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Budget Resolutions and Economic Situation

Broadly, I think they are. I must say that my disappointment is with the Conservative party, which professes to support rural areas but does not will the means to do so. The levy will allow us to achieve that. I enjoyed the speech made by my hon. Friend the Member for Sheffield, Attercliffe who drew attention to investment in Sheffield Forgemasters and in Siemens. I am grateful to my hon. Friend for his point about Government support for the computer games industry. We announced a new tax relief for computer games companies, recognising the inherent strengths and creativity of UK developers, while also recognising the impact of subsidies given to firms in Canada and elsewhere. I visited Abertay university in Dundee recently. In order to illustrate one aspect of the commercial significance of its work, I was shown how visualisation technology for games could be used for complex soil analysis. We are backing that kind of brilliant innovation being developed by companies and universities, including in Sheffield, as my hon. Friend rightly said. The hon. Member for Mid-Sussex (Mr. Soames) made an intemperate and, I thought, rather inaccurate attack on the Prime Minister. I know there is a market for that sort of perspective, but I hope the hon. Gentleman will take it from this straight soldier that what he said is inaccurate. I very much enjoyed the speech of my hon. Friend the Member for Crawley (Laura Moffatt). Along with the whole House, I wish her well when she returns to her previous vocation. She made some forceful points about Thameslink and she was right to underline its importance for her constituents. The hon. Member for Harrogate and Knaresborough (Mr. Willis) spoke about his role as Chairman of the Science and Technology Select Committee, although I know him better as his party's former spokesman on education—a role that he filled with distinction. The hon. Member for Upper Bann (David Simpson) was among those who supported the Budget's measures to support new, small and growing businesses. He mentioned agreements with RBS and Lloyds to provide new lending, nearly half of it to small businesses. There is also the launch of UK Finance for Growth, which is responsible for overseeing the Government's stock of more than £4 billion of SME finance products. To incentivise business investment and to help small businesses expand in the recovery, the threshold for the annual investment allowance will be increased to £100,000 from next month, which means that in the first year 99 per cent. of businesses will be able to deduct from their taxable profits all their investments in plant and machinery. We are doubling entrepreneurs' relief for capital gains tax. The economy we are now seeing is showing encouraging signs of improvement, but there is absolutely no room for complacency. We need to work hard to secure the recovery, to rebuild momentum and to build on the return of growth at the end of last year. The Budget sets out a clear plan to achieve those aims, and I commend it to the House. Ordered, That the debate be now adjourned.—(Mr. Mudie.) Debate to be resumed tomorrow.