MP suggests small businesses are the key to economic growth
Today in the House of Commons, during an Urgent Question called by Labour on Britain’s ratings downgrade, John Baron MP pressed the Chancellor of the Exchequer, Rt Hon George Osborne MP, over the need for small business corporation tax cuts.
John asked,
“Evidence suggests this downgrading will have little impact in the markets, but I also suggest that small business corporation tax cuts would bring their own rewards over the medium term.”
The Chancellor stated that small businesses corporation tax was already lower than had been planned by Labour, and that capital investment reliefs had been increased.
Afterwards, John said,
“The key to getting out of this economic mess, left by Labour, is economic growth. Small and medium-sized businesses account for the vast majority of businesses in this country, and employ millions of people. Tax cuts would help them grow – cashflow is king. The wider economy would undoubtedly benefit.”
Ends
Word Count: 167
Date: 25th February 2013
Notes to Editors:
- John and others will be pressing the Chancellor for further SME tax cuts ahead of the Budget.
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