Business: Investment

Treasury written question – answered on 12th April 2019.

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Photo of David Davis David Davis Conservative, Haltemprice and Howden

To ask the Chancellor of the Exchequer, what steps he plans to take to increase business investment in the UK after the UK leaves the EU.

Photo of Robert Jenrick Robert Jenrick The Exchequer Secretary

The Government continues to work towards leaving the EU with a deal, which will allow us to honour the referendum, while also protecting jobs and our economy. The government is committed to providing the right economic environment for businesses to invest and grow.

Businesses will also benefit from recently announced tax measures such as the introduction of a new allowance for the construction costs of new qualifying non-residential structures and buildings, which will provide billions of pounds of additional relief for UK businesses. The Government has also increased the Annual Investment Allowance from £200,000 to £1 million for two years, significantly increasing the amount of relief businesses receive on qualifying investment in the first year.

Additionally, our modern Industrial Strategy sets out a clear plan for how we can boost productivity throughout the UK, including increased public investment in infrastructure and R&D. At Budget 2018 we increased the size of the National Productivity Investment Fund to £37 billion and since 2010 there has been £600 billion of capital investment including in roads, rail, digital and skills.

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