Philip Hammond


Last quote by Philip Hammond

It has to be a deal that works for Britain and for its European Union partners, that's the only way you can get a deal done. But I'm confident as we've explored over the last nine months with our EU partners that we have a sufficient meeting of minds on this issue.
NEW Mar 29 2017 Brexit
Philip Hammond has been quoted 172 times. The one recent article where Philip Hammond has been quoted is UK finance minister says Brexit deal with EU will need 'give and take'. Most recently, Philip Hammond was quoted as having said, “It has to be a deal that works for Britain and for its European Union partners, that's the only way you can get a deal done. But I'm confident as we've explored over the last nine months with our EU partners that we have a sufficient meeting of minds on this issue.”.
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Philip Hammond quotes

He is clearly not in that inner circle. There has been huge, huge damage done by the Treasury when it briefed against Downing Street. You don't brief against the boss.

In light of the debate over the last few days, it is clear that compliance with the 'legislative' test of the manifesto commitment is not adequate.

It is very important both to me and to the prime minister that we are compliant not just with the letter but also the spirit of the commitments that were made.

A strong economy needs a fair, stable and competitive tax system, creating the growth that will underpin our future prosperity.

Reflecting the recent strength in the economy, the OBR has upgraded its forecast for growth this year from 1.4 percent to 2.0 percent. To make the UK even more attractive for R&D we have accepted industry calls for a reduction in administrative burdens around the scheme.

As we start our negotiations to exit the European Union, this Budget takes forward our plan to prepare Britain for a brighter future. It provides a strong and stable platform for those negotiations.

There are still some voices calling for massive borrowing to fund huge spending sprees. That approach is not only confused, it's reckless.

If your bank increases your overdraft limit, you don't want to go and spend every penny in it. We've got enough gas in the tank to see us through that journey … that seems like a sensible approach.

I have no intention of doing so. Just for the record by tax affairs are all perfectly regular and up to date.

We recognise our public services are under pressure to deliver the efficiency programme we have set out. This isn't just about money. There is a case for taking a longer term view of how we fund a service which is intrinsically linked to the demographics of the population. There's a very good case for taking a strategic look in the round at how we deal with this problem in the longer term. I think that is a separate issue from dealing with the short term disparity between areas that are coping very well and areas that are struggling, I think we have to look at what the difficulties are there.

It's not money in the wallet because we're borrowing an awful lot of money. We're spending over £50bn a year just on servicing the interest on our debt. We're about to enter into a negotiation, very often when you're about to start a negotiation with people they set out very large demands and very stark positions ahead of that. The PM has been clear we are a nation that honours our obligations and if we do have any bills that fall to be paid we will obviously deal with them.

If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement, but I won't make significant changes twice a year just for the sake of it.

Consumer borrowing and consumer spending have been an important component of the robustness of the economy over the last few months. What I hope to see over the course of 2017 is business investment and exports providing a greater share of growth.

Charlotte has done an excellent job as the Bank's first Chief Operating Officer. She will take over this new role at a key time for the City.

We will continue to abide by the rules, regulations and the laws of the European Union for so long as we are members.

Of course we want to strengthen our trade ties with the very many trade partners we have around the world. But we are very mindful of our obligations under the treaty and will follow them precisely.

There may be uncertainty ahead as we adjust to a new relationship with Europe.

My strong preference and my prime minister's strong preference, is that we maintain our competitiveness by remaining within the European economic mainstream, with access to the European markets and on a reciprocal basis, access for our European neighbours to our market, continuing to operate to European norms and European regulatory standards. That is our strong preference. But if we are driven out of that market, if we are denied access to our most important market, then we will for sure reinvent ourselves and create another way of being competitive.

That could be a subject for the negotiations. What we have said clearly is that we cannot accept the principle of free movement.

We have to remain competitive. The best way to do that is to have a comprehensive trading relationship with the European Union, our closest neighbours.

Nothing we see at the moment looks like a case for accessing that headroom, at the moment it's steady as she goes.

We want to go on to be that open, welcoming society where people choose as a venue to do their business.

Obviously we can't be in the full customs union because the restrictions that implies goes beyond the political imperatives from a UK point of view.

But we have a lot of reasons on both sides of this discussion to want to try and maintain the most frictionless border system possible.

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, but expressing an ambitious agenda for a comprehensive free trade arrangement with the European Union.

We will do whatever it takes to maintain our competitiveness and protect our standard of living.

But if we are forced to be something different, then we will have to become something different.

In this case, we could be forced to change our economic model and we will have to change our model to regain competitiveness. We will change our model, and we will come back, and we will be competitively engaged.

But we are aware that the message from the referendum is that we must control our immigration policy.

Clearly we need people to come and work in our economy to keep it functioning. But we must have overall control.

Returning Lloyds to the private sector and recovering all of the cash the taxpayer injected into the bank during the financial crisis is a priority for the government.

We've spent forty years integrating our economies and now we have to separate them and there are lots of complicated things that have to be unpackaged, unbundled.

In my view, the WTO option would not be the most favored outcome. I hope that we would be able to agree with our European partners tariff-free access but on a reciprocal basis.

I can't conceive of any circumstance in which we would use that system to choke off the supply of highly skilled, highly paid workers.

We see huge opportunities to build on what is already a very substantial collaboration, the U.K. is the biggest investor in South Africa's economy, a key trade partner. As we look to the global economy to see our future in the wider world, we certainly want to build on those established platforms that we have both for investment and for trade.

As we leave the EU, Britain's future prosperity depends on maintaining the strongest possible economic links with our European neighbours, while building on the already strong economic partnerships we have with the world beyond Europe.

I think that it's in everybody's interest on both sides of the English Channel to have a smooth a process as possible that minimizes the threat to European financial stability and minimizes the disruption to the very many complex relationships that exist between European manufacturing businesses and their financing banks and so on in London.

We would look at what was on offer, we would look at the cost, and as you do with anything we would decide if that was a good deal or not.

We lag the U.S. and Germany by some 30 percentage points. But we also lag France by over 20 and Italy by eight. Which means in the real world, it takes a German worker four days to produce what we make in five, which means, in turn, that too many British workers work longer hours for lower pay than their counterparts. That has to change if we are to build an economy that works for everyone.

Which means in the real world, it takes a German worker four days to produce what we make in five, which means, in turn, that too many British workers work longer hours for lower pay than their counterparts. That has to change if we are to build an economy that works for everyone.

Our task now is to prepare our economy to be resilient as we exit the EU and match-fit for the transition that will follow.

We choose in this Autumn statement to prioritise additional high value investment specifically in infrastructure and innovation that will directly contribute to raising Britain's productivity.

In 2017 the OBR (Office for Budget Responsibility) forecast growth to slow to 1.4 percent, which they attribute to lower investment and weaker consumer demand driven respectively by greater uncertainty and by higher inflation, resulting from sterling depreciation.

Over the course of this parliament, the government expects to more than double in real terms annual capital spending on housing.

Economically productive infrastructure directly benefits businesses, but families, too, rely on roads, rail, telecoms and especially housing.

Reliable transport networks are essential to growth and productivity.

Today we stand on the side of the millions of hardworking people in our country by cancelling the fuel duty rise for the seventh successive year.

We are highly constrained in how we can approach this. We need to do it cautiously and appropriately.

We've got to make sure that the prosperity that comes from seizing opportunities ahead is shared across the country and across the income distribution.

Once he is inaugurated as president, I expect that the very strong and close relationship that always develops between the UK prime minister and the U.S. president will develop between those two.

I'm sure we will have a very constructive dialogue ... with the new American administration.

They are very strong figures which show that not only was the economy stronger than we thought going into the referendum but it has been much more resilient than many people predicted following the referendum.

Selling our shares in Lloyds and making sure that we get back all the cash taxpayers injected into it during the financial crisis is one of my top priorities as Chancellor.

Monetary policy - including measures such as quantitative easing - have been highly effective in supporting the economy. Because of the fiscal implications of an indemnity for the Bank, packages have to be formally agreed by the chancellor. Although I cannot prejudge any hypothetical request, no request for quantitative easing has ever been refused. And I see no reason why circumstances would be different in future.

There is a political debate going on here in Europe where European politicians are very conscious of the impact of Britain's departure on their political project, and I don't think that we can be certain that economics alone will dictate the course of this negotiation.

Those that are undermining the effort are those that are seeking to close down that negotiating space, seeking to arrive at hard decisions that we don't need to make at this stage.

To the extent that the government believes that distributional impact needs to be addressed or corrected we also have tools available to do that.

I cannot conceive of any circumstances in which we would be using those controls to prevent banks, companies moving highly, qualified highly skilled people between different parts of their businesses. That's essential for the smooth operation of our economy.

Nothing had changed: "Monetary policy is independently determined. That will continue to be the case.

Equivalence is one of the routes being discussed by players in the financial services sector but of course it has some challenges around it.

We're looking at all key sectors and you're right that we should take particular note of those sectors with complex pan-European supply chains where often components and self-assemblies move backwards and forwards across European borders several times before they get incorporated into a final product.

The government does not... plan to change the remit of the Band of England.

The PM was commenting on the impact of monetary policy... essentially setting out a fact.

It seems that what's happened this week is that another bunch of them said 'hang on a minute, the UK is leaving the European Union.

We will look at any case put to us by the Bank of England in the circumstances, and I approved a round of quantitative easing back at the beginning of August as a response to the shock that the economy had felt. But we are conscious of the impacts that quantitative easing has and we will use it carefully and cautiously.

Our economy is fundamentally strong, but we are now going into a period of uncertainty because of the Brexit vote.

We have to expect a period when confidence will go up and down – perhaps on a bit of a rollercoaster – until we get to a final agreement.

I think we must go into this negotiating period with a realistic expectation of the turbulence that there could be during the negotiations. People will be speculating – one day it's going very well, one day it's not going so well.

We need to keep the lid on day-to-day spending, we need to make government more streamlined and efficient but I do think there is a case that we should look at very carefully for targeted, high-value investment in our economic infrastructure.

There is a distinction in my mind between investing in the things that will make Britain's economy more efficient in the future, make transport systems work better, communications systems work better and simply spending more on our day-to-day process of government.

Let's be clear not all 27 of the remaining European Union countries have the same view about how to go forward.

We must expect some turbulence as we go through this negotiating process and there will be a period of a couple of years or perhaps even longer when businesses are uncertain about the final state of our relationship with the European Union and during that period we need to support the economy.

On the data we have seen for the first half of this year this economy is running at eight out of 10 with high employment, strong growth, robust fundamentals.

And when the process is over we are ready to provide support to British businesses as they adjust to life outside the EU.

Everything is on the table, everything is up for discussion. We know what some people in Europe are saying, but they too are preparing a negotiating position for what will be a long and tough negotiation.

We'll use all the tools at our disposal to accelerate housebuilding and ensure that over time, housing becomes more affordable.

It may not have been stated explicitly but it's implicit. And that is that they do not want to see the economy suffer.

The message that I want to send to business is that whatever solution we end up, whatever control powers we have over immigration into the UK, we will use them responsibly.

We want to build on this strength as we forge a new relationship with the EU and deliver an economy that works for all. The UK is well-positioned to deal with the challenges, and take advantage of the opportunities, that lie ahead.

It is very clear that we can only do this by working together within Europe and beyond Europe to make sure that international corporations pay the right amount of tax in the right place.

So I don't think we should be cavalier about the level of the debt.

Often it is modest, rapidly deliverable investments that can have the most immediate impact, particularly on the road network, but also in some places on the rail network.

We want to ensure the continued investment that creates jobs and supports wage growth throughout this period of uncertainty.

Along with the Bank of England, this government will take whatever action is necessary.

We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly.

It's right at the top of the agenda here at the G20. It's a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces.

The newly established fintech bridge between the UK and the Republic of Korea is an important step for one of this country's most exciting industries.

Exactly what that framework looks like will depend on the state of the economy at the time of the Autumn (budget) statement. The data that we see over the next three months or so will be crucially important in shaping our response.

He would be prepared to use the next budget update, called the Autumn Statement, to help the economy in the event of a downturn. We will have the opportunity with our Autumn Statements ... to reset fiscal policy if we deem it necessary to do so in light of the data that will emerge over the coming months.

These public finance figures highlight the underlying strength of the British economy.

We want to send a very powerful signal that we are open to investors who want to deploy their capital here, to use British talent to build world class companies and that is what SoftBank are proposing to do with ARM. And they have given us clear assurances about their commitment to the UK economy.

The decision to vote for Brexit would mean Britain would leave the EU's tariff-free single market. The question is how we negotiate with the European Union not from the point of view of being members but from the point of view of being close neighbors and trade partners.

We've now got the key players who will be involved in this decision-making process in place, and when the prime minister has finished making her appointments later today I am sure that we will sit down and start to talk about Britain's negotiating strategy and how we are going to take it forward.

Markets do need signals of reassurance, they need to know that we will do whatever is necessary to keep the economy on track. We're working together across that referendum divide in the party to deliver the best possible deal for Britain. I think confidence will gradually begin to return and people will start to see the shape of the future that we're mapping out.

What we did in 2010 was exactly the right approach for the challenges that faced the British economy then. But now we're entering a new phase in the story of the British economy with the decision to leave the European Union, our economy will change as we go forward in the future and it will require a different set of parameters to make a success.

The number one challenge is to stabilize the economy, send signals of confidence about the future, the plans we have for the future, to the markets, to businesses, to international investors. Britain is open for business. We are not turning our back on the world.

There has been a chilling effect. We have seen an effect in markets, we have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU, what our aspirations are for the future trading relationship between Britain and the European Union.

For the moment we are not in a position to begin substantive negotiations immediately and therefore it would be unwise to start the process ticking by triggering Article 50. The government will have to acquire additional trade negotiation resources ... We will look to friendly governments to assist us, as well as seeking to hire the best resources available on the open market.

I just wanted to say that my thoughts are with the family and friends of all those on board of the EgyptAir plane that is missing this afternoon. We know that there is a British passport holder on board, got onto the plane in Paris and we are providing support to the family. Obviously we are anxiously awaiting further news of what may have happened to this aircraft.

Reports of the bombing of a refugee camp in Samarda this evening are horrifying. The Assad regime's contempt for efforts to restore the cessation of hostilities in Syria is clear for all to see.

I urged China to accelerate its efforts to reduce levels of steel production.

Right now we're trying to protect jobs and economic growth, and the measures that have been taken today have been designed to ensure that any increase in unemployment as a result of the economic slowdown is kept to the absolute minimum possible and to support economic growth through the next 18 months, two years, as we face this period of uncertainty as we negotiate our exit from the European Union.

I want to make a clear distinction between everyday spending and investment in the kind of infrastructure that will raise Britain's growth potential in the future, because growing this economy, ensuring that we're creating the jobs and the economic wealth in the future is the way to secure Britain's future prosperity.

We are aware of all these games aimed at making Turkey a country that shares a border with a terrorist organisation and we won't allow them.

What we have seen over the last weeks is very disturbing evidence of coordination between Syrian Kurdish forces, the Syrian regime and the Russian air force which are making us distinctly uneasy about the Kurds' role in all of this.

We urge the authorities in Hong Kong and Beijing to take the necessary steps to maintain confidence in the system and the sanctity of the rights, freedoms and values it upholds.

The unexplained disappearance of five individuals associated with a Hong Kong bookstore and publishing house has raised questions in Hong Kong.

I have spoken to my Japanese counterpart this morning and we are all focused on looking at additional economic sanctions that could be applied against North Korea.

North Korea rocket launch clear violation of U.N. Security Council resolutions.

Russia cannot continue to sit at the table as a sponsor of a political process and at the same time be bombing the civilian areas of the groups of people that we believe will form the backbone of the new Syria once Assad is gone.

Until a couple of months ago there was a steady trickle of people returning to their homes in Syria from this camp despite what's going on in the country. But that has now stopped and a new tide of refugees is heading in this direction because of the Russian bombing.

It's an essential part of the settlement in Hong Kong that it has its own judicial system and it is solely responsible for trying offences that occur in Hong Kong.

The test "underlines the very real threat that North Korea represents to regional and international security.

We will have arrangements in place to bring people home safely at the end of their holidays. There is no need for people to leave ahead of schedule. We will not allow any UK-bound aircraft to take off from Sharm el-Sheikh until we are absolutely certain that it is safe for it to do so.

We have concluded that there is a significant possibility that the crash was caused by an explosive device on board the aircraft.

An entire generation of British voters has been denied the chance to have a say on our relationship with the European Union, and Mr Speaker, today, we are putting that right.

There is something deeply wrong at the heart of FIFA, and international football needs to reform, needs to get its act together.

(The) Russian incursion into Turkish airspace raises stakes in what is already a high risk situation.

That is simply unacceptable. If this failure continues, make no mistake, there will be further consequences, including consequences that would place added strains on Russia's already troubled economy.

We are determined to do what is necessary to keep Europe safe from the terrorist threat.

Well it's a disappointment but as you say, there has been momentum and there has been good will on both sides and the atmospherics are positive. So the decision we've taken today is to extend the joint plan of action, the freeze on Iran's activity and the access that Iran has to some of its frozen assets for a period of seven months, to the end of June (2015), and to use that time to keep the foot on the gas, to keep going with these discussions.

We're all focused on trying to get a deal but I wouldn't want to give any false hopes here. We're still quite a long way apart and there are some very tough and complex issues to deal with but we're all focused on trying to get a deal done.

We are all determined to make some progress, but these are very difficult and technically complex matters.

It is not just a problem for Iraq or Syria or even for the region, it is a problem for us here in the UK, in Europe, in North America, because these people, if they can establish this ISIL caliphate as they call it, in Iraq and Syria, will use it as a base to launch attacks on western interests and indeed western countries.

If there is no change at all in the way Europe is governed, no change in the balance of competences between the nation states and the European Union, no resolution of the challenge of how the Eurozone can succeed and coexist, that is not a Europe that can work for Britain in the future, so there must be change, there must be renegotiation.

This is not about Russia and the West, it's about the entire international community demanding that proper access to this site is made available, that the victims' bodies are properly recovered and that the evidence is secured. Russia has a key role to play in that through its influence on the separatists. And the world's eyes will be on Russia to see that she delivers on her obligations over the next few hours.

I think it reminds us how vulnerable we all are. But it also reminds us, by the response of the public, that we are not going to be cowed by this kind of terrorist action.

It would have needed to be able to operate as a commercial company, free of undue control or influence by any single government. And that's something that the company evidently has decided it's not able to achieve.

Military hardware will be used, we'll be deploying helicopters, we'll be deploying Typhoon fighters to defend London's airspace, we'll be deploying ground to air missile systems. So the military will be using it's full range of equipment to keep London safe during the Olympics.

There has been a major weather event across Western Europe. Gatwick airport is closed because of the sheer volume of snow that is falling. A hundred thousand tonnes of snow have been cleared at Gatwick from the runway and the taxiways over the last 24 hours, but it is still not possible to open the runway safely.

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