Valerie Vaz
Main Page: Valerie Vaz (Labour - Walsall South)Department Debates - View all Valerie Vaz's debates with the HM Treasury
(4 months, 1 week ago)
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Jeremy Hunt
I thank my right hon. Friend for her question. She will know that 70% of trading businesses only pay the lower corporation tax rate of 19%. That covers the vast majority of small businesses. I used to run my own business; I ran it for 14 years before I came into Parliament. I could not agree with her more: small businesses are the backbone of the British economy, which is why we are tackling the scourge of low payments and we rolled over the 75% discount on retail, hospitality and leisure business rates in the autumn statement.
Valerie Vaz (Walsall South) (Lab)
Will the Chancellor confirm how much higher the tax burden is forecast to be at the end, compared with at the start, of this Parliament?
Jeremy Hunt
What I can confirm is that, as a result of the measures I took in the autumn statement, it will be lower at the end of the scorecard period than it would otherwise have been, and a lot lower than it would be under any Labour Government.