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Budget Resolutions and Economic Situation

The truth is that I did not read the bit to which the hon. Gentleman refers, but after this debate, I will go and look at it. What I do know is that the Institute of Directors complained about the impact of the increase in corporation tax on small businesses. How could the Chancellor have helped? It is a missed opportunity for a sector that needed his help and understanding, but did not get it. The Chancellor could have reintroduced a new starting band for corporation tax for the first £10,000 of profit, but he did not. He could have introduced a more efficient VAT registration process, but he did not. He could have integrated national insurance with income tax for schedule E taxpayers, but he did not. He could have linked the national minimum wage to the retail prices index, but he did not. He could have given businesses more influence with skills initiatives for small business, but he did not. He could have set aside a percentage of public procurement contracts for small business, but he did not. He simply placed a further £1 billion of extra tax on to businesses next year and more thereafter. ““Thank you, Mr. Chancellor, from the business community. You have shown yet again that you simply do not understand the small business sector and, worse still, you have shown that you do not really care about it either.”” Small business feels let down. It is the dynamo of the economy, and it will provide jobs and innovation in the future. What a tragedy that this Chancellor does not understand.