§ Mr. KilfoyleTo ask the Chancellor of the Exchequer what recent measures he has introduced to secure manufacturing jobs in the north-west of England. [145215]
§ Miss Melanie JohnsonManufacturers in the north-west of England, as elsewhere in the UK, are benefiting from the platform of economic stability that the Government's new frameworks for monetary and fiscal policy have delivered. Low inflation and sound public finances provide the right conditions for manufacturing companies to develop their full potential and offer secure employment.
This hard-won stability provides an opportunity for all businesses in the north-west to raise their productivity performance—the key to long-term prosperity and job creation. The Government have already put in place a series of policies to strengthen productivity, including reductions in corporation tax from 33 to 30 per cent., reform of capital gains tax, and a new R&D tax credit.
The recent pre-Budget Report proposed a package of measures that from April 2001 will help small and medium sized firms manage their entry into the VAT system, reduce their administrative burden and improve their cashflow. It also announced an enhanced role and funding for the North West Development Agency, which will enable it to target resources more effectively at local priorities.