MP: SMEs form the backbone of the economy
Today at Treasury Questions in the House of Commons, John asked,
“In welcoming the Government’s growth agenda, notwithstanding the lack of reassurance to the markets, will the Government consider lowering tax significantly for SMEs, given they employ the majority of the workforce and are the engine room of the economy – I can think of significant cost savings, including scrapping HS2 and streamlining the myriad of quangos, if needed?”
The Chancellor replied that SMEs have already been helped by the Government’s decision to reverse the National Insurance levy, to scrap the planned rise in corporation tax and by its decision to maintain the £1 million level in the Annual Investment Allowance. He also said that there will be further announcements in the near future.
John said afterwards,
“The new Government’s measures to help businesses are welcome, and the Chancellor is right to focus on initiatives to help grow the economy. SMEs form the backbone of the economy and stand to play a large role in increasing national prosperity. Further cuts to SME’s corporation tax would help turbocharge the growth agenda.”
