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Amendment of the Law

Part of Budget Resolutions and Economic Situation – in the House of Commons at 9:19 pm on 21st March 2000.

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Photo of John Hayes John Hayes Vice-Chair, Conservative Party 9:19 pm, 21st March 2000

Another example of the Chancellor being bogged down by assumptions about the old economy was the section of his Budget speech dealing with share ownership. He talked about share ownership with a maximum value of £100,000 for up to 15 employees. That will allow small firms to stay small rather than allow medium firms to grow bigger. The Chancellor needs to understand that, when he cuts capital gains tax, many of the dot.com companies' life cycles may be only two to five years, so reducing it to 10 per cent. in four years is not good enough.