Oral Answers to Questions

Debate between Jeremy Hunt and Laura Farris

Tuesday 20th June 2023 Commons Chamber

[Laura Farris (Newbury) (Con)]

15. What fiscal steps he is taking to support the technology sector.

[The Chancellor of the Exchequer (Jeremy Hunt)]

I have set out our national ambition to be the world’s next silicon valley. We are making good progress; last year we were ranked the world’s third largest technology market after the United States and China.

[Jeremy Hunt]

I thank my hon. Friend for his support for this really important sector in Rother Valley. We have a number of schemes, including £541 million of funding available in the Faraday battery challenge. We also have the £1 billion automotive transformation fund. As a result of the efforts that he and many others have made, we now get 40% of our electricity from renewable sources—the second highest in Europe—and much more progress is to come.

[Laura Farris]

I recently convened a roundtable in my constituency with the Minister for Science, Research and Innovation, my hon. Friend the Member for Mid Norfolk (George Freeman) and a number of science and tech businesses. Their No. 1 question was what fiscal support was available for their sector. I am aware that there are numerous schemes, grants and tax relief, but it was notable that they were not well understood by the businesses, and I could not find them published anywhere on the new Department’s website. Could my right hon. Friend put together and publish a package of all the support available to investors and innovators, and how it can be applied for, to maximise the potential of this vital new frontier in west Berkshire and beyond?

[Jeremy Hunt]

That is a fair point. I thank my hon. Friend for the fact that Newbury is a hotbed of technology businesses, with Roc Technologies, Stryker, Edwards Lifesciences and a range of other businesses that she gives a lot of support to. I will write to her listing all those things and I will make sure that it is available on the website of the Department for Science, Innovation and Technology.

Autumn Statement

Debate between Jeremy Hunt and Laura Farris

Thursday 17th November 2022 Commons Chamber

[Jeremy Hunt]

I will happily look into that issue and write to the hon. Member. She will know that one of the growth industries that I identified was advanced manufacturing. There is much that we can do to ensure that the steel industry is competitive in this country, and we want it to have a bright future.

[Laura Farris (Newbury) (Con)]

Nothing corrodes living standards like runaway inflation, so I congratulate my right hon. Friend on the priority that he has given to tackling inflation and bringing it down next year. However, until that moment comes, there is huge pressure on household incomes. I have been working closely with Citizens Advice West Berkshire, and its No. 1 ask was for means-tested benefits to be uprated in line with inflation, so I welcome that announcement as well as the unprecedented equivalent increase in the national living wage. Will he ensure that his Department and the Department for Business, Energy and Industrial Strategy continue to work hand in glove with HMRC on that small number of rogue employers who try to avoid their statutory wage obligations?

[Jeremy Hunt]

That is a good question. I will happily write back to my hon. Friend with what we are doing and what we can do. I would like her to pass on my thanks to Citizens Advice West Berkshire for the incredibly important work that it is doing to support people through a difficult period.

Oral Answers to Questions

Debate between Jeremy Hunt and Laura Farris

Tuesday 15th November 2022 Commons Chamber

[Jeremy Hunt]

My hon. Friend is absolutely right; having run a business myself, I know that that certainty and stability is what gives the confidence to invest. I want to reassure him that what I talk about on Thursday will include our plan for growth over the next five years as well as our plan for stability. Both matter, but in the end, as Conservative Members know, wealth is not created by Governments—it is created by businesses.

[Laura Farris]

I know that my right hon. Friend is working intensively to ensure that the United Kingdom can meet its current spending obligations, but can he confirm that the same prudence extends to our national debt? Throughout the summer, my right hon. Friend the Prime Minister said repeatedly that we cannot allow debt to spiral and we cannot burden future generations with further debt. Does my right hon. Friend share the Prime Minister’s commitment and will he use his statement on Thursday to set out a pathway to debt reduction?

[Jeremy Hunt]

My hon. Friend will know that Margaret Thatcher said that there is nothing moral about spending money you do not have, precisely because of what my hon. Friend says: it passes the burden on to future generations to pay it back. Currently, our debt to GDP ratio is about 98% and we are spending debt interest of £22 billion more in the year to date than at the same time last year—that is more than the entire budget of the Home Office. So I absolutely agree with her.

Economic Update

Debate between Jeremy Hunt and Laura Farris

Monday 17th October 2022 Commons Chamber

[Jeremy Hunt]

I respect the right hon. Gentleman for pressing me on that issue, because I understand how important it is. The reason I am not able to give him the answer he seeks is that I am not giving that answer on any area of spending or tax policy. The situation we face is extremely grave, and we must look at those issues in the round. We will come to the House with those decisions just as soon as they have been made and then independently audited by the Office for Budget Responsibility.

[Laura Farris (Newbury) (Con)]

I welcome the rapid grip my right hon. Friend has exerted on the public finances, which has been reflected throughout the day by the rally in sterling and gilts. However, I seek clarification of his comments on investment relief. Will he maintain his commitment to seed enterprise investment schemes focused on science and technology? Those are thriving sectors in my constituency and, as he alluded to, they are the engines of our future economic success.

[Jeremy Hunt]

I ran a small technology business for 14 years, so that is very much where my heart is. There is a massive opportunity for the UK to create something a bit like the City of London, something that will pay an enormous amount of corporate tax for many years to come. Although I cannot give my hon. Friend the answer, I am determined to grip that opportunity.