Ways and Means — Budget Resolutions and Economic Situation — Amendment of the Law

Part of Bill Presented — National Insurance Contributions (Rate Ceilings) Bill – in the House of Commons at 4:27 pm on 14 July 2015.

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Photo of Paul Scully Paul Scully Conservative, Sutton and Cheam 4:27, 14 July 2015

Regulation is a key issue for businesses.

I will conclude with the welcome news about the cut in corporation tax. Having inherited a rate of 28%, bringing it down to 20% and now 18% will release £6.6 billion for companies to put back into their businesses to help improve jobs, training and productivity. It is really good news for big businesses in Sutton such as HH Global and Subsea 7, and for small businesses such as Sense Communications, Press 2 Dress and Brasserie Vacherin, which is a fantastic restaurant in Sutton. Some 40% of residents in my borough commute to London, but those sorts of investments help deliver a local option to allow them to work closer to home.

Finally, I echo the Chancellor’s words, which really chime with my Conservative guiding principles, about moving from a low-wage, high-tax and high-welfare economy towards a higher wage, lower tax and lower welfare economy. That is why I very much support the Budget.