Oral Answers to Questions

Amanda Milling Excerpts

Tuesday 24th October 2017 Commons Chamber

[Mr Philip Hammond]

The hon. Gentleman will see, if he looks at that revision, that the cause is lower-than-anticipated returns on UK investment stocks held overseas, principally returns on mining and petroleum-related activities.

[Amanda Milling (Cannock Chase) (Con)]

T5. The location of Rugeley B power station is a large strategic site in the west midlands. Will my hon. Friend join me in urging all the parties involved in the redevelopment to be ambitious, bold and visionary, and will he outline what Government assistance is available to attract innovative high-tech businesses?

[The Exchequer Secretary to the Treasury (Andrew Jones)]

I will most certainly join my hon. Friend in both celebrating the project and urging everybody working on it to be as ambitious as possible. In terms of support, since 2010, my hon. Friend’s area has benefited from more than £300 million in grants to support cutting-edge innovation in the west midlands through Innovate UK. The Government welcome private investment in innovative and high-tech businesses right across the economy, which is why we announced an additional £4.7 billion for research and development at the 2016 autumn statement.