Oral Answers to Questions

Claire Perry Excerpts

Tuesday 12th March 2013 Commons Chamber

The Chancellor of the Exchequer was asked—

[Claire Perry (Devizes) (Con)]

1. What recent assessment he has made of the UK’s business competitiveness.

[The Chancellor of the Exchequer (Mr George Osborne)]

Under this Government, Britain has moved into the top 10 of the most competitive places in the world to do business, according to the World Economic Forum; our tax system is seen as one of the most pro-business in the world; market interest rates are at record lows; red tape has been cut by almost £850 million in the past two years; and exports to China, India and Brazil are up by almost two thirds since 2009.

[Claire Perry]

I thank the Chancellor for that reply. Is he aware that, according to accountants KPMG, Britain is now the best place in the world to do business, for the first time ever? That is very welcome news for businesses in my constituency, but what more do we need to do to maintain and consolidate that position?

[Mr Osborne]

My hon. Friend refers to the remarkable survey by KPMG that found that in the space of three years Britain has gone from having one of the least competitive business tax systems in the world to having the most competitive one; we are ahead of Ireland, the Netherlands and Luxembourg, as well as, of course, the United States, France and Germany. That is because of the hard work we have done on corporation tax and on the controlled foreign companies regime. Of course, we have to go on making this country the most competitive place to do business, so that we can succeed in the global race.