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Figures show only 10 of funding promised to reduce inequality as part of the Levelling Up Agenda has been spent, mps have said. We will look at why. That and more to come in this half hour, but before that, for sport round up. Welcome. It has been a historic cheltenham festival, finished up with back to back wins. The trainer took his fourth gold cup with the favourite galloping to victory on the races 100 anniversary. It victory on the races 100 anniversary. Victory on the races100 anniversary. Anniversary. It has been extraordinary. Anniversary. It has been extraordinary. Our anniversary. It...

welcome to the programme. a smaller workforce represents a serious economic challenge. it makes it harder for employers to filljobs. it adds to wage pressures that drive inflation. it holds back growth. it reduces the tax revenues available to fund public services. there is an imperative in helping people back to work. the trouble is many parents in this country can't afford to because many would see their take—home pay wiped out by the £15,000 average annual cost of full—time childcare for a two—year—old. right now, uk childcare costs are double the 0ecd average. the only t...

Innovate more. people, capital, ideas, that's how we will create a new culture of enterprise, the second part of our tax plan. the plan sends out tax—cutting options on investment and innovation with final decisions to be announced in the autumn budget, but these are complex questions so we will work with businesses over the summer to get the answers right. let me explain to the house the direction of travel. first, people. we lack international peers and technical skills. 18% of 25 to 64—year—olds, hold qualifications, a third lower than the 0ecd average. so we will consider whether the...

Last 50 years, innovation drove around half the uk's productivity growth, but since the financial crisis, the rate of increase has slowed more than in other countries and our lower rate of innovation explains almost all our productivity gap with the united states. right now, we know that the amount businesses spend on research and development as a percentage of gdp is less than half the 0ecd average. that is despite us spending more on tax reliefs than almost any other country. something is not working. so we will reform rnd credit so they are effective and better value for money, —— r&d, ...

Productivity gap internationally. capital investment by uk businesses is considerably lower than the 0ecd average of 14% and it accounts for half our productivity gap with france and germany. 0nce half our productivity gap with france and germany. once the super deduction ends next year, our overall tax treatment for capital investment will be far less generous than other advanced economies. we are going to fix that. in the autumn budget, we will cut the tax rate on business investment and i look forward to discussing the best ways to do that with businesses. people, capital, ideas. three prio...