Competitiveness (Hansard, 28 February 2002)

§ 14. Mr. Syms
To ask the Chancellor of the Exchequer if he will make a statement on policy measures he intends to take by way of taxation to improve the competitiveness of the UK economy. [35756]

§ 21. Mr. Tom Harris
To ask the Chancellor of the Exchequer what fiscal measures he is taking in relation to the productivity gap between Britain and her main European competitors. [35765]

§ Dawn Primarolo
This Government have made significant progress in creating a modern corporate tax regime, providing long-term stability and the best possible environment for investment. The UK now has its lowest ever corporation tax rate, and the lowest rate of any major industrialised nation.
The Pre-Budget Report announced new measures to further encourage growth and improve competitiveness, including: further reduction in the CGT rate for business assets; an R&D tax credit for large companies; and a doubling of the size limit for the Enterprise Management Incentives employee share option scheme.

§ 15. Sir Michael Spicer
To ask the Chancellor of the Exchequer if he will make a statement on the impact of productivity on the UK's competitiveness. [35757]

§ Mr. Andrew Smith
The Government recognise the importance of productivity for competitiveness and is raising the sustainable rate of productivity growth through both macroeconomic stability and measures to promote competition, enterprise, skills and investment.

§ 22. Mr. Barker
To ask the Chancellor of the Exchequer what assessment he has made of the impact that changes in regulation have had on the competitiveness of UK industry since 1997. [35766]

§ Dawn Primarolo
The Government have not made an aggregated assessment of the impact of regulation since 1997. Establishing such an assessment would undoubtedly involve significant practical difficulties.
The impact of changes to a single regulation is considered at the policy development stage. A Regulatory Impact Assessment is completed for regulatory proposals unless the regulation has no or negligible costs. A RIA sets out the impact, in terms of costs, benefits and risks of the proposed regulation which could affect businesses, charities or the voluntary sector. This process helps policy makers to think through the consequences of proposals, improving the quality of advice to Ministers and encouraging informed public debate.
Where Ministers choose a regulatory option, they must be satisfied that the benefits justify the costs.