Peter Aldous calls on the Government to develop a comprehensive fiscal strategy for the autumn statement, including tax incentives, the reform of capital allowances and other measures to maximise private investment in renewables which is vital to bringing new jobs to coastal communities such as Lowestoft.
Peter Aldous (Waveney) (Con)
T8. Maximising investment in renewables is vital to bringing new jobs to coastal communities such as Lowestoft. I would be grateful if my right hon. Friend confirmed that he is working closely with the Treasury to prepare a comprehensive fiscal strategy that will form part of the autumn statement, and that it will include tax incentives, the reform of capital allowances and measures to unlock private investment in ports. (904562)
The Minister for Energy Security and Net Zero (Graham Stuart)
My hon. Friend will be pleased to hear that we always work closely with our Treasury colleagues. We launched the floating offshore wind manufacturing investment scheme—FLOWMIS—on 30 March, which is worth up to £160 million and will support investment in port infrastructure precisely to unlock floating offshore wind investment and deployment. The spring Budget set out the Government’s plans to launch the refocused investment zones programme to catalyse 12 high-potential growth clusters across the UK.