Economic Update

Laura Farris Excerpts

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.