Economy: Growth

Lord Hunt of Kings Heath Excerpts

Tuesday 22nd June 2010 Lords Chamber

[Lord Sassoon]

My Lords, I completely agree with my noble friend Lord Roberts of Conwy. Business confidence will now be underpinned by a credible deficit reduction plan, which will see the current structural deficit in balance by 2014-15. The public expenditure on infrastructure, which this country needs to underpin growth, is being protected and not further cut. Corporation tax will fall from 28 to 24 per cent over four years; entrepreneurs’ lifetime capital gains tax relief is being increased from £2 million to £5 million; the national insurance contribution threshold will increase by £21 per week above indexation; the enterprise finance guarantee is being expanded by £200 million to ensure that credit flows to business; and a new regional growth fund will be established. It is estimated that these and other policies will increase business investment by an additional £13 billion up to 2016.

[Lord Hunt of Kings Heath]

My Lords, as a result of the Budget, how many jobs will be lost and what will the reduction in growth in the economy be?