MP for Windsor
Working Hard For You
Update: Windsor MP asks Government question on investment

On Tuesday 28th February Adam asked Chancellor of the Exchequer for an update on the work that they are doing to make Britain a better place for private sector firms to invest.

Treasury Questions – Tuesday 28th February

Adam Afriyie (Windsor, Conservative): I very much welcome this Government’s healthy commitment to scientific spending over several years, but it seems that our business investment in research is below the OECD average. May I urge the Chancellor to examine measures that will increase private company business expenditure on research?

David Gauke (Chief Secretary to the Treasury): As the Chancellor announced at the autumn statement, the Government are significantly increasing investment in research and development, rising to an extra £2 billion a year by 2020-21. We have also made the R&D tax credit regime much more generous. We want to ensure that the UK remains an attractive place for business to invest in innovative research.

Windsor MP asks Government question on investment

On Tuesday 28th February Adam asked Chancellor of the Exchequer for an update on the work that they are doing to make Britain a better place for private sector firms to invest:

Treasury Questions – Tuesday 28th February

Adam Afriyie (Windsor, Conservative): I very much welcome this Government’s healthy commitment to scientific spending over several years, but it seems that our business investment in research is below the OECD average. May I urge the Chancellor to examine measures that will increase private company business expenditure on research?

David Gauke (Chief Secretary to the Treasury): As the Chancellor announced at the autumn statement, the Government are significantly increasing investment in research and development, rising to an extra £2 billion a year by 2020-21. We have also made the R&D tax credit regime much more generous. We want to ensure that the UK remains an attractive place for business to invest in innovative research.

Windsor MP welcomes tax cuts for small businesses

Adam Afriyie, the MP for Windsor, welcomes a raft of new tax cuts for small business that will encourage apprenticeships and investment.

From April small business rate relief has been doubled and the employment allowance for businesses and charities will increase from £2,000 to £3,000. It will offset the cost of the National Living Wage, which is being increased to £7.20 – a 7.5% wage increase for people on lower pay.

Fuel duty has also been frozen for the sixth consecutive year that Conservatives have been in power which has held down the costs of doing business particularly for self-employed mobile workers who make use of vans.

 

The MP for the Windsor constituency, Adam Afriyie welcomed the figures:

“These policies come from a Conservative Government that is on the side of young people, the lower paid and people who start their own businesses or take up an apprenticeship or, indeed, give something back to the community by taking on an apprentice.

“Small businesses are the backbone of the economy. They have powered Britain’s recovery from Labour’s recession and I sense that our country is back on track.

ENDS

Note to editors

  1. Adam Afriyie has written at length on education and social mobility. To see his full record please see here and here.
  2. Adam Afriyie has a strong background and interest in science, technology and innovation due to his entrepreneurial background in the IT sector and a variety of posts he has held and/or currently holds, including Shadow Minister for Science, Chairman of the Parliamentary Office of Science and Technology (POST) and President of the Conservative Technology Forum (CTF).
Helping Money Service Businesses open bank accounts

Adam Afriyie (Conservative, Windsor): To ask the Chancellor of the Exchequer, what recent steps he has taken to encourage banks to offer their services to money service businesses.

Andrea Leadsom (Economic Secretary to the Treasury; Conservative): The UK Government is committed to supporting a healthy and legitimate remittance sector, and ensuring that UK citizens are able to continue to remit funds safely to family abroad. That is why, in response to the withdrawal of banking services from the Money Service Business sector we set up an Action Group on Cross Border Remittances to address this issue. The group is monitoring changes to the market, has developed guidance for MSBs and banks and is promoting a shared understanding of risk. The group is also overseeing the development of a Safer Corridor to ensure the continued, secure flow of remittances to Somalia.

Treasury Ministers have been engaging closely with the banking industry both through the British Bankers Association and directly with those banks involved in this issue, including personally writing to and phoning a number of banks.