Flick Drummond
Main Page: Flick Drummond (Conservative - Meon Valley)Department Debates - View all Flick Drummond's debates with the HM Treasury
(1 year, 11 months ago)
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James Cartlidge
It is very far from a unique mess when 14 European Union countries have a higher rate of inflation than we do. That is why we are focused on reducing inflation, which, to be clear, will take some difficult decisions. It would help in that regard if Labour Members, instead of living in a parallel universe where their leadership and their shadow Chancellor talk about sound money but not a single one of them even ventures to understand it, started showing what difficult decisions they would actually take. That is how you run the country.
Mrs Flick Drummond (Meon Valley) (Con)
Getting the economy moving forward more quickly will depend on supporting investment in research and development. Will my hon. Friend look at ensuring that R&D continues to be incentivised as a means to boosting our growth?
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.