Oral Answers to Questions

Kevin Foster Excerpts

Tuesday 17th July 2018 Commons Chamber

[Scott Mann (North Cornwall) (Con)]

16. What steps he is taking to support small and medium-sized businesses in the south-west.

[Kevin Foster (Torbay) (Con)]

20. What steps he is taking to support growth in the small business sector.

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Richard Harrington)]

Corporation tax rates will be cut from 19% to 17% in 2020. We have doubled the annual allowance for people investing in knowledge-intensive companies through the enterprise investment scheme, and we are investing over £26 million through Be the Business. The Government’s British Business Bank is supporting over 70,000 smaller businesses to access £4.6 billion of finance.

--- Later in debate ---

[Richard Harrington]

I thank my hon. Friend for that question. Some people would argue that Ministers engage with the Treasury too often on many matters, but we engage with them regularly on this matter. The Chancellor has been clear that we need to find a better way to tax the digital economy. We are making progress on that before considering the implications for the wider tax system, including business rates.

[Kevin Foster]

Small businesses in Torbay could benefit significantly from a coastal enterprise zone, as part of a town deal for our area. What view does the Minister take of this type of arrangement?

[Richard Harrington]

I thank my hon. Friend for all the work he has done for Torbay businesses. I understand that the Under-Secretary of State for Housing, Communities and Local Government, my hon. Friend the Member for Rossendale and Darwen (Jake Berry), who has responsibility for local growth, recently had a positive meeting with him and representatives from Torbay to discuss their proposals for local economic growth. I encourage Torbay to continue to work with local partners as it develops its plans, including the Heart of the South West local enterprise partnership, which will play a central role in the local industrial strategy for the area.