Financial Statement — House of Commons, 2017-03-08
Topic: Macroeconomics
Philip Hammond (Conservative, Centre-right): It says here that I will commit a further £20 million of Government funding to support the campaign against violence against women and girls, which, as my right hon. Friend the Prime Minister said earlier, takes the Government’s commitment to this campaign to over £100 million in this Parliament. That is on top of the tampon tax, which today delivers another £12 million in support of women’s charities across the UK. The Prime Minister also mentioned earlier that the Government will commit a further £5 million to promoting returnships to the public and private sector, helping people back into employment after a career break Next year is the centenary of the Representation of the People Act 1918, which was the decisive step in the political emancipation of women in this country. I will commit a further £5 million to projects to celebrate this centenary, and to educate young people about its significance As well as knowing that the Government are on their side, people want to know that they are getting a good deal from private markets. A well-functioning market economy is the best way to deliver prosperity and security to working families, and the litany of failed attempts at state control of industry by Labour leaves no one in any doubt about that—except, apparently, the right hon. Member for Islington North (Jeremy Corbyn), who is now so far down a black hole that even Stephen Hawking has disowned him The Government recognise that sometimes markets, particularly in fast-developing areas of the economy, can fail people. Sometimes the market does not deliver the outcome that the textbooks suggest that it should. When that happens, the Government will not hesitate to intervene. We will shortly present a Green Paper on protecting the interests of consumers, but ahead of the Green Paper we will take the first steps to protect consumers from unexpected fees or unfair clauses, to simplify terms and conditions, and to give consumer bodies greater enforcement powers. Together, those measures will boost incomes, help family budgets to stretch a little further, support parents back into work, and tackle some of the frustrations that sometimes make it seem that the dice are loaded against ordinary people going about their everyday lives The House knows that the only sustainable way to raise living standards is to improve our productivity growth. Put simply, higher productivity means higher pay. The stats are well known: we are 35% behind Germany and 18% behind the G7 average, and the gap is not closing. Investment in training and in infrastructure will start to close that gap. The Government place addressing the UK’s productivity challenge at the very heart of their economic plan, because the cornerstone of an economy that works for everyone must be rising living standards for ordinary working people A key element of our plan is the £23 billion of additional infrastructure and innovation investment that I announced in the autumn statement. Today, to enhance the UK’s position as a world leader in science and innovation, I am allocating £300 million of that fund to support the brightest and the best research talent. That includes support for 1,000 new PhD places and fellowships, focused on STEM subjects: science, technology, engineering and maths. I am allocating £270 million to keep the UK at the forefront of disruptive technologies such as biotech, robotic systems and driverless vehicles—a technology that I believe the Labour party knows something about. There will be £16 million for a new 5G mobile technology hub, and £200 million for local projects to leverage private sector investment in full-fibre broadband networks On transport, I am today announcing £90 million for the north and £23 million for the midlands from a £220 million fund that addresses pinch points on the national road network, and I am launching a £690 million competition for local authorities across England to tackle urban congestion and get local transport networks moving again. My right hon. Friend the Transport Secretary will announce details shortly Because we believe that local areas understand local productivity barriers better than central Government, we will make further progress with our plans to bolster the regions. In May, powerful Mayors will be elected in six of our great cities. Across Britain, local areas will take control of their own economic destiny, and we will support them. I can inform the House that I have reached a deal with the Mayor of London on further devolution. Tomorrow, I will follow the launch of the northern powerhouse strategy in the autumn statement by publishing our midlands engine strategy, which will address productivity barriers across the midlands For the devolved Administrations, our announcements today deliver additional funding of £350 million for the Scottish Government—[Interruption.]