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Budget Resolutions and Economic Situation

I am delighted to take an intervention from one of those Labour Members who has had business experience, which gives it greater credibility. Nevertheless, he will know that the Chancellor created the situation in the first place. The problem is not that people were taking advantage of a tax loophole—which I do not support, by the way—but that things could have been handled differently, thereby not harming small business in the process. What has the Chancellor done in the Budget? We all know—he increased the rate of corporation tax for small business from 19 per cent. to 22 per cent. by 2009. He added an extra £820 million to the tax burden that small businesses bear. He claimed that small business would claw that money back by claiming an annual investment allowance of £50,000 and benefiting from an increase in research and development allowances. It being Ten o’clock, the debate stood adjourned. Motion made, and Question put forthwith, pursuant to Standing Order No. 15 (Exempted business),"That, at this day’s sitting, the Business of the House: Northern Ireland (St. Andrews Agreement) (No. 2) Bill Motion made be proceeded with, though opposed, until any hour; and proceedings on the Motion in the name of Mr. Chancellor of the Exchequer relating to Ways and Means Amendment of the Law may continue until midnight.—[Mr. Cawsey.]" Question agreed to. Question again proposed.