§ Mr. JenkinsTo ask the Chancellor of the Exchequer what steps his Department is taking to improve the competitiveness of United Kingdom firms. [52394]
§ Mr. Geoffrey Robinson[holding answer 27 July 1998]: The Government are pursuing long term economic policies which will allow firms to improve their performance and competitiveness over time.
The Government have introduced a wide range of policies since May last year to promote enterprise. These include cutting both the main and small business rates of corporation tax to their lowest ever levels, and the lowest of any major industrialised country.
216WThe Comprehensive Spending Review (CSR) introduces new spending plans, including over £1 billion of investment in the UK's science and engineering base.
Together with the President of the Board of Trade the Chancellor is conducting a series of seminars with leading business people addressing the wide productivity gap between Britain and our main competitors. In addition the Government are undertaking a wide ranging review of the UK's R&D performance.