§ 19. Mr. Liddell-GraingerTo ask the Chancellor of the Exchequer, what estimate he has made of the annual cost to manufacturing businesses of taxes and regulations introduced since May 1997. [92751]
§ Dawn PrimaroloThe net effect of the Government's Corporation Tax changes introduced since 1997 is to reduce the corporate tax burden on business. We now have the lowest corporation tax rates in UK history. We have introduced a series of targeted measures, including tax credits for R&D to reward entrepreneurship.
The Government is committed to ensuring that regulations are fair and effective, so that they protect the vulnerable but do not stifle enterprise or productivity.
422WIn August 1998, the Government introduced Regulatory Impact Assessments (RIAs) to develop a more open system of assessing the risks, costs and benefits of new legislative proposals. A thorough regulatory impact assessment is required for all new regulations that impact on business, charities or the voluntary sector.
§ 21. Joyce QuinTo ask the Chancellor of the Exchequer what assessment he has made of the trends in manufacturing industry throughout the United Kingdom in the last year. [92753]
§ John HealeyAfter achieving its fastest rate of output growth for six years in 2000, the past two years have clearly been difficult for the manufacturing sector, not just in the UK but across the industrialised world. Nonetheless, the domestic macroeconomic stability that this Government's policies have put in place, together with our wide range of policies designed to improve productivity and enterprise, offer solid foundations for manufacturers to build on when the recovery in the world economy gathers pace.