Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the HM Treasury
(6 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
Yes. I congratulate my hon. Friend on his commitment in this regard, especially in his role as chairman of the all-party parliamentary group on the fourth industrial revolution. Science, research and innovation are areas in which the UK has huge strengths. Our challenge is to provide the right environment—including the right tax environment—to ensure that that potential stays in the UK, and is developed here. We have introduced a range of incentives through the tax system, such as R&D tax credits and entrepreneurs’ relief, as well as the lowest corporation tax rate in the G7.
Jim Shannon (Strangford) (DUP)
Given that Northern Ireland is the cyber-security centre of the UK, what steps is the Chancellor taking to provide tax relief to encourage global businesses to consider using Belfast and other equipped cities as their bases?
Mr Hammond
We have a globally competitive offer for businesses seeking to locate in the United Kingdom, and, of course, Northern Ireland will have corporation tax flexibilities of its own in due course. However, we seek to make all parts of the UK attractive to foreign direct investment, and Northern Ireland has done extremely well from that.