Oral Answers to Questions

Debate between Andrew Griffith and Giles Watling

Tuesday 15th November 2022 Commons Chamber

[Giles Watling (Clacton) (Con)]

12. What steps he is taking with Cabinet colleagues to reduce red tape for small and medium-sized enterprises.

[The Economic Secretary to the Treasury (Andrew Griffith)]

The Government are rightly reducing the burden of regulation for tens of thousands of small and medium-sized enterprises. Just a month ago, the presumption of exemption when Departments make regulations was extended from businesses with fewer than 50 employees to those with fewer than 500, and we expect 40,000 SMEs to benefit from that.

--- Later in debate ---

[Andrew Griffith]

I know that my colleagues will join me in paying tribute to my hon. Friend for the time that he spends helping small businesses. As he says, the Government must lead by example on prompt payment. They are committed to paying 90% of valid invoices within five days and 100% within 30 days, which is absolutely right, and the Cabinet Office’s Procurement Bill will ensure that that happens throughout the public sector.

[Giles Watling]

I recently attended a meeting with business leaders in Clacton who worry about being hamstrung on the global stage. We are going to be one of the highest payers of corporation tax anywhere. Does my hon. Friend agree that, despite recent financial upheavals, we must maintain our focus on growth and support our businesses, both large and small, by keeping a firm lid on corporation tax?

[Andrew Griffith]

I can assure my hon. Friend that the Government are on the side of small businesses and fiscal responsibly, and the introduction of the small profits rate will help the businesses that he talks about.