return the public finances to balance. Secondly, with regard to my interview with Welt am Sonntag, what I said very clearly—I am sorry if this did not come across in the UK reporting, but the right hon. Gentleman should read the original—was that Britain wants to remain in the European mainstream, with its economic and social model, but that can happen only if we get a sensible Brexit deal for continued access to the European market. If we do not, the people of this country will not simply lie down and accept that they will be poorer. We will do whatever it takes to maintain our competitiveness and protect our standard of living.
Leaving the EU: UK Economy — House of Commons, 2017-01-17
Topic: International Affairs
Questions: The financial services industry employs 40,000 people in Edinburgh alone. Given the Chancellor’s comments on the single market, what impact does he think leaving it will have on jobs in Scotland?; What provisions has the Chancellor made for universities in this country after 2020? Will he match pound for pound the lack of EU money?
Philip Hammond (Conservative, Centre-right): No. What the Prime Minister is setting out today is an ambitious agenda for a Britain engaged in the world, and a Britain engaged with the European Union. What she is setting out is a broad-based offer for future collaboration on trade, investment, security, education, technical and scientific areas, and many other matters. We want to remain engaged with the European Union, and I am confident that the approach the Prime Minister is setting out today will allow us successfully to negotiate a comprehensive future relationship with the European Union.
Oxford to Cambridge Growth Corridor — House of Commons, 2017-01-17
Topic: Transportation
David Michael Gauke (Conservative, Centre-right): At the autumn statement, the Government backed recommendations made by the National Infrastructure Commission to invest £140 million in the Cambridge/Milton Keynes/Oxford corridor. That includes development funding for the expressway road scheme and £100 million to accelerate construction of the east-west rail line. The Government support the commission’s ongoing work, looking at a range of delivery models for housing and transport in the corridor.
Oxford to Cambridge Growth Corridor — House of Commons, 2017-01-17
Topic: Transportation
David Michael Gauke (Conservative, Centre-right): It is worth pointing out that in the terms of reference for the National Infrastructure Commission’s report the Government noted that the area contained four of the UK’s fastest growing and most productive places—Oxford, Cambridge, Milton Keynes and Northampton. We agree with the commission that transport investment is key to maximising growth potential in the area. We will invest in the east-west rail line and the expressway, which will better connect parts of the region with one another and with the rest of the country, supporting growth and jobs. The commission will issue its final report later this year, including work on delivery options for housing and transport, and we will carefully consider those recommendations.
Single Market — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: What assessment he has made of the potential effect of losing access to the single market on the chemical industry and the wider economy.
Jane Ellison (Conservative, Centre-right): The Government absolutely recognise the significant contritibution that the chemicals industry makes to the UK economy, and of course the complex supply chains between the UK and the EU. The hon. Gentleman will have heard the Chancellor’s words just now about the importance we attach to getting the best possible market access, and the Prime Minister is talking about that this morning. We are looking at a comprehensive range of analysis to inform our position as we go into those negotiations but, as the Prime Minister is laying out, clarity and certainty are one of the industry’s big asks.
Single Market — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: What assessment he has made of the potential effect of losing access to the single market on the chemical industry and the wider economy.
Jane Ellison (Conservative, Centre-right): Rather than just reading the manifesto, Ministers have actually been meeting the chemical industry. The Under-Secretary of State for Exiting the European Union, my hon. Friend the Member for Worcester (Mr Walker), met the Chemical Industries Association on 17 November. All these issues were explored in some detail and a good, productive conversation was had.
Single Market — House of Commons, 2017-01-17
Topic: Environment
Questions: What assessment he has made of the potential effect of losing access to the single market on the chemical industry and the wider economy.
Jane Ellison (Conservative, Centre-right): My hon. Friend makes a fair point. A discussion about the REACH regulation was on the agenda when the Under-Secretary of State for Exiting the European Union met the chemical industry and, of course, it will continue to form part of our discussions.
Household Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): Households’ financial positions have improved. Household debt has fallen from 160% of household income in quarter 1 2008 to 144% in Q3 2016. UK households have undertaken the second-largest amount of deleveraging in the G7. However, we should be alert to signs of a recent reduction in the level of household savings. The savings ratio is now—in Q3 2016—at 5.6%, which is down from 6.6% in Q3 2015.
Household Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Robert Edward Jenrick (Conservative, Centre-right): The Governor of the Bank of England has identified that two of the most serious challenges to the economy today are levels of household debt and the falling pound. Both of those are made worse by the widespread belief among the general public that interest rates are not going to go up. What more can the Government and the Governor of the Bank of England do to signal to the public that interest rates will rise, and not fall, in the near future?
Household Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): That is not a matter for the Government, because, as my hon. Friend knows very well, interest rates are a matter for the Monetary Policy Committee of the Bank of England, and it is up to the Governor and individual members of the Monetary Policy Committee to signal as they see fit.
Household Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): No, I do not accept that at all. What I do accept is that the extraordinary performance of the UK economy over the last six months, which has defied many predictions, has been largely driven by consumer behaviour. As I just set out in my response to the hon. Member for Eltham (Clive Efford), the savings ratio has declined, so consumers are feeling confident, and they have been spending money rather than saving it over the last six months.
Household Debt — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): The hon. Lady is right, of course, that the declining value of sterling will have an impact on inflation, and we have to take that into account as it feeds through the economy. The OBR signalled in its autumn statement report how it expects that to occur. At the time of the Budget on 8 March, we will get new reports from the OBR in the light of currency movements since the autumn statement, and I will report to the House again then.
Value of the Pound — House of Commons, 2017-01-17
Topic: Macroeconomics
Questions: What assessment he has made of the effect of recent trends in the value of the pound on the economy; and if he will make a statement.
Philip Hammond (Conservative, Centre-right): The Government do not comment on currency movements and we do not target an exchange rate, but I will tell the House that the pound has spiked in the last few minutes while the Prime Minister has been speaking. The vote to leave the EU has obviously caused some uncertainty in the movements of financial markets. More generally, the fundamentals of our economy over the last couple of years have been strong.
Value of the Pound — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: What assessment he has made of the effect of recent trends in the value of the pound on the economy; and if he will make a statement.
James Morris (Conservative, Centre-right): The depreciation of the pound during the past few months has been of significant benefit to west midlands exporters, particularly those exporting outside the European Union. Does the Chancellor agree that whatever arrangements we come to for access to the single market after we leave the European Union, they must not constrain west midlands exporters from growing their trade outside the European Union?
Value of the Pound — House of Commons, 2017-01-17
Topic: Foreign Trade
Questions: What assessment he has made of the effect of recent trends in the value of the pound on the economy; and if he will make a statement.
Philip Hammond (Conservative, Centre-right): On the contrary, the arrangements must support west midlands exporters in that endeavour. We still have a very large current account external deficit, and we need to bring our trade into better balance. One of our objectives in concluding the exit arrangements from the European Union will be to support that.
Concentrix — House of Commons, 2017-01-17
Topic: Government Operations
Jane Ellison (Conservative, Centre-right): The independent National Audit Office has in fact published its report on HMRC’s contract with Concentrix today. HMRC senior managers will attend a Public Accounts Committee hearing on 25 January, at which the report will be discussed.
Concentrix — House of Commons, 2017-01-17
Topic: Government Operations
Jane Ellison (Conservative, Centre-right): There are a number of things. I reflected on them during the Opposition day debate on this subject when, as Labour Front Benchers will remember, I accepted their motion. We have of course learned a number of lessons, including on how Ministers monitor colleagues’ views about the way in which we deal with their concerns on behalf of their constituents. HMRC has confirmed that it is not planning a contract of this nature for this particular operation, but it will have more to say when it responds both to the PAC and to the report.
Concentrix — House of Commons, 2017-01-17
Topic: Government Operations
Jane Ellison (Conservative, Centre-right): First, I want to say that many tens of thousands of people work for HMRC. It would do their morale a power of good if people in this House reflected on their current excellent performance and the improvements they have made on customer service compared with two years ago. I want to compliment them publicly on the improvements they have made We have accepted that mistakes were made on Concentrix, and that is the reason why the agreement was terminated. We will reflect on that further when we respond to the National Audit Office report.
Topical Questions — House of Commons, 2017-01-17
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): My principal responsibility remains delivering near-term measures to ensure stability and resilience as the UK exits the EU, while also addressing the UK’s long-term productivity challenge. My immediate focus is on preparing the last ever spring Budget for delivery on 8 March.
Topical Questions — House of Commons, 2017-01-17
Topic: Macroeconomics
Questions: The latest fiscal sustainability report was published by the Office for Budget Responsibility just over an hour ago. Knowing what a quick reader my right hon. Friend is, what assessment has he made of the implications for the long-term health of the public finances?
Philip Hammond (Conservative, Centre-right): I am not only a quick reader, but able to read the report while also answering questions in the House The OBR’s report shows that, under certain circumstances, the UK public finances will come under increasing pressure over the next 50 years. As I said earlier, this creates a catalyst for a discussion, which we need to have, about how we maintain the sustainability of our crucial public services, given the pressures, including demographic pressures, that they will face. I believe that the report serves a useful purpose. Given that the point 50 years out is sufficiently far away, I hope that we will be able to have a mature, cross-party discussion about how we address these issues in the long term.
Topical Questions — House of Commons, 2017-01-17
Topic: Macroeconomics
Questions: The latest fiscal sustainability report was published by the Office for Budget Responsibility just over an hour ago. Knowing what a quick reader my right hon. Friend is, what assessment has he made of the implications for the long-term health of the public finances?; The autumn statement revealed the Brexit bombshell that growth will be a massive 2.4% lower than previously predicted. What further impact does the Chancellor expect that leaving the single market will have on GDP growth in the years to come?
Philip Hammond (Conservative, Centre-right): The Office for Budget Responsibility set out its projections under different scenarios at the autumn statement. It is the OBR that makes the forecasts. It will, of course, produce a revised set of forecasts that will be published on 8 March—Budget day.
Topical Questions — House of Commons, 2017-01-17
Topic: Macroeconomics
Questions: The latest fiscal sustainability report was published by the Office for Budget Responsibility just over an hour ago. Knowing what a quick reader my right hon. Friend is, what assessment has he made of the implications for the long-term health of the public finances?; The autumn statement revealed the Brexit bombshell that growth will be a massive 2.4% lower than previously predicted. What further impact does the Chancellor expect that leaving the single market will have on GDP growth in the years to come?; Businesses, including restaurants and guest houses in my constituency, curtail their business to keep within the VAT threshold, but that has a negative impact on economic activity and jobs in west Cornwall and the Isles of Scilly. Will the Chancellor consider increasing the VAT threshold as soon as the opportunity arises?
Jane Ellison (Conservative, Centre-right): I thank my hon. Friend for that point, which I am happy to discuss. It is worth putting on record that VAT is projected to raise £138 billion for the public finances this year. We have one of the highest thresholds in the EU, but I am always happy to listen to colleagues. I know that the concerns of the tourism industry are to the fore in the minds of many colleagues.