Oral Answers to Questions
Debate between Jim Cunningham and Simon Clarke(5 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Clarke
I thank my hon. Friend for his question and take this chance to thank him, on behalf of the Government, for the work he did with the former Chancellor. He is quite right to talk about tax reform. Of course, since 2016 we have announced business rates reforms and reductions worth more than £13 billion by 2023-2024. On VAT, in the run-up to the 2018 Budget we consulted on the threshold, which is the highest in the EU and the OECD. We have committed to keep that in place until 2022, but I am genuinely always interested in suggestions that I can discuss with colleagues.
Mr Jim Cunningham (Coventry South) (Lab)
When is the Minister going to do something about the delays in payment to small businesses that often affect their cash-flow? We have debated the issue for many years; is it not about time that the Minister did something about it?
Mr Clarke
Responsibility for this issue falls between the Treasury and the Department for Business, Energy and Industrial Strategy. A late-payment regulator has been set up. I talked about this issue with businesses at the Conservative party conference on Sunday; I take it very seriously and they highlighted it as an ongoing concern. It should come out loud and clear from the House that all businesses, particularly larger ones, have a responsibility to meet their payment terms, because that is crucial for small businesses. I think everyone in the House can unite around that common principle.