It is always a privilege to follow the hon. Member for Islwyn (Chris Evans). I want to focus on one small aspect of the Bill, new clause 10, which I know Opposition Members hold dear to their hearts. A couple of years ago the Government extended the £25,000 rate tenfold to £250,000. I told the Chancellor that that was going down extremely well with small businesses and asked whether there was any chance that we could extend it a little longer. He said, “I can do better than that; I’ll double it again, to £500,000.” That takes in pretty much 99% of companies, which is a good thing.
For some reason, Labour wanted to enshrine in law the need to review the impact of the annual investment allowance, which I find peculiar. I do not think it is necessary at all. Governments review every year what is going on and whether tax cuts or increases work. I see no need to introduce that requirement into law.
However, I thought that it might be helpful for Opposition Members if I offered a quick review of what we have done for business. I have come up with 10 points. First, we have lowered corporation tax. Secondly, we have cut the business rate by extending the small business rate relief scheme. Thirdly, we have brought in electronic invoicing. Fourthly, we have raised the threshold for the enterprise investment scheme. Fifthly, we have introduced the seed enterprise investment scheme, helping small businesses get a kick start. Sixthly, we have brought in the employment allowance, saving businesses £2,000. Seventhly, we have cut national insurance contributions for under-21-year-olds, saving businesses £500 per young person they employ. Eighthly, we have introduced the Small Business, Enterprise and Employment Bill. Ninthly, we have frozen fuel duty, making it cheaper for people to go back and forth to work. Finally, we have improved the research and development relief for businesses. We have done a lot for businesses.
What has the impact been on businesses? The confidence index is at an all-time high. We have rebalanced the economy, with growth of 3% in construction, services and manufacturing. We do not need to enshrine in law the need to review the impact of the investment allowance on business, because actions speak louder than words. The Government’s long-term economic plan is working and Britain is back in business.
7 pm
Debate interrupted (Programme Order, 1 July).
The Speaker put forthwith the Question already proposed from the Chair (Standing Order No. 83E), That the Bill be now read the Third time.