Oral Answers to Questions

Marcus Fysh Excerpts

Tuesday 27th April 2021 Commons Chamber

[Kemi Badenoch]

The Government recognise the challenging circumstances facing the aviation industry, which the hon. Member described. The industry can draw on the package of measures announced by the Chancellor, including not just the furlough scheme but schemes to raise capital, flexibilities with tax bills and employment support. The aerospace sector and aviation customers are being supported with over £11 billion made available through loan guarantees, support for exporters, the Bank of England’s covid corporate financing facility and grants for research and development. In addition, the renewed airport and ground operations support scheme, which the Chancellor announced in his Budget, will provide support for eligible businesses in England with their fixed costs for a further six months up to the equivalent of their business rate liabilities for the first half of 2021-22.

[Mr Marcus Fysh (Yeovil) (Con)]

What steps his Department is taking to encourage business investment.

[The Chancellor of the Exchequer (Rishi Sunak)]

Stimulating private sector investment will be key to our economic recovery. The recent Budget announced multiple policies to help achieve that, including freeports, the Help to Grow programme, the future fund breakthrough, the life sciences investment partnership, consultations on reforming R&D tax credits and, of course, our radical new super deduction to support business investment as we recover from the coronavirus.

[Mr Fysh [V]]

I thank my right hon. Friend and the whole Treasury team for the extensive package of support and investment incentives over the past year; I know that businesses and employees in Yeovil are incredibly grateful for that. There is a very welcome focus in the defence review on local prosperity in procurement decisions. Will he work with me to ensure that Leonardo and our wonderful local supply chain for the helicopter industry can take full advantage of that into the future?

[Rishi Sunak]

I thank my hon. Friend for all the advice and support he has provided for me and the team over the past year as we have sought to develop policies that will help businesses, including Leonardo in his constituency, which I know he champions. He is right to highlight the opportunities of better procurement, particularly for our defence supply chain, and I look forward to working with him and colleagues to ensure that we can support his local businesses and many others across the United Kingdom.