Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps he is taking to increase economic (a) growth and (b) productivity.

The government remains committed to boosting economic growth as the route to raising the prosperity of people across the UK. It is taking action to ensure we have the right skills, high quality infrastructure and support for firms to innovate and invest.

We have brought forward measures to provide businesses with the skills they need through T-Levels, Skills Bootcamps and apprenticeships; supported businesses to invest and innovate through freezing the business rates multiplier for 2022-23 and permanently setting the Annual Investment Allowance at its highest ever level of £1 million from 1 April 2023. We continue to deliver high quality infrastructure through the National Infrastructure Strategy and are currently legislating to put the UK Infrastructure Bank on a statutory footing, with £22bn financial capacity, and aiming to crowd-in a further £18bn.

We recognise that the immediate global challenge of inflationary pressure is destabilising for businesses of all sizes. The Government is therefore committed to delivering wider economic stability, with a strong fiscal focus on tackling inflation, so that businesses will have the confidence to invest and grow.

The Chancellor has announced that the Autumn Statement will be delivered on 17 November. This will set out further fiscal steps to raise productivity and drive economic growth sustainably.