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1700274

	registered interest
	date	12/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Defence: Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what (a) fiscal and (b) economic conditions have to be met for defence spending to be raised to 2.5% of Gross Domestic Product.
	tabling member constituency	Wells
	tabling member printed	James Heappey
	uin	21171
	answer	answer is ministerial correction date of answer 17/04/2024 answer text <p>The government’s aspiration is to invest 2.5% of GDP on defence, when the fiscal and economic circumstances allow. The Prime Minister has been clear that the target and path towards 2.5% will be set out at the next Spending Review.</p><p>The government has consistently prioritised defence spending. The Ministry of Defence was the first department to get certainty on its budgets in this Parliament. This settlement was the largest sustained spending increase in defence since the end of the Cold War, with a £24 billion uplift in cash terms over the four-year period. In March 2023, we also provided an extra £11 billion for defence and national security priorities over the next five years, with £4.95 billion over the next two years.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 17/04/2024 10:54:11 answering member 4780 label Biography information for Laura Trott
	tabling member	4528 label Biography information for James Heappey

424050

	registered interest
	date	21/10/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Business
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what fiscal steps he is taking to support businesses.
	tabling member constituency	Wells
	tabling member printed	James Heappey
	uin	901815
	answer	answer is ministerial correction date of answer 27/10/2015 answer text <p>The government is committed to supporting businesses.</p><p>To support investment and drive productivity, the corporation tax rate will be reduced to 19% in 2017 and 18% in 2020. This will give the UK the lowest rate of corporation tax in the G20 and will save businesses a total of £6.6 billion by 2021.</p><p>The permanent level of the Annual Investment Allowance will be increased from £25,000 to £200,000, its highest-ever permanent level.</p><p>In addition, over one million employers have benefitted from the Employment Allowance which was introduced in April 2014. It allows businesses and charities throughout the UK to deduct up to £2000 off their employer National Insurance contributions (NICs) bill each year, rising to £3000 from April next year.</p><br /> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 27/10/2015 16:28:50 answering member 1529 label Biography information for Mr David Gauke
	tabling member	4528 label Biography information for James Heappey