Philip Hollobone
Main Page: Philip Hollobone (Conservative - Kettering)Department Debates - View all Philip Hollobone's debates with the HM Treasury
(5 years, 7 months ago)
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Robert Jenrick
If the right hon. Gentleman wants to support this country’s manufacturing sector, he and his colleagues should support a deal so we can leave the European Union in an orderly fashion. We are taking a number of important steps to support manufacturing, including increasing the annual investment allowance from £200,000 a year to £1 million, making research and development tax credits more generous, and backing schemes such as “Make Smarter”, which help the manufacturing sector to embrace automation and digital technology and move forward with confidence.
Mr Philip Hollobone (Kettering) (Con)
Can the Minister confirm that, despite the Brexit uncertainty, Britain remains the second best country in the whole world for foreign direct investment?
Robert Jenrick
I can confirm that. The UK remains the European leader for foreign direct investment, venture capital investment and tech investment. Even in manufacturing, which is under a certain degree of strain, the UK remains the ninth largest manufacturing nation in the world.
Mr Hammond
Rolling out full fibre is essential to Britain’s digital future. That will be done largely by the private sector. The public sector’s role will be to provide the appropriate support in areas where full fibre roll-out is not commercially viable, but supporting the urban centres in all our conurbations, including in Yorkshire, will be an early priority for the broadband roll-out programme. I should say to the hon. Gentleman—I hope this will cheer him up—that I recently met an Italian digital entrepreneur who has relocated his business from silicon valley to Sheffield and he said it was the best decision that he ever made.
Mr Philip Hollobone (Kettering) (Con)
Given that the people have already decided, presumably the Chancellor does not want a second referendum.
Mr Hammond
Contrary to some reports, I have never advocated a second referendum. I simply observed that it is a coherent proposition along with many others that have been discussed in this House.