Commons Sense

House of Commons · Ministers' Questions

Budget 2021: Effect on Economy

Wednesday 17 March 2021 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • The UK government committed 4.8 million to the Holyhead hydrogen hub and up to 30 million to the global centre of rail excellence in Wales.
  • The Chancellor's super deduction could be transformational for the aerospace manufacturing sector in north Wales.
  • The reception to the Chancellor's recommendation has been fantastic according to stakeholder engagements in the Wales Office.

Topics (select to filter)

Questions & Answers

Q1 Antony Higginbotham
Economy Wales
Context

The question follows Budget 2021 and inquires about its specific effects on the Welsh economy, particularly highlighting recent financial commitments such as £4.8 million for the Holyhead hydrogen hub and up to £30 million to the global centre of rail excellence.

Question

What assessment has been made of the effect of the Budget 2021 on the Welsh economy?

Answer from Simon Hart

On top of the new UK-wide funds, £4.8 million has been committed to the Holyhead hydrogen hub, up to £30 million to the global centre of rail excellence, and we are accelerating funding for the growth deals in Wales.

Partly answered

Not addressed: The answerer provided specific financial commitments but did not offer a comprehensive assessment of Budget 2021's impact on the Welsh economy as requested.

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Q2 Antony Higginbotham
Taxation Business & Trade
Context

The question pertains to the Chancellor's super deduction announced in Budget 2021 and its potential impact on north Wales' aerospace manufacturing sector, which is described as strong and proud.

Question

In north Wales, just as in Burnley, there is a strong and proud aerospace manufacturing sector. Does my right hon. Friend agree that the Chancellor's super deduction, announced at the Budget, could be transformational for that sector, allowing it to invest in equipment and machinery that will create jobs and boost productivity?

Answer from Simon Hart

My hon. Friend does not have to take it from me; he makes a very good point and I have to tell him, from the number of stakeholder engagements we have had in the Wales Office, including with that sector, that the reception to this particular recommendation has been fantastic. It is transformational. This is the first time this has ever been done—probably the biggest tax cut in history. That is the sort of thing that will regenerate jobs and livelihoods at a time when they are most needed, and I congratulate the Chancellor on his efforts.

Partly answered

Not addressed: The answerer did not directly address whether he agrees with the transformative impact but rather discussed the general reception to the recommendation.

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