Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Alan Mak

Tuesday 6th November 2018 Commons Chamber

[Mr Hammond]

The hon. Gentleman might have been too busy preparing his question for today and in the process have missed the industrial energy efficiency fund that we have committed to introduce.

[Alan Mak (Havant) (Con)]

10. What fiscal steps he is taking to provide funding for skills and training.

Oral Answers to Questions

Debate between Lord Hammond of Runnymede and Alan Mak

Tuesday 22nd May 2018 Commons Chamber

[Alan Mak (Havant) (Con)]

8. What fiscal steps he is taking to support firms harnessing new technologies.

[The Chancellor of the Exchequer (Mr Philip Hammond)]

The Government are committed to helping firms to harness the benefits of new technologies, and we are taking action to do so. For example, we have set the annual investment allowance at £200,000 a year, its highest-ever permanent level; we have announced a 10-year action plan to unlock more than £20 billion to finance growth in innovative firms; and we have delivered the biggest increase in research and development investment in 40 years.

[Alan Mak]

Britain is becoming a world leader in technology businesses at the cutting edge of the fourth industrial revolution. Will my right hon. Friend ensure that our tax system remains competitive, to maximise the support that we give to our business entrepreneurs?

[Mr Hammond]

Yes. I congratulate my hon. Friend on his commitment in this regard, especially in his role as chairman of the all-party parliamentary group on the fourth industrial revolution. Science, research and innovation are areas in which the UK has huge strengths. Our challenge is to provide the right environment—including the right tax environment—to ensure that that potential stays in the UK, and is developed here. We have introduced a range of incentives through the tax system, such as R&D tax credits and entrepreneurs’ relief, as well as the lowest corporation tax rate in the G7.

Spring Statement

Debate between Lord Hammond of Runnymede and Alan Mak

Tuesday 13th March 2018 Commons Chamber

[Alan Mak (Havant) (Con)]

Fourth industrial revolution technologies are transforming and boosting productivity across the whole country, particularly in the small and medium-sized enterprise sector. As my right hon. Friend considers future spending priorities ahead of the Budget, may I urge him to continue and accelerate support for our entrepreneurs and innovators, who create the wealth of the future?

[Mr Hammond]

My hon. Friend is a tireless advocate of the technology that will fuel the fourth industrial revolution, and the important thing is that, while we are talking about it, this is actually happening across the country. These technologies are actually being used by large, medium and small businesses. They are not just something in the laboratory or the university classroom; they are actually happening in the factories and business parks across Britain, and they will transform the way we live and work.