Inward Investment: Fiscal Steps

The transcript begins with several Labour MPs asking the Chancellor of the Exchequer, Rachel Reeves, about the fiscal steps the government is taking to encourage inward investment. In her response, the Chancellor stated that investment is at the heart of the government's growth mission, and that they are building confidence through robust fiscal rules and respect for economic institutions. She confirmed that the government will outline a tax roadmap for businesses at the Budget, including a commitment to cap corporation tax at 25% for the duration of this Parliament and to retain full expensing. Chi Onwurah, the MP for Newcastle upon Tyne Central and West, followed up by highlighting the north-east's success in attracting foreign direct investment and creating jobs, and asked what the Chancellor is doing with the Mayor of the North East to ensure more global investors are aware of the region's strengths. The Chancellor acknowledged the north-east's potential in sectors like advanced manufacturing, health, and technology, and said the government will work with local mayors to develop ambitious growth plans that reflect the region's strengths and address barriers to growth. Alan Gemmell, the MP for Central Ayrshire, asked about the importance of international investment for the aviation and aerospace sectors, which are significant employers in his constituency. The Chancellor recognised the importance of these sectors and said the government is putting investment at the heart of its growth strategy, including by supporting advanced manufacturing in Scotland. Uma Kumaran, the MP for Stratford and Bow, asked how the government will support London, as the top choice in Europe for inward investment, to continue its success on the global stage and encourage wider economic growth. The Chancellor highlighted the regeneration of Stratford and said the government will work with the Mayor of London to ensure economic growth benefits the capital and the rest of the country. Tim Farron, the MP for Westmorland and Lonsdale, raised the issue of investment in the rural economy and support for farmers, but the Speaker ruled that this was slightly off-topic. The Chancellor said she would ensure the Secretary of State for Environment, Food and Rural Affairs hears the message. Finally, Jim Shannon, the MP for Strangford, asked about discussions the Chancellor has had with the Northern Ireland Assembly Minister to address youth unemployment in the region. The Chancellor acknowledged the importance of young people being able to take advantage of inward investment opportunities in Northern Ireland, and said the Secretary of State for Work and Pensions will be bringing forward a White Paper to ensure everyone who can work is given the support to succeed.