Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)
Question to the Cabinet Office:
To ask the Prime Minister, with reference to his oral contribution of 15 June 2022, Official Report, col 281, that in the first five months of this year this country has attracted £16 billion of investment in its tech sector, helped by the 130 per cent super deduction for business investment from the Chancellor of the Exchequer, what (a) the evidential basis is for his remarks, (b) the sources are for the figures cited and (c) proportion of the £16 billion was eligible for the super deduction.
Answered by Boris Johnson
I refer the Hon. Member to the Official Report, 6 July 2022, col. 11MC.
The source was the Dealroom Tech Health Check which is available at https://dealroom.co/blog/uk-tech-health-check-london-tech-week-2022.
This Government has been creating the right tax environment to promote investment and innovation. That is why we introduced the 130% super-deduction for capital investment and increased the Annual Investment Allowance from £200,000 to £1 million. We also have specific tax reliefs aimed at encouraging Venture Capital and early-stage investment, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.
Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)
Question to the Cabinet Office:
To ask the Prime Minister, with reference to his oral contribution of 22 June 2022, Official Report, col 840, that there is record venture capital investment in this country, which has now overtaken China as a venue for venture capital investment, what (a) data and (b) sources he is citing.
Answered by Boris Johnson
I refer the Hon. Member to the Official Report, 6 July 2022, col. 11MC.
The source was the Dealroom Tech Health Check which is available at https://dealroom.co/blog/uk-tech-health-check-london-tech-week-2022.
This Government has been creating the right tax environment to promote investment and innovation. That is why we introduced the 130% super-deduction for capital investment and increased the Annual Investment Allowance from £200,000 to £1 million. We also have specific tax reliefs aimed at encouraging Venture Capital and early-stage investment, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.
Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)
Question to the Cabinet Office:
To ask the Minister for the Cabinet Office, what assessment he has made of the potential impact of the proposed reduction of civil servants on employment in the North East.
Answered by Jacob Rees-Mogg
The Prime Minister has told Secretaries of State and Permanent Secretaries to work together on producing a plan for returning the Civil Service workforce numbers to 2016 levels over the next three years. This work will be overseen by the Efficiency and Value for Money Cabinet Committee.
Places for Growth is contributing towards the Declaration on Government Reform and the Levelling Up priority by increasing the geographic spread of Civil Servants across the UK, increasing opportunities for people from a wider range of places, including establishing the Darlington Economic Campus where more than 110 HM Treasury staff are now in post. As the Levelling Up White Paper set out, departments have committed to moving more than 15,000 Civil Service roles out of Greater London by 2025, and 22,000 by 2030.
Secretaries of State will lead the drive for reductions within their departments and the Civil Service organisations for which they have responsibility. Planning is underway, with departments considering opportunities and the potential impacts that need to be mitigated. As plans are still in development, no decisions have yet been made.