Economic Investment 2024-12-03
2024-12-03
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The MP noted the need for long-term investment to stimulate economic growth in his constituency.
I am concerned about increasing long-term investment in our economy. What steps are being taken to achieve this goal?
We have brought stability back to the economy and launched the national wealth fund, which mobilises over £70 billion of private investment. The Office for Investment oversees this process, and we welcomed global investors in October for an international investment summit announcing a record-breaking £63 billion of private sector investment.
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Q2
Direct Answer
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Context
The MP has been meeting maritime companies that need grid expansion to unlock further investment.
I have met several maritime companies in Southampton who require expanded national grids for unlocking more investments. What steps is the Chancellor taking towards this and will she meet me with local industry leaders to discuss its benefits?
In June, I visited Southampton to see the port's wealth creation and jobs. In October's autumn Budget, we focused on accelerating grid connections to unlock investment opportunities through the national wealth fund. We are completing strategic planning for 2030 energy system infrastructure.
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Q3
Direct Answer
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Context
The MP and his colleague visited a sub-sea cable manufacturer seeking long-term investment.
New green businesses such as XLCC need long-term investment for job creation. Will the Chancellor visit Ayrshire to see it in action?
The national wealth fund has announced a £20 million investment for XLCC to create 900 jobs, contributing to UK's clean energy independence. I am pleased with this investment.
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Q4
Direct Answer
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Context
The MP supports a campaign to bring the national infrastructure authority to Leeds.
As chair of the all-party group for Yorkshire, I want to maximise benefits from the national wealth fund. Will my right hon. Friend meet me to discuss these opportunities?
The UK Infrastructure Bank is now headquartered in Leeds as the national wealth fund, with a strong regional focus. Further details on governance will be confirmed.
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Q5
Direct Answer
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Context
The MP is concerned about foreign multinationals buying up farms due to tax reforms.
What has the Chancellor seen in her impact assessment regarding agricultural property relief changes that might mitigate fears of farm buyouts?
The current challenge is tax avoidance through agricultural property relief. We reform the system to bring in money for public services, offering a 50% discount on inheritance tax with a 10-year interest-free payment period.
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Assessment & feedback
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Q6
Direct Answer
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Context
The MP attended a biotech boot camp highlighting the need for increased R&D funding.
Investors and entrepreneurs welcome but are concerned about the reduction in R&D budget from 2021. Does the Chancellor recognise the need to increase it?
We announced a £20 billion R&D budget at the autumn Budget, which is important for funding and accelerating research not just in South Cambridgeshire but across the country.
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Q7
Partial Answer
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Context
The MP wants the £20 million from the towns fund to be unlocked earlier for local leisure facilities.
Local leisure and sports facilities deserve long-term investment. Can we unlock our £20 million towns fund much sooner than 2026?
I agree that children should learn to swim in coastal communities like Eastbourne. I am happy to try arranging a meeting between you and the relevant Minister to expedite investment.
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Assessment & feedback
The specific commitment to accelerate unlocking of funds is not given, only an offer for a meeting
Try
Response accuracy