MP calls for more tax incentives
During Business, Innovation and Skills Questions today in the House of Commons, John Baron MP urged the Minister for Business and Enterprise, Rt Hon Michael Fallon MP, to introduce further tax incentives to encourage small and micro businesses. This sector accounts for the majority of businesses and employment in the private sector.
In the House of Commons, John asked,
“Whilst welcoming Government initiatives to date, given the importance of small and micro businesses to the economy, I urge Ministers to use their influence to push for further tax incentives to encourage growth and employment – for cash flow is king for these businesses, and history suggests financial payback does not take too long to come around.”
The Minister replied that the Government was committed to creating the most competitive tax system in the world, and highlighted that many small businesses will soon be exempt from national insurance contributions.
Afterwards, John said,
“Small businesses are the backbone of the British economy, and are essential to our economic recovery. The Government has already made good progress, but further tax incentives are needed to encourage growth. This will lead to greater prosperity, better employment and, in the end, increased tax revenue for the Government. Everyone would win.”
Ends
Word Count: 217
Date: 13th June 2013
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