Oral Answers to Questions

Laura Sandys Excerpts

Tuesday 1st November 2011 Commons Chamber

[Mr Hoban]

The hon. Gentleman should recognise that the action that this Government have taken has earned the endorsement of the IMF and the OECD. That is why we have the low interest rates the economy needs. The Opposition talk about a plan B, but that would actually increase the budget deficit and the interest rates that this country would have to pay.

[Laura Sandys (South Thanet) (Con)]

15. What fiscal measures he is taking to encourage job creation in the private sector.

[The Economic Secretary to the Treasury (Miss Chloe Smith)]

In Budget 2011 the Government put in place a wide range of measures to support job creation, including supporting business growth by aiming to create the most competitive tax system in the G20, and helping to ensure that it always pays to work, by increasing the personal allowance.

[Laura Sandys]

I would like to add my welcome to my hon. Friend at the Dispatch Box.

Having run two small businesses, I understand the pressures that small businesses in South Thanet face. How much less will we tax small businesses in the coming years as a result of our tax cuts and the national insurance freeze?

[Miss Smith]

My understanding is that, compared with the plans of the previous Government, businesses will pay £3 billion less in employer national insurance contributions and more than £1 billion less in corporation tax, as a result of changes announced in Budget 2010.