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: