Jim Cunningham – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Jim Cunningham on 2015-01-14.

To ask Mr Chancellor of the Exchequer, what estimate he has made of the total funds provided by Government for (a) corporate welfare grants and support schemes and (b) tax forgone.

Mr David Gauke

The Government offers a wide range of financial support to business through different grants and tax reliefs. For example the Regional Growth Fund has so far committed £2.6 billion of support to over 400 awards which are expected to deliver £16 billion of private sector investment and 573,000 jobs.

Overall Government grants and reliefs serve to support UK businesses to invest and grow, generating jobs and economic growth. Business investment has grown 26% since early 2010, there are more people in work now than ever before, and the IMF have forecast the UK as having the fastest growing economy in the G7 in 2014.