Autumn Statement

Robin Walker Excerpts

Wednesday 3rd December 2014 Commons Chamber

[Mr Osborne]

I have taken measures to reform stamp duty in a progressive way and introduced a tax, which could have been introduced in any Budget by a Labour Chancellor, to deal with multinational companies that divert their profits overseas. I have ensured that profits cannot be written off against losses incurred during the financial crisis—again, any Labour Chancellor could have done that but they did not. I am determined to ensure that the richest in our society make a contribution and that businesses pay our low taxes. More generally, the result of a pro-business policy is that in the hon. Gentleman’s constituency alone—I think he just dismissed this out of hand—unemployment has fallen by 20% in the last year. I would have thought he would welcome that.

[Mr Robin Walker (Worcester) (Con)]

In our nation of shopkeepers there will be relief at the decision to extend small business rates relief and increase the benefit for small shops and cafés to £1,500. In his review of business rates, may I urge the Chancellor to take account of the Business, Innovation and Skills Committee report that urged a fundamental reform? The Conservative party believes in low taxation, and it needs to reform fundamentally a tax that can only ever go up.

[Mr Osborne]

My hon. Friend is a champion of small businesses in Worcester and infrastructure investment in Worcestershire and that part of England, and I thank him for his representations. In part because of those representations, we have been able to help with business rates and high street shops in the statement. We now want a review of business rates, but it must be done in a way that is consistent with stable public finances. It is appropriate to consider how the modern economy has changed and the impact of things such as the internet, and that is why we are undertaking that big review.