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AMENDMENT OF THE LAW

I shall deal with the subject of small companies in a moment. In his speech, the hon. Gentleman made a good point about inflation, which corresponded with a point made earlier by the right hon. Member for Fylde (Mr. Jack), who observed that it might be worth having a good look at the composition of inflation. He also mentioned business, and he has just mentioned it again in his intervention. The Chancellor spoke at some length about business, particularly small businesses. He spoke of opening competitive markets, and competitive corporation tax in a stable tax regime. The Government therefore fully understand what is involved in trying to help small and medium-sized enterprises. My right hon. Friend also said that he wanted to simplify their tax calculations and strengthen the concept of small firms’ loan guarantees.