Economic Growth and Productivity

(asked on 21st February 2024) - View Source

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to promote economic growth and productivity whilst supporting monetary policy objectives.


Answered by
Baroness Vere of Norbiton Portrait
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
This question was answered on 5th March 2024

The government has pursued an ambitious policy agenda to boost growth and productivity whilst maintaining fiscal discipline to avoid adding to inflation. High inflation is not conducive to growth, so the government is continuing to support the independent Monetary Policy Committee as it acts to return inflation to the 2% target.

The Government is promoting growth and productivity through:

  • The new £2.5bn Back to Work Plan will expand employment support for the long-term sick and disabled, and the long-term unemployed.
  • Making Full Expensing permanent ensuring we have one of the most generous capital allowances regimes in the world;
  • Removing barriers to investment in critical infrastructure by reforming our inefficient planning system; and
  • Making £4.5bn available for strategic manufacturing sectors over the five years to 2030.
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