Question to the Cabinet Office:

To ask the Prime Minister, with reference to his oral contribution of 15 June 2022, Official Report, col 281, that in the first five months of this year this country has attracted £16 billion of investment in its tech sector, helped by the 130 per cent super deduction for business investment from the Chancellor of the Exchequer, what (a) the evidential basis is for his remarks, (b) the sources are for the figures cited and (c) proportion of the £16 billion was eligible for the super deduction.

I refer the Hon. Member to the Official Report, 6 July 2022, col. 11MC.

The source was the Dealroom Tech Health Check which is available at https://dealroom.co/blog/uk-tech-health-check-london-tech-week-2022.

This Government has been creating the right tax environment to promote investment and innovation. That is why we introduced the 130% super-deduction for capital investment and increased the Annual Investment Allowance from £200,000 to £1 million. We also have specific tax reliefs aimed at encouraging Venture Capital and early-stage investment, such as the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.