Spending Review and Autumn Statement

James Davies Excerpts

Wednesday 25th November 2015 Commons Chamber

[Mr Osborne]

The way in which we can support the hon. Gentleman’s constituents and ensure that businesses invest here is by being a competitive place to do business. He is right to draw attention to the fact that companies can choose to locate anywhere in the world. How do we address that? We make Britain the place to invest and we make Liverpool the place to invest, so that we attract those businesses here. Investment is coming into this country. Indeed, Britain has attracted more investment than the rest of Europe. As I set out today in the autumn statement, overall investment in our economy is going up by more than investment in any other G7 economy this year, and it will go up more here next year and the year after than in any other G7 economy. That will produce the jobs that he wants for his constituents.

[Dr James Davies (Vale of Clwyd) (Con)]

I thank the Chancellor for an autumn statement that will be welcomed by my constituents in the Vale of Clwyd. Over the past few months, I have received several representations about the need to meet the growing cost of social care in north Wales. How will the very necessary new social care precept and the increase in the better care fund apply to Wales, bearing in mind the fact that local government functions are devolved?

[Mr Osborne]

The Barnett formula consequentials will apply. I am happy to write to my hon. Friend on the specific support that we can give to social care in Wales. As I say, his constituents will be beneficiaries of the relative protection for the NHS and things like social care in England through the Barnett formula. Crucially, the new funding floor will also provide protection. I will write to him specifically about the devolved arrangements in social care.