John Baron
Main Page: John Baron (Conservative - Basildon and Billericay)Department Debates - View all John Baron's debates with the HM Treasury
(11 years, 10 months ago)
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Mr John Baron (Basildon and Billericay) (Con)
Evidence suggests that this downgrade will have little effect in the actual markets. May I also suggest to the Chancellor that small business corporation tax cuts will bring their own reward over the medium term? [Interruption.]
Mr Osborne
I think that someone on the Opposition Benches shouted from a sedentary position, “Tax cuts for the rich,” when my hon. Friend was suggesting tax cuts for small businesses. That tells us everything about the Labour party’s attitude to enterprise. We have reduced the small companies rate, which was due to go up to 22% under the plans we inherited. It is now 20% and, as from the beginning of this year, we have had a tenfold increase in the annual investment allowance to help small businesses.