Oral Answers to Questions

Chi Onwurah Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Darren Jones]

The issue of so-called hope value was referenced in the Labour party’s manifesto, and the Government will set out further detail in due course.

[Chi Onwurah (Newcastle upon Tyne Central and West) (Lab)]

3. What fiscal steps she is taking with Cabinet colleagues to encourage inward investment.

[Alan Gemmell (Central Ayrshire) (Lab)]

8. What fiscal steps she is taking with Cabinet colleagues to encourage inward investment.

--- Later in debate ---

[The Chancellor of the Exchequer (Rachel Reeves)]

Investment is at the heart of this Government’s growth mission, alongside stability and reform. With robust fiscal rules and respect for economic institutions, the Government are building the confidence needed to deliver private sector investment. It is vital that the tax system also supports growth, and today I can confirm that the Government will outline a tax road map for business at the Budget to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25% for the duration of this Parliament and to retain full expensing.

[Chi Onwurah]

I thank the Chancellor for her response. Last year, the north-east attracted 67 foreign direct investment projects, creating over 4,000 jobs. In the key growth sectors, from advanced manufacturing to health and tech, those who know the north-east know our huge potential, and I know that the Chancellor recognises that too. What is she doing with the Mayor of the North East, Kim McGuinness, to ensure that more global investors are aware of the north-east’s strengths and that we can attract more inward investment, creating more jobs?

[Rachel Reeves]

My hon. Friend makes an important contribution on behalf of her constituents, based on her background of working in science and technology before entering this House. My hon. Friend is absolutely right to say that the north-east has huge potential to grow the economy through sectors including advanced manufacturing, health, technology and our creative industries, and this Government will work with our local mayors, including Kim McGuiness, to develop ambitious, long-term local growth plans that reflect the north-east’s strengths. We will look to address some of the barriers to growth and support delivery of our national industrial strategy, as well as narrowing some of the inequalities that have persisted for far too long.