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<p>The Chancellor has outlined his plans to boost private sector productivity and
long-term economic growth with a package of measures under the ‘four Es’ of economic
growth: Employment, Enterprise, Education, and Everywhere.</p><p> </p><p>The Government
has introduced several fiscal measures to increase productivity. For example, we have
introduced full expensing – giving the UK the most generous capital allowances regime
in the OECD on a Net Present Value basis to increase business investment and boost
labour productivity. We increased the R&D Expenditure Credit relief rate to 20%
– the joint highest uncapped headline rate of R&D tax relief in the G7 for large
companies.</p><p> </p><p>We are supporting our world leading green industries. For
example, up to £20bn of funding has been provided for Carbon Capture, Utilisation
and Storage, and we are working with investors through our Automotive Transformation
Fund to build a globally competitive electric vehicle supply chain in the UK. Furthermore,
the Investment Zones programme will catalyse 12 high potential knowledge-intensive
growth clusters across the UK.</p><p> </p><p>We are also ensuring our labour market
is more productive through our investment in skills and the Chief Secretary is currently
leading a programme across government to identify the most ambitious ways to improve
productivity in the public sector.</p><p>.</p>
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