To ask His Majesty's Government what steps they are taking to enhance the UK's economic competitiveness and resilience.
Answered on
8 August 2023
At the Spring Budget, the Chancellor announced a package of measures to increase the labour supply, incentivize business investment and improve productivity. The Chancellor has a plan to drive economic growth and boost competitiveness, centred on the 4Es of enterprise, education, employment and everywhere. UK businesses enjoy the lowest tax burden in the G7 and the most generous capital allowances regimes in the OECD. As a result, the World Bank ranks the UK as the best place to do business amongst large European nations and second in the G7.
The Government remains committed to tackling risks and vulnerabilities and published its Resilience Framework in December 2022.