Oral Answers to Questions

Andrew Selous Excerpts

Tuesday 7th February 2023 Commons Chamber

[Jeremy Hunt]

What I can confirm is that there will be no tax cuts funded by borrowing. I can also confirm that those of us on this side of the House, unlike those on the hon. Member’s side, believe in lower taxes.

[Andrew Selous (South West Bedfordshire) (Con)]

T9. Businesses that had to renegotiate their energy contracts in the second half of last year did so at the top of the market, so how can we prioritise those businesses in particular for energy efficiency measures?

[James Cartlidge]

My hon. Friend makes an important point. We have already discussed energy support, but efficiency is also key. Businesses can take advantage of the £315-million industrial energy transformation fund, which supports industrial sites to invest in energy efficiency and decarbonisation projects. There are several important capital allowances that may help businesses to make energy-efficient investments, such as the annual investment allowance, which has been set permanently at £1 million, the structures and buildings allowance, and, until 31 March, the super deduction—