Orders of the Day — Budget Resolutions and Economic Situation

Part of the debate – in the House of Commons at 5:30 pm on 10th March 1999.

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Photo of Stephen Byers Stephen Byers Secretary of State, Department of Trade and Industry 5:30 pm, 10th March 1999

No, I will not.

We are also cutting small companies tax to 20p in the pound—down from 23p when we took office—and, to promote even greater enterprise and investment, we announced a new starting rate for small businesses of 10 per cent., which is the lowest ever starting rate. We calculate that 270,000 businesses stand to benefit from that reduction, and 85 per cent. of them employ fewer than 10 employees. That will make a huge difference.

Corporation tax rates of 10, 20 and 30 per cent.— guaranteed to be no higher in the lifetime of this Parliament—show how serious we are about encouraging business and ensuring that the United Kingdom is a good place in which to do business.