Engagements

Part of Oral Answers to Questions — Prime Minister – in the House of Commons at 11:30 am on 28th March 2007.

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Photo of Tony Blair Tony Blair Prime Minister 11:30 am, 28th March 2007

We are not punishing small firms. As I just pointed out to the right hon. Gentleman, as a result of the tax measures that the Chancellor has announced over the years —[ Interruption. ] Actually, according to the international surveys, the United Kingdom became the biggest recipient of foreign direct investment of any country in the world. [ Interruption. ] Well, small business also benefit from that, and if we look, for example, at the rate paid on capital gains by small business, when we came to power it was 40 per cent. We took it down to 10 per cent., which is a huge boost for small business. Let me say something else to the right hon. Gentleman: small businesses, like large businesses, benefit from a strong economy. Over the past 10 years, we have delivered a strong economy. The only experience that he has had as someone running our economy —[ Interruption. ]—yes, it was being present on Black Wednesday: hardly a great recommendation.