IMF Economic Outlook

Debate between Carla Lockhart and James Cartlidge

Tuesday 31st January 2023 Commons Chamber

[James Cartlidge]

My hon. Friend is absolutely right. I spoke about high-growth sectors; one of the ways those sectors drive up sustainable growth is through R&D. That is incredibly important. The Government are on track to spend £20 billion in public expenditure by 2024-25. We are also committed to a competitive regime of R&D tax credits to ensure that the private sector does its part to enable the highest possible level of R&D so that we can deliver investment and research into the industries of the future.

[Carla Lockhart (Upper Bann) (DUP)]

The forecast is concerning for every corner of the United Kingdom. However, in Northern Ireland, there is an added uncertainty owing to the protocol and the internal barriers to trade that it places within the United Kingdom. Investment to drive growth is now being stalled as we await a new agreement. Do the Government recognise the need to urgently restore the integrity of the UK’s internal market to assist economic growth in Northern Ireland, and does the Minister commit to doing that?

[James Cartlidge]

We must deliver growth in every part of the United Kingdom. The hon. Lady knows the work that is happening across Departments on the protocol. I have already mentioned energy support; she knows that there are specific conditions that pertain to the Northern Ireland energy market, but we have still put huge support in place, including the recent £600 payment. That shows that we are on the side of families in every part of the United Kingdom, including Northern Ireland.