(10 years, 7 months ago)
Commons Chamber1. What assessment he has made of the potential effects of the measures in the 2014 Budget on businesses in Wales.
The Budget represents the next step in our long-term economic plan with a package of measures to deliver economic security for businesses and people in Wales and across the UK.
My hon. Friend is entirely right, which is why we have reduced the rate of corporation tax from 28p in the pound to 21p, with a further reduction to 20% next year. For similar reasons, the Wales Bill makes provision for the Welsh Assembly to call a referendum on a lower rate of taxation for Wales, and I hope that it will seize that opportunity.
(11 years, 11 months ago)
Commons Chamber2. What recent assessment he has made of the defence industry in Wales; and if he will make a statement.
The defence industry is a significant contributor to Wales and the UK’s economy, contributing more than £22 billion of annual revenues, of which £5.4 billion is from exports. Companies such as General Dynamics, EADS and BAE Systems ensure that the defence industry makes a vital contribution to the economy in Wales.
I am always extremely grateful—as I am sure the entire House is—to see my hon. Friend take such an interest in Welsh matters. In November I visited EDGE UK, which is part of General Dynamics, and I was tremendously impressed with its exciting research and development programme. It is an excellent example of a part of the defence industry that is benefitting Wales hugely.
(14 years ago)
Commons Chamber8. What recent discussions she has had with the First Minister on the proposed referendum on law-making powers for the National Assembly for Wales.