Commons Sense

House of Commons · Ministers' Questions

Business Investment

Tuesday 22 June 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 2 Partly answered 0 Not answered 0

Key points

  • The Department is implementing the super deduction to cut taxes for every pound invested in qualifying plant and machinery by up to 25 pence.
  • The UK Infrastructure Bank was recently launched to partner with businesses for investment in new equipment or infrastructure.
  • Jane Stevenson highlighted the importance of manufacturing in the Black Country for economic recovery and job creation.

Topics (select to filter)

Questions & Answers

Q1 Jane Stevenson
Economy Business & Trade
Context

The question follows from government initiatives aimed at economic recovery through business investments.

Question

What steps his Department is taking to incentivise businesses to invest in new equipment or infrastructure?

Answer from Rishi Sunak

Stimulating business investment will be key for our economic recovery, and under the super deduction we announced at Budget 2021, for every £1 a company invests in qualifying plant and machinery, its taxes are cut by up to 25p. We have also just launched the UK Infrastructure Bank, which will partner with the private sector and local government, supporting more than £40 billion-worth of infrastructure investment overall.

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Q2 Jane Stevenson
Economy Employment
Context

The question highlights the importance of manufacturing companies to the economy of the Black Country, particularly in Wolverhampton.

Question

Does he agree that companies feeling confident to make investments, with Government support and schemes like the super deduction, is key to really building back quickly and better, and to lowering unemployment in the Black Country?

Answer from Rishi Sunak

My hon. Friend is absolutely right to highlight the importance of manufacturing in particular to the Black Country. I am pleased to have received the representations from organisations such as Make UK that led to the creation of the super deduction, which, let us be clear, is all about jobs. My hon. Friend is absolutely right: by companies investing and unlocking the cash that is sitting on their balance sheets, we will create jobs to help drive our recovery and drive up our productivity in the process. My hon. Friend is absolutely right to highlight it.

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