Toby Perkins
Main Page: Toby Perkins (Labour - Chesterfield)Department Debates - View all Toby Perkins's debates with the HM Treasury
(12 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
The seed enterprise investment scheme will provide 50% tax relief for all who invest in a qualifying start-up, even if they do not pay the 50% rate of income tax. The investment can be up to £100,000, although of course it can be much less. The companies involved can receive a maximum of £150,000. Those who have a capital gain can invest up to £100,000 of it in the scheme, and the amount will be tax-free for the next financial year. The scheme is aimed at small as well as slightly larger investors, and is designed to help start-up companies to obtain the finance they need.
Toby Perkins (Chesterfield) (Lab)
The last Chancellor to see interest rates go through the roof was not a Labour Chancellor, but the one who was advised by this Chancellor’s right hon. Friend the Prime Minister. If the Chancellor seriously thinks that the current level of interest rates is a sign of his success, will he consider any increase in interest rates to be a sign of failure?
Mr Osborne
We are doing all we can to keep our country safe in a debt storm. We need only look at the Italian bond auction today to see the market rates that Italy is paying. We are currently, in a debt crisis, borrowing money more cheaply than Germany. That represents a vote of confidence in the deficit plan of the United Kingdom.