Business Investment 2023-12-19
2023-12-19
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The MP is concerned about the level of business investment and inquires about steps being taken by the Department to boost it.
What steps his Department is taking to help increase the level of business investment. The Chancellor announced an ambitious growth package that will boost business investment by making full expensing permanent, removing barriers to business investment, reforming our inefficient planning system, speeding up electricity grid connection times and making £4.5 billion available for strategic manufacturing sectors over the next five years.
In the autumn statement, the Chancellor announced an ambitious growth package that will boost business investment by making full expensing permanent, removing barriers to business investment, reforming our inefficient planning system, speeding up electricity grid connection times and making £4.5 billion available for strategic manufacturing sectors over the next five years.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
The MP thanks the Minister for the previous response and notes that full expensing will help businesses invest in plant, machinery, and technology. He specifically asks about exempting the ceramics sector from the emissions trading scheme to provide breathing space for investment.
I thank the Minister for that response. It is very welcome to see full expensing, which will help businesses to invest in the plant and machinery and the technology that are needed. It would also help the ceramics sector, in particular, if it were exempted from the emissions trading scheme. Will my hon. Friend speak to the Chancellor about the possibility of exempting the ceramics sector from the ETS, which would help to give the sector the breathing space to invest in productivity and energy efficiency gains?
I can think of few greater champions for Stoke's ceramics sector than my hon. Friend. We recognise that carbon leakage is a significant risk for the ceramics sector, so I can offer him two pieces of information. First, we provide free allowances to the ceramics sector under the ETS. Secondly, just yesterday we announced that ceramics will be included in the UK's carbon border adjustment mechanism.
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Assessment & feedback
Exempting the ceramics sector from the emissions trading scheme was not addressed directly; instead, information about free allowances and inclusion in the carbon border adjustment mechanism was provided.
Provided Alternative Information
Response accuracy