Oral Answers to Questions
Debate between Edward Leigh and Nigel Huddleston(9 months, 3 weeks ago)
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Sir Edward Leigh (Gainsborough) (Con)
The Financial Secretary to the Treasury (Nigel Huddleston)
Small businesses are the engines that drive our economy and we support them to thrive using levers right across Government. Our small business rates relief means that one third of business properties in England already pay no business rates. We provide tax reliefs benefiting small and medium-sized enterprises, such as the annual investment allowance and employment allowance, and we support investment in SMEs through British Business Bank programmes and a variety of other support measures.
Nigel Huddleston
My hon. Friend and I have spoken about these policy areas on a number of occasions. In terms of supporting small businesses, the employment allowance enables businesses with employer national insurance contributions bills of £100,000 or less to claim up to £5,000 off those bills. That was increased in April 2022 from £4,000 to £5,000, so the smallest 40% of businesses have already been taken out of paying employer national insurance contributions, and many of those are in the hospitality and leisure sector. We always keep policies under review, and I know that my hon. Friend will always be lobbying on this issue.
Sir Edward Leigh
Becoming an entrepreneur in this country has become increasingly purgatorial over the past 25 years. Does the Minister agree that what small businessmen want is not more handouts and allowances from the Government but lower, simpler and flatter taxes, and less regulation not more? They want the Government to get off their backs and shove off.
Nigel Huddleston
That was very interestingly put by my right hon. Friend. I completely agree with his instincts, though, and those instincts are completely shared on the Conservative Benches. When we are able to reduce tax and release the entrepreneurial spirit, independence and innovation that exist right across the UK, the country thrives and all of us thrive.
Oral Answers to Questions
Debate between Edward Leigh and Nigel Huddleston(1 year, 9 months ago)
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Nigel Huddleston
As I said, the US is not currently negotiating FTAs, not just with us but with any other country. We are working and we have very good dialogue with one of our closest allies in so many areas, including economically, culturally and militarily, and that dialogue will of course continue. As I said in my previous answer, we are working in many areas, including steel and food, to create opportunities, alongside work in respect of the memorandum of understanding. Considerable progress can be and will continue to be made, even without an FTA.
Sir Edward Leigh (Gainsborough) (Con)
Global free trade is and always has been the greatest motor for global prosperity, which is why many of us voted for Brexit. A free trade deal with America is the greatest prize of all. Will the Minister confirm that, as far as we are concerned, there are no barriers at all—whether it be chlorinated chicken or whatever—to trying to conclude an agreement? We want this deal with the US. Does the Minister think that it will happen?
Nigel Huddleston
We are very keen to conclude a deal with the US, but, at the moment, it is not able to enter into those negotiations. However, that will not prohibit us from continuing to find opportunities and to remove barriers where and when we can, as well as seeking those opportunities across the world. I appreciate what the right hon. Member said at the beginning of his question about how we, on the Conservative Benches, are firm proponents of free trade. It is good for the UK economy and good for the world economy, and we need to continue to make sure that that message is heard loud and clear.