Oral Answers to Questions

Catherine West Excerpts

Tuesday 19th January 2016 Commons Chamber

[Catherine West (Hornsey and Wood Green) (Lab)]

9. What fiscal steps the Government are taking to support manufacturing exports.

[The Exchequer Secretary to the Treasury (Damian Hinds)]

Since 2010, we have cut corporation tax from 28% to 20%, which is the joint lowest rate in the G20—we will cut it further to 18% by 2020; we have set the annual investment allowance at its highest ever permanent level, at £200,000; and we have made research and development credits more generous and above the line, available in the early loss-making phase for the first time. In addition, UKTI has announced today enhanced support for exporters.

[Catherine West]

Is the Minister concerned about recent figures showing that the manufacturing sector is back in recession? What does he intend to do about that?

[Damian Hinds]

We have to get behind the manufacturing sector. That is at the heart of this Government’s approach, of the long-term economic plan and of the productivity plan, through giving enhanced access to leading technologies in the catapult centres; the apprenticeships levy; making sure that we build up our skills base by attracting more teachers into the STEM subjects—science, technology, engineering and maths; and a range of other initiatives.