Oral Answers to Questions

Debate between Rachel Reeves and Uma Kumaran

Tuesday 3rd September 2024 Commons Chamber

[Uma Kumaran (Stratford and Bow) (Lab)]

13. What fiscal steps she is taking with Cabinet colleagues to encourage inward investment.

[The Chancellor of the Exchequer (Rachel Reeves)]

Investment is at the heart of this Government’s growth mission, alongside stability and reform. With robust fiscal rules and respect for economic institutions, the Government are building the confidence needed to deliver private sector investment. It is vital that the tax system also supports growth, and today I can confirm that the Government will outline a tax road map for business at the Budget to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25% for the duration of this Parliament and to retain full expensing.

--- Later in debate ---

[Uma Kumaran]

I thank the Chancellor for her further reassurance to businesses this morning. London is the top choice in Europe for inward investment and is home to more headquarters than any other European city, including many based in Stratford, in my constituency. How will the Government support our capital city to continue its success on the global stage, and ensure that London can help encourage onward investment and support wider economic growth around the country?

[Rachel Reeves]

I thank my hon. Friend for her question and welcome her to her place. The regeneration of Stratford after the Olympic games is truly phenomenal, and I know that she will be a strong voice for her constituency and help to deliver the growth mission, which is the No. 1 priority of this new Government. The success of London’s economy will be integral to delivering that mission, and we will work with the Mayor of London, Sadiq Khan, and with our MPs to ensure that economic growth benefits people in the capital and across the country, ensuring that we narrow the gap between rich and poor and also showcase the huge opportunities that London has on the international stage. We will be hosting an international investment summit in London on 14 October, bringing together some of the biggest global investors in the world, to showcase everything our great country has to offer.