§ 17. Mr. PriskTo ask the Secretary of State for Wales what discussions he has had with the First Secretary concerning the role of small businesses in economic development in Wales. [67888]
§ Mr. Paul MurphyI meet the First Minister regularly to discuss a wide range of issues, including small businesses in Wales.
Small and medium sized enterprises account for over 99 per cent. of all businesses in Wales and are therefore crucial to the economic success of Wales. A number of measures in the Chancellor's budget will make a significant contribution to supporting small businesses in Wales. 6,000 Welsh SMEs will benefit from the corporation tax starting rate cut from 10 per cent. to zero and a further 13,000 will be helped by the 1 per cent. reduction in the small companies' rate. In addition, thousands of Welsh SMEs will benefit from measures to simplify their VAT.