Equity of Economic Opportunity 2020-02-11
2020-02-11
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
No specific incident mentioned. The question seeks clarity on how the government plans to ensure equal economic opportunities throughout the United Kingdom.
What plans he has to help ensure equity of economic opportunity throughout the UK?
We will level up opportunity across the UK to ensure that every region and nation benefits from growth, including through better infrastructure, public services and investment in skills. I will set out more details in the Budget through the national infrastructure strategy.
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Assessment & feedback
Did not provide specific figures or timelines for implementation of opportunities
Response accuracy
Q2
Direct Answer
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Context
The question follows from the initial discussion on levelling up economic opportunities and seeks specific information about how this will affect the East Midlands region.
Many of my constituents are delighted about the Government's plans to level up funding across the country. Will my right hon. Friend tell me what that will mean for the people of east midlands and my constituents in Gedling?
As we level up opportunity in every region, we will make sure that the whole country benefits, including the east midlands. That includes, for example, the £3.6 billion towns fund that we have announced, with 16 town deals in the east midlands. The Government are also committed to the £250 million growth deal, which provides funding for the Derby, Derbyshire, Nottingham and Nottinghamshire areas and will include projects such as the Gedling access road.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The question highlights the stark economic inequalities after a decade of Conservative governance, particularly focusing on wealth distribution and poverty rates.
This is beyond parody. The reality is that after 10 years of Tory rule, the five richest families in this country own more wealth than 13 million of us put together. Fourteen million of us live in poverty. Two out of three of those are in working households. Childcare, transport and the cost of rent hold millions back, so will the Chancellor accept some tests for his Budget? Will he cut child poverty? Will he cut homelessness? Will he end the need for food banks? Will his Budget match his words?
Let me tell the hon. Lady what we have seen under 10 years of Tory rule, after Labour's great recession. We have had nine consecutive years of growth. We have an economy that is nearly 17% bigger than it was in 2010, and 3.9 million jobs have been created—I would think that a party that calls itself the Labour party would welcome that. Unemployment is at its lowest level for 45 years, and according to the International Monetary Fund, our economy will grow faster this year than those of Italy, Japan, France and Germany.
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Assessment & feedback
Response accuracy
Q4
Partial Answer
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Context
The question arises from concerns about small to medium enterprises gaining better access to finance, especially considering the regulatory burden on challenger banks.
Small and medium-sized enterprises are critical to economic opportunity and would undoubtedly benefit from greater access to business finance, yet challenger banks suffer from the same capital requirements as larger banks, despite the fact that they do not present the same systemic risk. Will my right hon. Friend say what he might be able to do to change that situation?
This is something that I have discussed with regulators. My hon. Friend is right in his general point about challenger banks and the risks that they may or may not represent. It is right that we take a fresh look at this because having more competition in the banking sector is a good thing, especially for SMEs.
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Assessment & feedback
Did not provide specific actions or timelines for regulatory changes
Response accuracy