Commons Sense

House of Commons · Ministers' Questions

Business Investment: Fiscal Measures

Tuesday 6 February 2024 · 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 Department announced a growth package at the autumn statement to boost business investment by about 20 billion a year.
  • In the autumn statement, a 75% discount for retail, hospitality, and leisure was introduced to address business rate pressures.
  • A 4.5 billion manufacturing strategy was announced in the autumn statement to support manufacturers.

Topics (select to filter)

Questions & Answers

Q1 Flick Drummond Con
Economy Business & Trade
Context

The MP raises concerns about fiscal measures to boost business investment, citing the Chancellor's package from autumn statement.

Question

What fiscal steps is his Department taking to help increase the level of business investment?

Answer from Jeremy Hunt

At the autumn statement, I announced an ambitious growth package which will boost business investment by about £20 billion a year. We are making full expensing permanent, which was welcomed as a game changer that will fire up the British economy.

Answered
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Q2 Flick Drummond Con
Economy Business & Trade
Context

The MP discusses the impact of business rates on small businesses, especially in post-covid context.

Question

Does the Chancellor have any measures to support those who are struggling with a lack of income to pay business rates following covid?

Answer from Jeremy Hunt

In the autumn statement, we introduced the 75% discount for retail, hospitality and leisure to address business rate pressures. The cuts were made possible because we did not embark on a spending spree of £28 billion a year, unlike Labour's policy.

Partly answered

Not addressed: Specific measures addressing struggling businesses without income were not directly provided.

How: Labour'S Policy Criticism

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Q3 Barry Sheerman Lab
Economy Employment
Context

The MP expresses concerns about the current state of businesses in Huddersfield, particularly regarding investment and job creation.

Question

Will the Chancellor provide a stimulus to make people invest and create jobs?

Answer from Jeremy Hunt

We announced a £4.5 billion manufacturing strategy in the autumn statement to further support our manufacturers, making them the best in the world.

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Q4 Anthony Mangnall
Taxation
Context

The MP suggests cutting VAT for the tourism and hospitality sector to help economic recovery.

Question

Will the Chancellor consider cutting VAT for the tourism and hospitality sector?

Answer from Jeremy Hunt

We will keep all measures under review ahead of the Budget, but no specific commitment was made regarding cutting VAT for the tourism and hospitality sector.

Partly answered

Not addressed: No specific commitment to cut VAT was provided.

How: Measures Under Review

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Q5 Kirsten Oswald SNP
Economy Taxation Business & Trade
Context

The MP raises concerns about the tax burden on small businesses, particularly VAT affecting business investment.

Question

Will the Chancellor look at cutting VAT to 10% to support local economies?

Answer from Jeremy Hunt

I will always look at anything that helps businesses grow, but it is slightly incongruous to argue for lower taxes when the SNP has given Scotland the highest taxes in the UK.

Not addressed: Specific measures to cut VAT were not provided, criticism of SNP policy was introduced.

How: Criticism Of Snp

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