Commons Sense

House of Commons · Ministers' Questions

Productivity

Tuesday 7 January 2020 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 0 Not answered 0

Key points

  • Stephen Hammond asked the Minister about establishing a sovereign wealth fund and an infrastructure bond to improve productivity through high-quality infrastructure.
  • The Minister responded that the Government is open to considering new financing instruments for infrastructure investment to level up the country.
  • Alison Thewliss questioned the Chancellor about failing to apologise to the Scottish Finance Secretary and the impact on local authorities setting their budgets.

Topics (select to filter)

Questions & Answers

Q1 Stephen Hammond Con Barnet and Camden
Economy Transport
Context

The question arises in the context of productivity improvement measures.

Question

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?

Answer from Sajid Javid (Chancellor of the Exchequer)

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.

Answered
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Q2 Alison Thewliss SNP Glasgow Central
Scotland Local Government
Context

The UK Government announced the budget only through media, causing uncertainty in Scotland about the promised £1.2 billion in Barnett consequentials.

Question

Alison Thewliss questions Sajid Javid about the Chancellor's failure to apologise to the Scottish Finance Secretary and the potential impact on local authorities setting their budgets without certainty over their block grant by March 11th, as described by the Convention of Scottish Local Authorities.

Answer from Sajid Javid (UK Chancellor of the Exchequer)

In the election, we talked about unleashing the potential of the entire United Kingdom, including all of Scotland. The SNP Government in Scotland has let down people by charging the highest taxes and providing worst public services.

Not addressed: Sajid Javid did not address the specific question about apologising or setting local budgets without certainty over block grants.

How: Changing Topic, Criticising Opposition

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