Economic Growth

Treasury written question – answered on 21st December 2021.

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Photo of John Redwood John Redwood Conservative, Wokingham

To ask the Chancellor of the Exchequer, what plans he has to stimulate growth in the economy.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

In the spring, the government set out plans to build back better through significant investment in innovation, infrastructure and skills. Stimulating business investment is key for economic growth, and under the super deduction we announced at Spring Budget 2021, for every £1 a company invests in qualifying plant and machinery, its taxes are cut by up to 25p. We have also launched the UK Infrastructure Bank, which will partner with the private sector and local government to support infrastructure investment.

The recent Budget and SR took further steps to put the plan for growth into action. This includes:

  • Bringing the total committed to economic infrastructure since the publication of the National Infrastructure Strategy to over £130 billion.
  • Increasing public investment in R&D to £20 billion by 2024-25, supporting businesses throughout the UK to become more innovative and productive.
  • Investing in skills, including boosting opportunities for adults to upskill and retrain, delivering the government’s commitment to a National Skills Fund, investing in adult numeracy and increasing apprenticeship funding.

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