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Business Investment

Volume 697: debated on Tuesday 22 June 2021

What steps his Department is taking to incentivise businesses to invest in new equipment or infrastructure. (901594)

Stimulating business investment will be key for our economic recovery, and under the super deduction we announced at Budget 2021, for every £1 a company invests in qualifying plant and machinery, its taxes are cut by up to 25p. We have also just launched the UK Infrastructure Bank, which will partner with the private sector and local government, supporting more than £40 billion-worth of infrastructure investment overall.

My right hon. Friend will know that manufacturing and engineering companies are absolutely crucial to the economy in the Black Country and in Wolverhampton. Does he agree that companies feeling confident to make investments, with Government support and schemes like the super deduction, is key to really building back quickly and better, and to lowering unemployment in the Black Country?

My hon. Friend is absolutely right to highlight the importance of manufacturing in particular to the Black Country. I am pleased to have received the representations from organisations such as Make UK that led to the creation of the super deduction, which, let us be clear, is all about jobs. My hon. Friend is absolutely right: by companies investing and unlocking the cash that is sitting on their balance sheets, we will create jobs to help drive our recovery and drive up our productivity in the process. My hon. Friend is absolutely right to highlight it.