§ 16. Dr. FrancisTo ask the Secretary of State for Wales what discussions he has had with the First Secretary about prospects for small and medium-sized enterprises in Wales. [76073]
§ Peter HainMy predecessor met regularly with Cabinet colleagues, including the Chancellor of the Exchequer, to discuss a wide range of issues, including small businesses and I will of course continue to do so.
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.