It is a great pleasure to follow so many hon. Members. They have spoken on a range of topics, one or two of which I will pick out.
Contrary to what we keep hearing from the Opposition, the economic picture is very rosy. We have a growing economy and record inward investment. The deficit has come down by three quarters since 2010, and debt will be falling as of next year. There has been an extraordinary economic turnaround, given the situation the country was left in by the last Labour Government.
We have the fifth biggest economy in the world, we are the fifth largest exporter in Europe and we are the top destination for inward investment in Europe. This is a Budget that seeks to strengthen Britain’s position in the world, to confront the challenges we face with confidence, and to embrace the technological future. Britain has a unique place, positioned as it is in Europe, but with close links to the United States, the Commonwealth and developing markets throughout the world. There are a number of reasons for that, including our outlook and our industriousness. We also have enormous soft power. Our education system educates the brightest and best, and it exports our values throughout the world.
Tourism and culture are important to west Oxfordshire. My hon. Friend the Member for West Aberdeenshire and Kincardine (Andrew Bowie) mentioned that £19.8 billion of investment comes into the UK. With a value of £300 million, and 4 million visits a year, tourism and culture is probably the most important thing to west Oxfordshire’s economy. Nationally, we have the BBC and a great number of other extraordinarily important cultural icons. Much of “Downton Abbey” is filmed in my constituency, and we also have Blenheim Palace, which has been a film set for everything from Harry Potter to James Bond. As we have heard, the industrial strategy builds on that through the creative industries policy and evidence centre, which will promote the inward tourism that is so important to west Oxfordshire and the country.
Exporting businesses are also important. There is incredible innovation in my constituency and throughout the United Kingdom in aerospace, information technology and manufacturing. The Federation of Small Businesses has called this Budget business-friendly—and quite rightly, too. This is a Budget that has an action plan to unlock £20 billion of patient capital investment to finance
growth in just the sort of innovative firms that we have in west Oxfordshire. There will be a £2.5 billion investment fund through the British Business Bank, with private sector involvement taking the total to £7.5 billion.
Research and development is crucial, and it is getting the biggest boost for 40 years, with £2.3 billion extra investment from the national productivity investment fund, which itself has been expanded by £8 billion. This takes total direct R&D spending to £12.5 billion by 2021-22. We have heard about the investment in artificial intelligence and driverless cars. They are just the start of the emerging technologies throughout the country in which we will be able to invest, and this is of enormous importance. There must be investment in skills, too, so I am delighted to see that there is £177 million for maths teachers and computing.
In the last 30 seconds available to me, I will speak briefly about Oxfordshire. I am pleased that in addition to the investment in the companies I have spoken of, we have investment in the Cambridgeshire, Milton Keynes and Oxford expressway, an important road and rail link uniting the two great centres of learning and business with that great thriving city in the middle. This will be extremely important, and there is a Government package for investment and infrastructure of £30 million for each of the five years. This Budget ensures that this is a Britain that can face the future with confidence and thrive.
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