Oral Answers to Questions

Liam Fox Excerpts

Wednesday 1st February 2023 Commons Chamber

[Dr Liam Fox (North Somerset) (Con)]

Q7.   Compared to what some people seem to believe, 82% of the jobs in our economy are in the private sector and 18% are in the public sector. Most of those private sector jobs are in the small businesses on which we will depend for wealth creation and prosperity in future. Will my right hon. Friend consider introducing a small business test across Government, so that every regulation we produce, every bit of legislation we produce, helps not hinders small businesses? Does he share my ambition that every white-van man and woman and every white-coat tech worker in this country will regard the Conservative party as their natural champion?

[The Prime Minister]

My right hon. Friend is absolutely right. This Government are proud to join him in supporting small businesses. I am pleased to tell him that we do have a small business test to consider whether the impacts of regulatory changes will disproportionately affect small and micro-businesses. I will make sure that we apply that test rigorously, and he will be pleased to know that many small businesses will benefit from billions of pounds in business-rate reductions this coming financial year, as well as from our annual investment allowance which, at £1 million, is the most generous tax incentive for investment for small businesses anywhere in the world.