Financial Statement

Andrew Jones Excerpts

Wednesday 23rd March 2022 Commons Chamber

[Rishi Sunak]

We already acted in the spending review last autumn to outline billions of pounds to improve the energy efficiency of hundreds of thousands of homes across the country. The hon. Lady is right to say that that saves £300. We have grants available of up to £20,000, depending on the scheme, that will do that over the remainder of this Parliament. Also, the energy company obligation does the same thing for hundreds of thousands of people in fuel poverty through their energy bills. So we already did it; we are getting on with it. And I think she missed the fact we have just cut VAT today on energy-saving materials.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

I welcome the statement from the Chancellor today, and in particular the way in which the most support is being provided to those who will need it most. Can I ask specifically about the section on the research and development review? Much of our economy is going digital and we are seeing an increasing focus on the knowledge economy and the creative sectors. Will that be at the core of his investment plans for the future, since that is how we will secure future growth?

[Rishi Sunak]

My hon. Friend, as ever, makes a thoughtful point. Innovation, broadly defined, along with multi-factor productivity, accounts for about half our productivity growth. The pace has slowed recently and we need to reinvigorate it. I set out a strategy to do that at the Mais lecture, and key to that will be driving up private sector investment in R&D and innovation. The tax cuts and reforms we will put in place in the autumn will help us to achieve that end.