Oral Answers to Questions

Tom Blenkinsop Excerpts

Tuesday 25th October 2016 Commons Chamber

[The Financial Secretary to the Treasury (Jane Ellison)]

I think that all Treasury Ministers would be delighted to congratulate Aqua Cooling on the innovation award it has won. As has been said, the Government have committed to supporting research and development in British businesses, providing one of the most generous R and D tax credit schemes in the world to UK small business. I am delighted to say that it was claimed by more than 18,000 small and medium-sized enterprises in 2014-15.

[Tom Blenkinsop (Middlesbrough South and East Cleveland) (Lab)]

T7. Why does the Chancellor believe that corporation tax receipts collapsed in September 2016 to their lowest level since 2009? Why does he believe borrowing will overshoot the Office for Budget Responsibility’s forecast by an extra £17 billion this financial year?

[Mr Philip Hammond]

I am sorry to be boring, but all these issues will be addressed at the time of the autumn statement, when we will have the latest fiscal projections from the OBR.