Category: Economy

  • Rishi Sunak – 2021 Comments on Support for Hospitality Industry

    Rishi Sunak – 2021 Comments on Support for Hospitality Industry

    The comments made by Rishi Sunak, the Chancellor of the Exchequer, on 21 December 2021.

    We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time.

    So we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.

    Ultimately the best thing we can do to support businesses is to get the virus under control, so I urge everyone to Get Boosted Now.

  • Pat McFadden – 2021 Comments on Government’s Business Support Package

    Pat McFadden – 2021 Comments on Government’s Business Support Package

    The comments made by Pat McFadden, the Shadow Chief Secretary to the Treasury, on 21 December 2021.

    This is a holding package from a Government caught in a holding position. The Prime Minister is a prisoner of divisions inside his party and within the Cabinet about whether any further measures are needed and whether they will get past Tory backbenchers. That is not the way that crucial public health decisions should be taken.

    Labour has been calling for an economic support plan for businesses affected by a wave of pre-Christmas cancellations. Support is welcome to see but we will be going through the details of this announcement to see which business and workers are included and excluded.

    Business support should have been announced when the Plan B changes were voted on last week but it has only happened after the Chancellor was dragged back from California to focus on the plight facing businesses and workers here in the UK.

    The real question after yesterday’s indecisive Cabinet meeting is what will happen next, when will the country be informed of that, and will support for businesses and workers be placed alongside any further public health measures that might be announced.

  • Rishi Sunak – 2021 Comments on Funding to Devolved Administrations for Handling Covid

    Rishi Sunak – 2021 Comments on Funding to Devolved Administrations for Handling Covid

    The comments made by Rishi Sunak, the Chancellor of the Exchequer, on 20 December 2021.

    Following discussions with the Devolved Administrations, we are now doubling the additional funding available.

    We will continue to listen to and work with the Devolved Administrations in the face of this serious health crisis to ensure we’re getting the booster to people all over the UK and that people in Scotland, Wales and Northern Ireland are supported.

  • Rachel Reeves – 2021 Comments on Higher Statutory Sick Pay

    Rachel Reeves – 2021 Comments on Higher Statutory Sick Pay

    The comments made by Rachel Reeves, the Shadow Chancellor of the Exchequer, on 18 December 2021.

    We’ve seen throughout this pandemic how especially hard it has been for many people on low wages, insecure work or are self-employed when they are sick or need to self-isolate. It is unacceptable that in 21st Century Britain anyone should feel they can’t afford to get sick, yet that is the reality for many.

    Labour would improve the level of statutory sick pay and increase its coverage to reflect the modern world of work, while valuing the many employers who do provide decent sick pay for their workforce.

    The sorry state of sick pay in Britain was an issue before the pandemic but the Chancellor’s inaction has made people poorer and tragically will have led to an increase in the spread of the virus.

  • John Glen – 2021 Statement on the Overseas Framework Consultation

    John Glen – 2021 Statement on the Overseas Framework Consultation

    The statement made by John Glen, the Economic Secretary to the Treasury, in the House of Commons on 15 December 2021.

    The Chancellor’s Mansion House speech and accompanying document—”A new chapter for financial services”—set out the Government’s vision for an open, green and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens, creating jobs, supporting businesses and powering growth across all of the UK.

    In December 2020, HM Treasury published a call for evidence on the UK’s overseas framework, and the regimes within it, to ensure that they continue to work effectively and support the UK’s consumers, firms and markets. The Government issued a response to that call for evidence and set out next steps for this review in July 2021.

    In doing so, the Government stated that they remain committed to maintaining a safe, open and globally integrated financial system, enabling international financial services business by reducing barriers and frictions, where safe and practicable. Our overseas framework, including regimes such as the overseas persons exclusion, has been a fundamental part of the success of the UK as a global financial centre.

    In responding to the call for evidence, the Government said that there were four principal areas that they wanted to look at in more detail:

    The overseas persons exclusion (OPE);

    Investment services equivalence under Title VIII of the Markets in Financial Instruments Regulation (MiFIR);

    Recognised overseas investment exchanges (ROIEs);

    The Financial Promotion Order (FPO) in general, and specifically in relation to the distribution of certain overseas long-term insurance products in the UK.

    The Government’s response to the call for evidence noted that there are still information gaps about how firms use the OPE, how they might do so in future, and what the implications are for UK financial markets, including their resilience and safety. We have been working closely with the Financial Conduct Authority, the Bank of England and the Prudential Regulation Authority to gather further information in preparation for an upcoming consultation on the UK’s regime for overseas firms and activities. This involves considering whether the access for overseas firms remains appropriate following the UK’s exit from the EU and given technological developments that are changing how firms can serve their clients.

    The Government are committed to maintaining an overseas access regime that ensures firms based in the UK can connect with counterparties and customers globally, while continuing to ensure that those with significant UK business lines continue to maintain the appropriate operations, regulatory permissions and authorisations in the UK; and are able to be supervised effectively. We want to ensure the UK remains a world-class environment to do business and maintain the ability of UK and global firms to benefit from the UK’s deep wholesale markets, which has been key to the UK’s leading global role in financial services.

    The Government have noted the feedback from respondents to the call for evidence that the current overseas framework is complicated, difficult to navigate and that the implications of any changes to the framework should be carefully considered. As such, the Government intend to assess how the current framework is being used and consider the implications of any reforms in careful detail before bringing forward proposals on potential changes to the UK’s regime for overseas firms and activities. The consultation will also consider changes to the UK’s overseas framework which will make it more coherent and easier to navigate, reinforcing the Government’s commitment to maintaining an open financial centre.

    In considering how best to move forward, the Government want to be fully informed about the views of stakeholders. We would emphasise the importance of further evidence being provided on how these regimes are used, and how market participants navigate them, so we can ensure they continue to support the principles that guide our approach to cross-border financial services.

  • Rachel Reeves – 2021 Comments on Interest Rates Rise

    Rachel Reeves – 2021 Comments on Interest Rates Rise

    The comments made by Rachel Reeves, the Shadow Chancellor of the Exchequer, on 16 December 2021.

    Prices have been soaring and many are feeling the pinch, so families will be concerned about additional pressures on their finances from higher mortgage payments and other debt.

    The Chancellor should get on a plane back from California and get to work on a plan for growth, and crucially a plan to tackle the cost of living crisis.

    That must start immediately by scrapping VAT on household gas and electricity bills to ease some of the burden this winter.

  • Pat McFadden – 2021 Comments on Inflation Figures

    Pat McFadden – 2021 Comments on Inflation Figures

    The comments made by Pat McFadden, the Shadow Chief Secretary to the Treasury, on 15 December 2021.

    These figures are a stark illustration of the cost of living crisis facing families this Christmas. From the energy price cap going up, soaring food costs and fuel prices hitting another record high – the list of price crunches as inflation continues to rise goes on and on.

    Instead of taking action, the Government are looking the other way, blaming ‘global problems’ while they trap us in a high tax, low growth cycle.

    Unlike the Conservatives, Labour wouldn’t be hitting working people with a tax hike, and as heating bills rise, we’d cut VAT on domestic energy bills now for the winter months, to help ease the burden on households.

  • Rishi Sunak – 2021 Comments on the G7

    Rishi Sunak – 2021 Comments on the G7

    The comments made by Rishi Sunak, the Chancellor of the Exchequer, on 13 December 2021.

    Thank you to my G7 colleagues for their tireless work this year – together we covered a huge amount in the most difficult of circumstances, including striking an historic agreement on global tax reform to create a fairer tax system fit for the 21st century.

    I look forward to the German presidency and working together to address challenges we face next year.

  • Rishi Sunak – 2021 Comments on Levelling Up

    Rishi Sunak – 2021 Comments on Levelling Up

    The comments made by Rishi Sunak, the Chancellor of the Exchequer, at Shildon Railway Museum on 9 December 2021.

    We are absolutely committed to levelling up opportunities across the whole of the UK so people have good jobs and greater opportunities.

    It’s fantastic to see how our £20 million investment will enhance this popular tourist attraction. This will boost access for rural communities so they can enjoy the area’s rich railway heritage and connect people to key transport links nearby.

  • Owen Paterson – 2010 Statement on Funding for Northern Ireland

    Owen Paterson – 2010 Statement on Funding for Northern Ireland

    The statement made by Owen Paterson, the then Secretary of State for Northern Ireland, on 21 October 2010.

    It has been alleged that the government has broken its word on committing to Northern Ireland ‘s £18 billion investment strategy as set out by the then Chancellor of the Exchequer in May 2007. This is completely untrue.

    In fact I can confirm again today that we believe sufficient funding has been made available for Northern Ireland to meet the £18 billion investment commitment in the time frame set out by the previous administration and on exactly the same basis.

    Critics of the government have exclusively focused on the reduction of 37% over four years in capital spending announced by George Osborne yesterday. I acknowledge this will not be easy but it is worth remembering that the previous government was actually committed to cuts of 50 per cent.

    Yet the key point is that current capital spending was only ever one part of the Investment Strategy agreed by Gordon Brown. As the Northern Ireland Executive’s own Investment Strategy makes clear, it always consisted of a number of elements, including loans under the Reform and Reinvestment Initiative.

    In confirming that we are on course to meet the £18 billion commitment, the Treasury has included the same elements as it did in 2007.

    The reality is that under this government, Northern Ireland will still be able to invest considerable sums in capital projects, if the Executive chooses to do so, over the next number of years.

    The Executive has flexibility over how it manages its budget, including the ability to use current spending (DEL) for capital projects.

    We also remain committed to the package for the devolution of policing and justice. We will ensure its terms are observed.

    In any event under the spending review we have given more favourable treatment to the Executive over carrying forward unspent money at the end of this financial year than any Whitehall department will have.

    Northern Ireland has a much better settlement than most Whitehall Departments. It is of course going to be tough. We have inherited the largest deficit in the G20 and the whole of the United Kingdom has to play its part in tackling it.