Oral Answers to Questions
Debate between David Amess and Lord Hammond of Runnymede(5 years, 6 months ago)
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Sir David Amess (Southend West) (Con)
The Chancellor of the Exchequer (Mr Philip Hammond)
This Government are determined to make the UK a great place to do business, so we are keeping taxes low and helping businesses and entrepreneurs to access the support they need. We have cut corporation tax to the lowest rate in the G20, we have made changes to business rates worth over £13 billion by 2023, we have introduced a £1 million annual investment allowance, and we are helping exporters by increasing UK Export Finance’s direct lending capacity by up to £2 billion.
Sir David Amess
Will my right hon. Friend join me in congratulating the BEST enterprise growth centre at Hythe in Southend, which provides free advice for businesses to grow and prosper, and has so far helped over 3,000 businesses in Essex, through start-up centres, to increase their profitability?
Mr Hammond
I am pleased to join my hon. Friend in congratulating the BEST growth hub on its support for Essex businesses. That is a clear example of how England’s 38 growth hubs are helping businesses to start up and grow. Businesses in Essex, like those across England, will benefit from the further measures that I have announced on management training, mentoring and local peer networks, which will help businesses to grow by learning from our leading business schools and companies, as well as from one another.
Oral Answers to Questions
Debate between David Amess and Lord Hammond of Runnymede(5 years, 12 months ago)
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Huw Merriman (Bexhill and Battle) (Con)
The Chancellor of the Exchequer (Mr Philip Hammond)
One year on from the appalling Manchester Arena attack, I am sure that I speak for everyone in the House in saying that on this day our thoughts are with those who lost their lives and their families, and those who suffered life-changing injuries. We will remember them with a minute’s silence later today.
The UK’s 5.7 million small businesses make a vital contribution to our economy, employing 60% of the private sector workforce, and the Government are determined to facilitate their success. We are keeping taxes low and ensuring that firms can access the support that they need to thrive. Following the patient capital review, we are expanding the tax reliefs available to entrepreneurs that will support them in growing their businesses, and we have launched a patient capital action plan to unlock £20 billion of funding to help high-growth firms to reach their potential.
Sir David Amess
Will my right hon. Friend confirm that he will not raise taxes on small businesses, and will he share with the House what help the Government will give to entrepreneurs who are setting up for the first time, with particular regard to the business rate?
Mr Hammond
We have already introduced business rate concessions to reduce the burden of rates on small businesses, including by bringing forward by two years the switch in indexation from the retail prices index to the consumer prices index. We are ensuring that Britain is the world’s leading place to start and grow a business, including through reducing corporation tax rates. There are almost 7,000 small businesses in Southend-on-Sea alone, and this Government back them every step of the way. I can tell my hon. Friend who will raise taxes on small businesses, and has said so publicly: he is sitting opposite me.