Oral Answers to Questions
Debate between Wendy Morton and Jeremy Hunt(1 year ago)
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Wendy Morton (Aldridge-Brownhills) (Con)
The Chancellor of the Exchequer (Jeremy Hunt)
Thanks to the difficult decisions the Government have taken on inflation and debt, the autumn statement this year was able to deliver the biggest package of tax cuts to be scored since 1988.
Jeremy Hunt
I thank my hon. Friend for her question. As she knows, the marriage allowance is currently £1,260 per year, and it has been fixed at 10% of the personal allowance since it was introduced in 2015. On this side of the House, we believe it should be a woman’s choice, and we want to make that choice as real as possible for every family. For that reason, we think the best thing we can do is to bring down the taxes paid by working people to put more money into the family budget, and we were happy to make a start on that in the autumn statement.
Wendy Morton
Like many of us in this place, I am a big supporter of Small Business Saturday, and it is important to remember that small businesses are the backbone of local communities all year round. Many are unlikely to be able to take advantage of the Chancellor’s very generous and welcome expensing package, so what additional measures will he continue to consider to support all businesses great and small, including perhaps even corporation tax reductions?
Jeremy Hunt
I thank my right hon. Friend for her question. She will know that 70% of trading businesses only pay the lower corporation tax rate of 19%. That covers the vast majority of small businesses. I used to run my own business; I ran it for 14 years before I came into Parliament. I could not agree with her more: small businesses are the backbone of the British economy, which is why we are tackling the scourge of low payments and we rolled over the 75% discount on retail, hospitality and leisure business rates in the autumn statement.