Question to the Department for International Trade:

To ask the Secretary of State for International Trade, what recent assessment she has made of the potential impact of the US Inflation Reduction Act on the level of investment in UK industry.

We are engaging closely with the US administration to address our serious concerns about the Inflation Reduction Act, as well as talking to our friends and allies across the world who are similarly affected, we will continue to robustly defend the interests of UK industry.

During the Secretary of State's visit to the World Economic Forum in Davos last month, the Inflation Reduction Act was atop of her agenda. She held meetings with US Trade Representative Katherine Tai to reaffirm her concerns about the legislation and a potential global subsidies race, as well as EU Trade Commissioner Valdis Dombrovskis, where she continued to push for both sides to work together and with other international partners on our response to the Inflation Reduction Act.