Business and Job Creation

Part of Oral Answers to Questions — Treasury – in the House of Commons at 11:30 am on 11th December 2012.

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Photo of George Osborne George Osborne The Chancellor of the Exchequer 11:30 am, 11th December 2012

The first thing I would say is that we reduced the small companies rate—which would have gone up to 22% under the plans put in place by the last Labour Budget—to 20%. We have now introduced a £250,000 annual investment allowance for small and medium-sized businesses for the next two years. The right hon. Gentleman says that the Labour party had been calling for this. It had 13 years to introduce a £250,000 annual investment allowance. There were all those Budgets that the shadow Chancellor wrote and he did not put it in place.