Business Investment 2022-02-01
2022-02-01
TAGS
Response quality
Questions & Answers
Q1
Direct Answer
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Context
The MP asked about the steps being taken by his department to encourage businesses in Q13 constituency to invest.
What steps is the Department taking to encourage businesses to invest?
The Chancellor has brought forward a number of measures to encourage business investment, including a super deduction allowing companies to claim a 130% capital allowance on qualifying plant and machinery investments from April 2021 until the end of March 2023. The temporary £1 million annual investment allowance level has also been extended until the end of March 2023.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
The MP inquired about a local company named Cytronex that developed an innovative e-bike solution and sought help from the Treasury to scale up production.
Cytronex, located in Winchester, has won awards for its green technology but faces challenges scaling up. What more can we do to assist small businesses like this?
Cytronex could benefit from the super deduction, allowing companies to cut their taxes by up to 25p for every £1 invested. The type of investment will help manufacturing and the manufacturing sector.
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Assessment & feedback
meeting with Treasury team to discuss specific support measures
Under Review
Response accuracy
Q3
Direct Answer
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Context
The MP acknowledged the IMF's positive forecast for UK economic growth under current leadership and inquired about future revenue from growth.
Will the Minister assure me that we will increasingly return to revenue from growth as soon as possible, and continue investing in skills for jobs for the future?
Over the Parliament, £3.8 billion will be invested in skills, including quadrupling the scale of skills boot camps in England with digital skills boot camps available in Dudley.
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Assessment & feedback
Response accuracy
Q4
Partial Answer
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Context
The MP asked about an agreement with the EU on financial services regulation, which was expected to be signed expeditiously but has not been.
When does the Minister think the memorandum of understanding on financial services regulation will finally be signed?
Financial services are important to the UK and we are ready to make a deal, but no specific timeline was provided for signing the agreement.
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Assessment & feedback
specific timeline
Under Review
Response accuracy
Q5
Partial Answer
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Context
The MP raised the issue of a local businessman facing financial ruin due to high costs on an order from China.
A local businessman is facing bankruptcy because he was charged £43,000 in costs for a £15,000 order. Will the Minister look into this matter and see if anything can be done to help him?
If the hon. Member wants to give me the details of her constituent's case, I would be very happy to look into it.
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Assessment & feedback
Will Look At Case If Provided With Details
Response accuracy