UK Entrepreneurs
Debate between Lord Fox and Lord Kennedy of Southwark
Wednesday 4th December 2024
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(2 weeks, 5 days ago)
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Lord Kennedy of Southwark (Lab Co-op)
We will have the Liberal Democrat Front Bench next, please.
Lord Fox (LD)
My Lords, when the Minister answered the noble Lord’s original Question, some of it got missed—happily, that was what I was planning to ask. Most entrepreneurs start as small or medium businesses before they become big, powerful businesses. It is very clear that the rise in NIC has hit those businesses disproportionately. As a result, there is less money for them to invest for growth and innovation. When the Treasury was considering that rise, it must have traded off future growth for short-term tax revenue. Was that the view of the Treasury at the time and why was it the view of the Treasury at the time?