Oral Answers to Questions

Debate between Jesse Norman and Colin Clark

Tuesday 2nd July 2019 Commons Chamber

[Colin Clark (Gordon) (Con)]

T7. Dean’s short- bread, based in Gordon, has been encouraged by the annual investment allowance to invest in new facilities. Does my right hon. Friend agree that this policy is stimulating business to release pent-up investment and that it demonstrates the confidence of UK companies?

[The Financial Secretary to the Treasury (Jesse Norman)]

I am delighted to hear the news of new investment in my hon. Friend’s constituency, and I take my hat off to Dean’s shortbread. As he knows, the two-year increase in the annual investment allowance, which the Chancellor announced in the Budget, is helping firms right across the country to invest in new plant and machinery. It gives 100% first-year tax relief on the first £1 million of eligible investments and helps small and medium-sized firms such as Dean’s shortbread to continue to grow.