Commons Sense

House of Commons · Ministers' Questions

Economic Investment

Tuesday 3 December 2024 · 7 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 6 Partly answered 1 Not answered 0

Key points

  • The national wealth fund has mobilised over 70 billion of private investment to stimulate long-term economic growth.
  • The Chancellor announced plans to accelerate grid connections to unlock investment opportunities for maritime companies.
  • The national wealth fund has invested 20 million in XLCC to create 900 jobs in Ayrshire.

Topics (select to filter)

Questions & Answers

Q1 Mark Sewards Lab Leeds South West and Morley
Economy
Context

The MP noted the need for long-term investment to stimulate economic growth in his constituency.

Question

I am concerned about increasing long-term investment in our economy. What steps are being taken to achieve this goal?

Answer from Rachel Reeves

We have brought stability back to the economy and launched the national wealth fund, which mobilises over £70 billion of private investment. The Office for Investment oversees this process, and we welcomed global investors in October for an international investment summit announcing a record-breaking £63 billion of private sector investment.

Answered
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Q2 Darren Paffey Lab Southampton Itchen
Economy Energy Business & Trade
Context

The MP has been meeting maritime companies that need grid expansion to unlock further investment.

Question

I have met several maritime companies in Southampton who require expanded national grids for unlocking more investments. What steps is the Chancellor taking towards this and will she meet me with local industry leaders to discuss its benefits?

Answer from Rachel Reeves

In June, I visited Southampton to see the port's wealth creation and jobs. In October's autumn Budget, we focused on accelerating grid connections to unlock investment opportunities through the national wealth fund. We are completing strategic planning for 2030 energy system infrastructure.

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Q3 Alan Gemmell Lab Central Ayrshire
Economy Energy Business & Trade
Context

The MP and his colleague visited a sub-sea cable manufacturer seeking long-term investment.

Question

New green businesses such as XLCC need long-term investment for job creation. Will the Chancellor visit Ayrshire to see it in action?

Answer from Rachel Reeves

The national wealth fund has announced a £20 million investment for XLCC to create 900 jobs, contributing to UK's clean energy independence. I am pleased with this investment.

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Q4 Mark Sewards Lab Leeds South West and Morley
Economy
Context

The MP supports a campaign to bring the national infrastructure authority to Leeds.

Question

As chair of the all-party group for Yorkshire, I want to maximise benefits from the national wealth fund. Will my right hon. Friend meet me to discuss these opportunities?

Answer from Rachel Reeves

The UK Infrastructure Bank is now headquartered in Leeds as the national wealth fund, with a strong regional focus. Further details on governance will be confirmed.

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Q5 Dave Doogan SNP Angus and Perthshire Glens
Agriculture & Rural Affairs
Context

The MP is concerned about foreign multinationals buying up farms due to tax reforms.

Question

What has the Chancellor seen in her impact assessment regarding agricultural property relief changes that might mitigate fears of farm buyouts?

Answer from Rachel Reeves

The current challenge is tax avoidance through agricultural property relief. We reform the system to bring in money for public services, offering a 50% discount on inheritance tax with a 10-year interest-free payment period.

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Q6 Pippa Heylings Lib Dem South Cambridgeshire
Economy Science & Technology
Context

The MP attended a biotech boot camp highlighting the need for increased R&D funding.

Question

Investors and entrepreneurs welcome but are concerned about the reduction in R&D budget from 2021. Does the Chancellor recognise the need to increase it?

Answer from Rachel Reeves

We announced a £20 billion R&D budget at the autumn Budget, which is important for funding and accelerating research not just in South Cambridgeshire but across the country.

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Q7 Josh Babarinde Lib Dem Eastbourne
Culture, Media & Sport
Context

The MP wants the £20 million from the towns fund to be unlocked earlier for local leisure facilities.

Question

Local leisure and sports facilities deserve long-term investment. Can we unlock our £20 million towns fund much sooner than 2026?

Answer from Rachel Reeves

I agree that children should learn to swim in coastal communities like Eastbourne. I am happy to try arranging a meeting between you and the relevant Minister to expedite investment.

Partly answered

Not addressed: The specific commitment to accelerate unlocking of funds is not given, only an offer for a meeting

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