Oral Answers to Questions

Andrew Bowie Excerpts

Tuesday 22nd May 2018 Commons Chamber

[John Glen]

The Government have developed a range of savings products and incentives, or encouraged providers to do so, to reflect the range of needs. We have also raised the ISA allowance to £20,000 and introduced the personal savings allowance, meaning that 95% of people do not pay any tax on their savings income. It is important that we have that range of options for all age groups.

[Andrew Bowie (West Aberdeenshire and Kincardine) (Con)]

6. What steps he is taking to increase productivity throughout the UK.

[Mike Amesbury (Weaver Vale) (Lab)]

7. What fiscal steps his Department is taking to increase regional productivity.

[The Exchequer Secretary to the Treasury (Robert Jenrick)]

The Budget showed our determination to improve productivity, increasing the national productivity investment fund by £8 billion to £31 billion. With substantial investment in the regions of the UK, such as the £1.7 billion transforming cities fund, we want to help all parts of the country achieve their potential.

[Andrew Bowie]

I am sure the House will be united in rejoicing that the UK’s productivity last year grew by 0.7% and in the last quarter increased at its quickest pace in six years. Does my hon. Friend agree that raising our productivity is the only way to deliver higher-paid and better jobs for the future?

[Robert Jenrick]

I entirely agree with my hon. Friend. Raising productivity is the only sustainable way to grow the economy, boost wages and improve living standards, which is why we have given it such a clear and determined focus. With respect to Aberdeenshire, the North sea oil and gas industry is one of those sectors that have seen the greatest productivity increases in recent years. We will continue to support that with a highly competitive tax rate.