John Glen
Main Page: John Glen (Conservative - Salisbury)Department Debates - View all John Glen's debates with the HM Treasury
(1 day, 10 hours ago)
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Rachel Reeves
I thank my hon. Friend for that important point. Five-hundred businesses will benefit from an increased discount through the supercharger, taking it from 60% to 90%, from April. Next April, the British industry competitiveness scheme comes in, and it will benefit around 7,000 businesses. Of course, we will continue to consider how we can support our energy-intensive industries if the situation in the middle east continues.
John Glen (Salisbury) (Con)
Given that it was promised at the start of June last year, when will the Chancellor sign off on the defence investment plan?
Rachel Reeves
I have huge respect for the right hon. Gentleman and the time he spent at the Treasury. As he knows, the previous Government committed to reaching 2.5% by the end of this Parliament. We are committing to bringing that forward, and by April next year we will be spending 2.6% of GDP. We will set out the defence investment plan based on our strategic defence review. Of course, the previous Government did not even bother to do a strategic defence review.