Commons Sense

House of Commons · Ministers' Questions

Business Investment

Tuesday 1 February 2022 · 5 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 2 Not answered 0

Key points

  • The Chancellor has brought forward measures to encourage business investment, including a super deduction allowing companies to claim a 130% capital allowance on qualifying plant and machinery investments.
  • Cytronex could benefit from the super deduction, allowing companies to cut their taxes by up to 25p for every 1 invested in manufacturing.
  • 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.

Topics (select to filter)

Questions & Answers

Q1 Marco Longhi
Business & Trade
Context

The MP asked about the steps being taken by his department to encourage businesses in Q13 constituency to invest.

Question

What steps is the Department taking to encourage businesses to invest?

Answer from Lucy Frazer

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.

Answered
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Q2 Steve Brine Con
Economy Business & Trade
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.

Question

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?

Answer from Lucy Frazer

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.

Partly answered

Not addressed: meeting with Treasury team to discuss specific support measures

How: Under Review

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Q3 Marco Longhi
Education Economy Employment
Context

The MP acknowledged the IMF's positive forecast for UK economic growth under current leadership and inquired about future revenue from growth.

Question

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?

Answer from Lucy Frazer

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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Q4 Gareth Thomas Labour (Co-op) Harrow West
Brexit Business & Trade
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.

Question

When does the Minister think the memorandum of understanding on financial services regulation will finally be signed?

Answer from Lucy Frazer

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.

Partly answered

Not addressed: specific timeline

How: Under Review

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Q5 Emma Hardy Lab Kingston upon Hull West and Haltemprice
Taxation Business Compliance
Context

The MP raised the issue of a local businessman facing financial ruin due to high costs on an order from China.

Question

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?

Answer from Lucy Frazer

If the hon. Member wants to give me the details of her constituent's case, I would be very happy to look into it.

How: Will Look At Case If Provided With Details

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