Margaret Ferrier
Main Page: Margaret Ferrier (Independent - Rutherglen and Hamilton West)Department Debates - View all Margaret Ferrier's debates with the HM Treasury
(1 year, 3 months ago)
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James Cartlidge
The hon. Gentleman knows there is enormous benefit to Wales from being part of the United Kingdom. I have set out the many ways that we are boosting this country, and I gave the example of the changes to Solvency II regulations. They will hopefully see a significant increase in infrastructure investment, which will be of massive benefit to every part of the United Kingdom, including Wales.
Margaret Ferrier (Rutherglen and Hamilton West) (Ind)
Often it is the retail and hospitality sectors that are hit the hardest during economic slowdown, particularly companies trading in non-essential goods and services. What specific support is being considered for such businesses to ensure that redundancies are minimised and jobs are protected?
James Cartlidge
The hon. Lady makes a very good substantive economic point, which is that when inflationary pressures are higher, as they are at the moment, it is discretionary consumption that comes under pressure—and that means, for example, demand in pubs and shops and so on. I can confirm that we have taken huge steps to support hospitality, as we did in the pandemic. We recently announced that the 50% reduction in business rates would be extended by another year and go up to 75%. I announced in December a six-month extension to the freeze in alcohol duty, but hospitality is an important sector that is creating jobs, and we want to see what more we can do to support it.