John Baron MP raises SMEs and North Sea Oil in House of Commons

MP urges lower small business taxes during Treasury Questions

This morning, during Treasury Questions in the House of Commons, the Chancellor of the Exchequer, Rt Hon George Osborne MP, responded to MPs’ questions on the economy.

John asked,

“The Government has done much to help small businesses, and unemployment continues to fall as a result. As the country’s finances continue to improve, will he consider further tax cuts for smaller businesses, including corporation tax, given SMEs [Small and Medium Enterprises] are very often the backbone of the local economy?”

John also asked,

“Given the financial short-termism of the previous Government, and in welcoming the Chancellor’s comments about a Shale Gas Fund, will he consider expanding this concept to create a North Sea Sovereign Wealth Fund for the benefit of the country as a whole?”

In responding, the Chancellor agreed to consider further reductions in small business taxation as the economy continues to recover, and is considering the proposal regarding a North Sea sovereign wealth fund.

During the session there were also questions raised about the deficit and criticism from Labour as to the extent of deficit reduction. John said in response,

“We should not heed any criticism about the deficit from Labour, who when in power more than doubled the national debt.”

John said afterwards,

“Our part of the world is very entrepreneurial, with many small businesses doing well and helping to increase employment. We need to do all we can to help them thrive.”