Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure economic growth continues, and that businesses invest more in (1) infrastructure and (2) employees.

Growth is the government’s top priority. In her January 29 speech, the Chancellor outlined the next steps forward in the government’s plan for growth, including a new approach to the Oxford-Cambridge Growth Corridor and support for a third runway at Heathrow.

(1)To drive business investment, we will publish a 10-year infrastructure strategy, providing a long-term framework by reducing uncertainty, streamlining planning, and unlocking private capital. The National Infrastructure and Service Transformation Authority (NISTA) will oversee its implementation. The government has also committed to keeping a permanent full expensing system for plant and machinery investment, as well as the Annual Investment Allowance. This will help provide the certainty businesses need to invest.

(2)To encourage business investment in employees, the government is reforming the Apprenticeship Levy into a Growth and Skills Levy, enabling employers to fund a broader range of high-quality training. The Autumn Budget allocated £40 million to support the development of new foundation apprenticeships and shorter apprenticeships in key sectors.