Economic Investment and Growth 2024-10-29
2024-10-29
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The MP is concerned about economic growth in his constituency, particularly since the government has been discussing initiatives to increase it.
What progress she has made on increasing economic growth. The Government's programme for economic growth needs to be seen in action and not just promises.
The Government's growth mission will counteract 14 years of sluggish economic growth, kick-starting a decade of national renewal. We have launched the national wealth fund, introduced planning system reforms, and secured £63 billion in investments across the UK.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
The MP references the Labour Growth Group's work on digital capital investment, pointing out past cuts by Conservatives in this area.
What steps is the Chancellor taking to boost long-term investment, especially in digital and technology? As co-chair of the Labour Growth Group, I welcome the Chancellor's decision to unleash a revolution in investment in Britain. However, the capital we must invest is not just physical but digital.
The Government recognise that attracting private investment into digital and technology is crucial. Since taking office, more than £25 billion has been invested into UK data centres, helping to create thousands of jobs and meet the demand for AI and machine learning.
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Assessment & feedback
Response accuracy
Q3
Partial Answer
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Context
The MP highlights the importance of a modern NHS for economic growth, mentioning plans for the Pears Cumbria School of Medicine.
Does the Chancellor agree that a modern NHS is essential to our country's economic growth? Will she find time to visit the new Pears Cumbria School of Medicine when it opens in Carlisle next year?
The NHS plays a crucial role in boosting the economy by getting people back to work. In tomorrow's Budget, further details about increasing elective appointments per week will be provided. The Chancellor is pleased with plans to partner with the University of Cumbria.
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Assessment & feedback
Specific visit commitment avoided
Pleased With Plans
Response accuracy
Q4
Partial Answer
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Context
The MP mentions the negative impact of Conservative policies on high streets in his constituency and questions if regenerating them is a priority.
Can the Chancellor assure me that regenerating high streets, as the physical manifestation of how well our economy is doing, is a priority for this Treasury? High streets in Lichfield and Burntwood were let down by 14 years of Conservative neglect.
This Government are committed to delivering national renewal, including rejuvenating high streets. New powers will be introduced to help fill vacant properties through auctions.
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Assessment & feedback
Specific assurance avoided
Commitment To Delivery
Introduction Of New Powers
Response accuracy
Q5
Direct Answer
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Context
The MP represents constituents from EU countries and asks about the importance of deepening trade relations with the European Union.
Does the Chancellor agree that we need to deepen our trading links with the EU for full economic growth potential? Can she say how the Treasury is working with other Departments on this?
The Government have been working to reset our relationship with EU friends and neighbours. The Prime Minister met the President of the European Commission, agreeing to strengthen UK-EU ties on global challenges such as economic headwinds, climate change, and energy prices.
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Assessment & feedback
Response accuracy
Q6
Partial Answer
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Context
The MP asks about the Chancellor's appreciation for agricultural property relief and business property relief, important to farmers and family businesses.
Can she confirm that she fully appreciates how important agricultural property relief and business property relief are? The questioner inquires about the Treasury's understanding of these reliefs.
We recognise the importance of passing assets to the next generation, and details will be set out in tomorrow's Budget regarding tax policies including these reliefs.
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Assessment & feedback
Specific appreciation avoided
Recognise The Importance
Response accuracy
Q7
Partial Answer
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Context
The MP mentions shared prosperity funding used by local authorities to support small businesses and inquires about its future.
Can we get a commitment from the Government that funding for schemes such as Shared Prosperity Funding will continue beyond April 2025? Fife council has been using this funding to drive economic growth through support for small businesses.
More details will be set out in tomorrow's Budget regarding consequentials going to the Scottish Government, including funding continuations.
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Assessment & feedback
Specific commitment avoided
More Details In Budget
Response accuracy
Q8
Partial Answer
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Context
The question arises from criticism of the Chancellor's economic policies affecting business confidence.
Investment requires a measure of optimism, not the collapse in business confidence that the Chancellor has engineered. She would have done better to stress some of the positives that she inherited?
Some £63.5 billion of investment into the UK was announced at our international investment summit—investment in life sciences, investment in data centres and digital, investment in clean energy—because businesses have confidence that this Government are bringing stability back to our economy and working with businesses to seize the opportunities.
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Assessment & feedback
The specific ask was about stressing positive aspects of inheritance rather than addressing current economic optimism directly.
Acknowledged Investment But Avoided Discussing Positive Inheritance
Response accuracy
Q9
Partial Answer
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Context
The question arises from concerns over the impact of UK Government bonds being sold by the Bank of England, potentially affecting long-term investment.
Can the Chancellor tell us, to the nearest £10 billion, how much extra would be available for long-term investment were it not for the fire sale of UK Government bonds by the Bank of England, costing the taxpayer dearly?
I started my career as an economist at the Bank of England, and unlike Conservative Members, I think it is incredibly important to recognise the independence of our economic institutions, including the Bank of England and, indeed, the Office for Budget Responsibility.
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Assessment & feedback
The specific ask about bond sales was not addressed.
Changed Subject Entirely
Response accuracy
Q10
Partial Answer
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Context
The question arises from concerns over the business rates system penalising small businesses for investing in their operations.
Small businesses are the engine of our economy, but many of them are penalised for investing in their businesses because of the broken business rates system. Will the Chancellor ensure that investment is exempted from business rates, and will she ensure that the Budget tomorrow is the final Budget in which business rates are a permanent feature?
In our manifesto, we committed to reform of our business rates system. I will be setting out more details in the Budget yesterday tomorrow, as well as a business tax road map, which will give businesses certainty about the tax environment they will be working with for the next five years.
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Assessment & feedback
The specific ask about exempting investments from business rates was not directly addressed.
Referred To Manifesto Commitment But Did Not Provide Specifics
Response accuracy