be just most private deprive, that will be just catastrophic. when the prime minister be just catastrophic. when the prime minister is be just catastrophic. when the prime minister is appointed, and i do sympathise with liz truss because it is difficult sympathise with liz truss because it is difficult to put policies in place is difficult to put policies in place when you re not yet p:m., but she will have place when you re not yet p:m., but she will have a real challenge on her plate. she will have a real challenge on her plate, and who knows? so many questions. her plate, and who knows? so many questions. i her plate, and who knows? so many questions, i don t know which she s going questions, i don t know which she s going to questions, i don t know which she s going to turn to first. there s lots she s going to turn to first. there s lots she s saying she s going to get done on day she s saying she s going to get done on day one she s saying she s going to
who can blame them. there s a piece about the people blame them. there s a piece about the people in the shetland islands getting the people in the shetland islands getting bills of £10,000 a year. unless getting bills of £10,000 a year. unless they own 1000 earn that much unless they own 1000 earn that much a unless they own 1000 earn that much a year. unless they own 1000 earn that much a year, they will feel poverty. average much a year, they will feel poverty. average goals are going to be £6,000 and people are earning. how on earth and people are earning. how on earth will and people are earning. how on earth will they pay it? they re not. i can t earth will they pay it? they re not. i can t imagine what s going to happen unless some drastic action is taken happen unless some drastic action is taken by happen unless some drastic action is taken by the government. either freezing taken by the government. either freezing of the bills or perhaps
years ago that showed the value to the uk economy, years ago that showed the value to the uk economy, proving - years ago that showed the value to the uk economy, proving social- the uk economy, proving social mobility, the uk economy, proving social mobility, just the uk economy, proving social mobility, just the the uk economy, proving social mobility, just the average - the uk economy, proving social mobility, just the average of. the uk economy, proving social. mobility, just the average of other economies mobility, just the average of other economies in mobility, just the average of other economies in western mobility, just the average of other economies in western europe, - mobility, just the average of other economies in western europe, is. economies in western europe, is around economies in western europe, is around £170 economies in western europe, is around £170 billion economies in western europe, is around £170 billion a economies in western europe, is
contractors. now, this is all aimed at trying to reposition the u.s. as one of the top producers of semi-conductor chips in the world, and it is a $280 billion investment. let me break it down for you. $52 billion for chip making and research. that s tax incentives and subsidies for manufacturing companies. then you have another $1.5 billion to help u.s. telecommunication companies compete with chinese companies like huawei, and another $170 billion into scientific research and space exploration. listen, this is all, as i said, aimed at repositioning the u.s. as one of the top chip makers. semi-conductor chips were invented here, the president noted. right now, the u.s. imports the overwhelming majority of its chips here, and we have seen that have impacts in terms of supply chain issues with vehicle sales for example, but also again those major national security implications, especially as we see china trying to invest more into its production of those, but also because the u.s. impor
from around the world, something that the president said jeopardizes boast u.s. economic as well as national security. so this bill aims to inject $280 billion into the u.s. semiconductor and scientific research industry broadly with $52 billion of subsidies and tax credits for the chip manufacturing and research in particular as well as $170 billion broadly for scientific research, innovation, and space exploration. and the president said that he hopes that future generations will look back on this moment, a bipartisan bill signed into law by president biden and that they will say that this administration and that bipartisan congress met this moment and was able to take the u.s. into the next generation of production of semiconductor chips. and the president really everyone emphasized that duality of the economic and national security implications throughout his remarks. it s particularly notable when you think about china and the competition with china that s taking place right now.