Oral Answers to Questions

David Evennett Excerpts

Tuesday 11th February 2020 Commons Chamber

[Anthony Mangnall (Totnes) (Con)]

5. What fiscal steps he is taking to help small businesses.

[Sir David Evennett (Bexleyheath and Crayford) (Con)]

9. What fiscal steps he is taking to help small businesses.

[The Economic Secretary to the Treasury (John Glen)]

The UK’s 5.8 million small businesses play a vital role in our economy. We have lowered corporation tax from 28% in 2010 to 19%. We have introduced the employment allowance, to reduce employers’ national insurance contributions bill by £3,000 every year, and we have reduced the business rates burden, so that more than 675,000 of the smallest businesses pay no rates at all.

[John Glen]

The Treasury team love pubs, and we recognise the importance of pubs to the economy and to community life up and down this country; they provide a place to socialise and drink responsibly. That is why we have frozen the duty over six of the last seven years, which means that a pint of beer is 14p cheaper than it would have been otherwise, and we are now at a 30-year low in real terms.

[Sir David Evennett]

We all know that small businesses are the driver of growth and prosperity across our country, but too many struggle because of high business rates. Can the Minister confirm that the Conservative Government will extend the retail discount of 50% later this year, giving a much-needed tax cut to millions of small businesses on high streets across the country?