Treasury – in the House of Commons at on 11 October 2022.
John Baron
Conservative, Basildon and Billericay
What fiscal steps he is taking to support small and medium-sized enterprises.
Ian Levy
Conservative, Blyth Valley
What fiscal steps he is taking to support small and medium-sized enterprises.
Karl McCartney
Conservative, Lincoln
What fiscal steps he is taking to support small and medium-sized enterprises.
Kwasi Kwarteng
The Chancellor of the Exchequer
My hon. Friend will know that the growth plan really was a very strong package for business and for small and medium-sized enterprises, and I am sure that many of his constituents will appreciate the strong measures that we introduced.
John Baron
Conservative, Basildon and Billericay
I refer Members to my entry in the Register of Members’ Financial Interests.
I welcome the Government’s growth agenda, notwithstanding the lack of reassurance to the markets, but will the Chancellor seriously consider lowering taxation on smaller businesses, despite the package that has already been announced? They are the engine room of the economy and employ most people in the private sector, and if cost savings are necessary, High Speed 2 and the streamlining of myriad quangos could be the first option.
Kwasi Kwarteng
The Chancellor of the Exchequer
I am very pleased to tell my hon. Friend that we are going to introduce the medium-term fiscal plan in three weeks’ time, but let us consider the measures that we have already introduced. National insurance hikes have been reversed, the corporation tax rise has been scrapped and the annual investment allowance remains at £1 million. These are measures that small businesses up and down the land have been very appreciative of.
Ian Levy
Conservative, Blyth Valley
As my right hon. Friend will be aware, small businesses are the backbone of our local economy—none more than Catling Bakery in Cramlington, which has expanded from running a bakery to running a café and now a dessert bar. Would my right hon. Friend please assure me that this Government will do all they can to help these businesses thrive?
Kwasi Kwarteng
The Chancellor of the Exchequer
Absolutely right. Of course, we have also supported Catling Bakery which my hon. Friend mentions through an energy package—£60 billion for households and businesses for six months—which we absolutely felt it necessary to do.
Karl McCartney
Conservative, Lincoln
Thank you, Mr Speaker; it is like I never went away. I refer Members to my entry in the Register of Members’ Financial Interests.
Supporting businesses will always be a key pillar for growing our economy and, by association, our small and medium-sized businesses, of which there are many in Lincoln and more across our county of Lincolnshire. They should be at the forefront of the Government’s growth agenda. Devolved areas such as Teesside and the West Midlands have continually been successful in delivering for their areas. Greater Lincolnshire stands ready right now for a maximum devolution deal. Therefore, will the Treasury support any such deal for Greater Lincolnshire?
Kwasi Kwarteng
The Chancellor of the Exchequer
My hon. Friend knows that devolution is at the heart of the Government’s plans to level up and strengthen communities, and in the levelling-up white paper the Government have fully committed to offering a devolution deal to every area that wants one by 2030.
Barry Sheerman
Labour/Co-operative, Huddersfield
Can I declare an interest to the Chancellor? I have actually worked in a small or medium-sized business. Unlike many people on these Benches, I have actually worked in manufacturing industry, and the manufacturing SMEs in my Constituency are absolutely up against it with the cost of energy. What is he going to do to relieve them right now?
Kwasi Kwarteng
The Chancellor of the Exchequer
I think the hon. Gentleman makes a very good point and represents his Constituency ably. In respect of small businesses, we have introduced a package —an energy price guarantee not only for households but for businesses—to the tune of £30 billion in the first six months. This is something that was absolutely necessary, and I am very proud of the fact that we acted very swiftly to protect businesses such as those in his constituency.
Sarah Olney
Liberal Democrat Spokesperson (Business, Energy and Industrial Strategy), Liberal Democrat Spokesperson (Treasury)
The Government’s failed mini-Budget sent interest rates soaring, which is already causing mortgage pain for millions, but rising borrowing costs are now threatening our high streets too. Small businesses in Richmond Park and across the UK are seeing their loan repayments spiral and their financing options dry up. We have already seen the highest number of company insolvencies since the financial crisis—more than 5,600 businesses closed in the second quarter of this year—and SME debt is now at a staggering £204 billion. Most of those businesses will not see a penny from the cut to corporation tax. What is the Chancellor—
Kwasi Kwarteng
The Chancellor of the Exchequer
As I have stated a number of times already, the energy support package will help every single one of the businesses in the hon. Member’s Constituency. I would be very pleased to see the Lib Dem growth plan. The anti-growth coalition carps from the side lines but it has nothing to say about growth.
Chris Bryant
Chair, Committee on Standards, Chair, Committee on Standards
The one thing businesses always want is security, and an understanding of what is going to happen for them next year. They are worrying about their borrowing costs for next year, and the Chancellor has already made that more difficult for them. He says he has a package for energy costs, but that lasts for only six months. Yesterday I spoke to a man who owns a leisure company. He said that his bill next year will go from £100,000 to £475,000, and that he will be closing. Why does the Chancellor not bring in a proper measure that will last more than six months?
Kwasi Kwarteng
The Chancellor of the Exchequer
The hon. Gentleman makes a fair point in respect of energy costs, and that is precisely why we intervened in the way that my right hon. Friend the Prime Minister announced only a couple of weeks ago. The package is £60 billion for households and businesses across the next six months. That is a generous package, and we are listening.
Lindsay Hoyle
Speaker of the House of Commons, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Chair, Speaker's Committee for the Independent Parliamentary Standards Authority, Chair, House of Commons Commission, Chair, Speaker's Committee on the Electoral Commission, Chair, Speaker's Committee on the Electoral Commission
I call the SNP spokesperson, Alison Thewliss.
Alison Thewliss
Shadow SNP Spokesperson (Treasury)
Businesses of all sizes are struggling with Brexit, import costs, material costs, the weak pound against the dollar and the euro and increased wage and energy costs, and they still do not know what will happen when the Chancellor’s temporary reprieve ends in March. The clock is ticking. Calder Millerfield, a food manufacturing business in my Constituency, has come back to me with its latest quote, with the relief applied. It is £944,000 per year, up from £160,000 last year. What will the Chancellor do to support manufacturing businesses now, because they will not survive those increases?
Kwasi Kwarteng
The Chancellor of the Exchequer
As I have stated, the energy price guarantee does help businesses in a large measure. Also, I am not going to take lectures from the SNP about growth. In Scotland, for every year from 2010 to 2019, growth was lower than in the rest of the United Kingdom. I will not take any lessons about supporting business from the hon. Lady.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
The Speaker is an MP who has been elected to act as Chairman during debates in the House of Commons. He or she is responsible for ensuring that the rules laid down by the House for the carrying out of its business are observed. It is the Speaker who calls MPs to speak, and maintains order in the House. He or she acts as the House's representative in its relations with outside bodies and the other elements of Parliament such as the Lords and the Monarch. The Speaker is also responsible for protecting the interests of minorities in the House. He or she must ensure that the holders of an opinion, however unpopular, are allowed to put across their view without undue obstruction. It is also the Speaker who reprimands, on behalf of the House, an MP brought to the Bar of the House. In the case of disobedience the Speaker can 'name' an MP which results in their suspension from the House for a period. The Speaker must be impartial in all matters. He or she is elected by MPs in the House of Commons but then ceases to be involved in party politics. All sides in the House rely on the Speaker's disinterest. Even after retirement a former Speaker will not take part in political issues. Taking on the office means losing close contact with old colleagues and keeping apart from all groups and interests, even avoiding using the House of Commons dining rooms or bars. The Speaker continues as a Member of Parliament dealing with constituent's letters and problems. By tradition other candidates from the major parties do not contest the Speaker's seat at a General Election. The Speakership dates back to 1377 when Sir Thomas Hungerford was appointed to the role. The title Speaker comes from the fact that the Speaker was the official spokesman of the House of Commons to the Monarch. In the early years of the office, several Speakers suffered violent deaths when they presented unwelcome news to the King. Further information can be obtained from factsheet M2 on the UK Parliament website.
A document issued by the Government laying out its policy, or proposed policy, on a topic of current concern.Although a white paper may occasion consultation as to the details of new legislation, it does signify a clear intention on the part of a government to pass new law. This is a contrast with green papers, which are issued less frequently, are more open-ended and may merely propose a strategy to be implemented in the details of other legislation.
More from wikipedia here: http://en.wikipedia.org/wiki/White_paper
In a general election, each Constituency chooses an MP to represent them. MPs have a responsibility to represnt the views of the Constituency in the House of Commons. There are 650 Constituencies, and thus 650 MPs. A citizen of a Constituency is known as a Constituent
