(13 years ago)
Commons Chamber15. What fiscal measures he is taking to encourage job creation in the private sector.
In Budget 2011 the Government put in place a wide range of measures to support job creation, including supporting business growth by aiming to create the most competitive tax system in the G20, and helping to ensure that it always pays to work, by increasing the personal allowance.
I would like to add my welcome to my hon. Friend at the Dispatch Box.
Having run two small businesses, I understand the pressures that small businesses in South Thanet face. How much less will we tax small businesses in the coming years as a result of our tax cuts and the national insurance freeze?
My understanding is that, compared with the plans of the previous Government, businesses will pay £3 billion less in employer national insurance contributions and more than £1 billion less in corporation tax, as a result of changes announced in Budget 2010.