Budget Resolutions - Income Tax (Charge)

Part of the debate – in the House of Commons at 1:08 pm on 31st October 2018.

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Photo of Greg Clark Greg Clark The Secretary of State for Business, Energy and Industrial Strategy 1:08 pm, 31st October 2018

I did not know that, but I will add it to my repertoire of boasts about our national capability, and I am very pleased to learn it.

We are now the leading country not just in Europe but in the world for deploying offshore wind energy. The cost of production has fallen by half since 2015, and factories and jobs are springing up all around our coasts, from Belfast to Hull, from Machrihanish to the Isle of Wight. I see that my right hon. Friend Sir Michael Fallon is present; he played an important role in setting the strategy that has resulted in that investment.

Also, having been the place where the genome was sequenced, we are the place where the secrets that it unlocked are being discovered and applied to the benefit of patients.

Our modern industrial strategy reinforces Britain’s future as a place of competition, innovation and challenge where new ideas can take flight and where any incumbent can be challenged by the newest start-up. Monday’s Budget pressed home the advantages and continued the progress we are making, including in addressing areas in which we need to improve. We have the biggest increase in public investment in research and development that this country has had in its history, with £1 billion more for the industrial strategy challenge fund.