Florence Eshalomi
Main Page: Florence Eshalomi (Labour (Co-op) - Vauxhall)Department Debates - View all Florence Eshalomi's debates with the HM Treasury
(1 year, 7 months ago)
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Florence Eshalomi (Vauxhall) (Lab/Co-op)
Small businesses across my constituency are watching the news with utter dread. They have just about survived the pandemic, the Brexit uncertainty and the collapse of the tourist trade in London, which really affects my constituency—we normally have more than 3 million people going through Waterloo station alone. The spiralling costs, combined with the recession, will wipe out any existing benefits or support from the Government. These businesses simply do not have six months. The Chief Secretary has gone on and on about growth, but does he agree that growth will happen only if these businesses survive the winter?
Chris Philp
That is why we have offered the energy price guarantee to businesses as well as to consumers, and why we are keeping corporation tax low at 19% rather than putting it up. Of course, that helps businesses of all sizes: any business making £50,000 a year or more in profit will benefit from the freeze in corporation tax. We do not yet know, as far as I am aware, whether the Labour party supports that position. The shadow Chancellor is sitting impassively, not giving any indication whether she supports lower taxes; I think the House would love to hear at some point what her views are.
Those are the things that we are doing to help businesses. Last night, we voted—the Labour party voted for it as well—to reduce the national insurance burden on businesses. That is the plan that we have to help businesses, and I am very proud to stand behind it.