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AMENDMENT OF THE LAW

I am almost underwhelmed by such wonderful Liberal semantics. The 10p rate has been abolished, and people will pay more tax. The manufacturing base remains under serious pressure, and while the corporation tax cut of 2p is to be welcomed, some of the other changes are not. There was no hint at support for a reduction in business rates for smaller growing firms, whose tax rate has risen. There was mention of the creative industries, which I was pleased about, and a clear reference to intellectual capital, about which I am very pleased and have been talking for some time. Important measures must be taken to protect intellectual property. Enforcement raises specific issues in Scotland, although primary legislation is reserved. We must further tighten copyright legislation, not just to avoid losses of profit to business but losses of yield to the Exchequer. On that point, I want to mention the whisky industry. I am glad that there was no change to duty on spirits, but more protection could be offered to an industry that generates £2.4 billion in exports, supports 40,000 jobs, and if my memory serves, generates about £800 million in duty alone. By protecting its trademarks, descriptions and regional names in law in the UK, we would be seeking the same protection in the overseas market on a much firmer basis. The Government could consider that to protect revenue yield, too.