The below Parliamentary question was asked by Rachel Reeves on 2016-07-06.
To ask Mr Chancellor of the Exchequer, if he will set out his plans for reaching the new target for corporation tax of less that 15 per cent.
Mr David Gauke
The Chancellor set out his ambition to build on the work of the last six years and go even further in reducing the rate of corporation tax to 15% or lower.
The below Parliamentary question was asked by Rachel Reeves on 2016-07-06.
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential effect of a reduction in corporation tax to (a) 15 (b) 14 and (c) 10 per cent on (i) GDP, (ii) unemployment and (iii) investment in (A) 2016, (B) 2017, (C) 2017, (D) 2018, (E) 2019 and (F) 2010.
Mr David Gauke
The corporation tax reductions since 2010 have been designed to increase the competitiveness of the UK business tax system and to support investment and jobs in the UK. Their positive effect has been evidenced by strong growth in GDP, employment, and business investment since 2010.
The Chancellor has now set out his ambition to reduce the corporation tax rate further, to 15 percent or below, to reinforce this strategy and send a clear message that the UK is open for business.
Updated government economic modelling set out in the Business Tax Road Map suggests that corporation tax cuts delivered since 2010 could increase long-run GDP by over 1 percent. Details of this model can be found here:
https://www.gov.uk/government/publications/analysis-of-the-dynamic-effects-of-corporation-tax-reductions
The below Parliamentary question was asked by Rachel Reeves on 2016-07-06.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential annual cost to the Exchequer of a reduction in corporation tax to (a) 15 (b) 14 and (c) 10 per cent.
Mr David Gauke
The corporation tax reductions since 2010 have been designed to increase the competitiveness of the UK business tax system and to support investment and jobs in the UK. Their positive effect has been evidenced by strong growth in GDP, employment, and business investment since 2010.
The Chancellor has now set out his ambition to reduce the corporation tax rate further, to 15% or below, to reinforce this strategy and send a clear message that the UK is open for business.
However, since 2010-11, onshore corporation tax receipts have increased almost 20%, despite lowering the rate from 28% to 20%.
The below Parliamentary question was asked by Andrew Smith on 2016-07-06.
To ask the Secretary of State for International Trade, if he will estimate the total (a) legal and (b) other costs to the public purse of conducting trade negotiations after the UK has provided notice under Article 50 of the Lisbon Treaty of its intention to leave the EU.
Greg Hands
Until we leave, the UK will remain a full member of the EU, with all of the rights and obligations. My right hon. Friend the Prime Minister has established the Department for International Trade to promote British trade across the world and ensure the UK takes advantage of the huge opportunities open to us. My right hon. Friend the Prime Minister has also established a Department for Exiting the European Union for overseeing negotiations to leave the EU and establishing the future relationship between the UK and EU.
The below Parliamentary question was asked by Rachel Reeves on 2016-07-06.
To ask Mr Chancellor of the Exchequer, what the cost to the Exchequer has been of reductions to corporation tax since 2010.
Mr David Gauke
Overall cuts delivered to corporation tax will be worth almost £15bn a year to business by the end of this Parliament. This has enabled businesses to increase investment, take on new staff, increase wages, or reduce prices.
Official costings of any policy announcements can be found in Budget or Autumn Statement documents. The cost of the cut to 17% for instance can be found here:
https://www.gov.uk/government/publications/budget-2016-documents/budget-2016#policy-decisions
The below Parliamentary question was asked by Rachel Reeves on 2016-07-06.
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential effect of a reduction of corporation tax to (a) 15 (b) 14 and (c) 10 per cent by (i) UK region and (ii sector.
Mr David Gauke
The corporation tax reductions since 2010 have been designed to increase the competitiveness of the UK business tax system and to support investment and jobs in the UK. Their positive effect has been evidenced by strong growth in GDP, employment, and business investment since 2010. The Chancellor has now set out his ambition to reduce the corporation tax rate further, to 15 percent or below, to reinforce this strategy and send a clear message that the UK is open for business.
Further breakdowns of the corporation tax paying population can be found in HMRC’s annual analyses of receipts:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/524565/Corporation_Tax_Statistics_May_2016.pdf
The below Parliamentary question was asked by Christopher Chope on 2016-07-06.
To ask Mr Chancellor of the Exchequer, with reference to his speech of 15 June 2016 on the effect on taxation and spending of the UK leaving the EU, for what reason his oral contribution of 4 July 2016, Official Report, column 626 stated that the structural deficit would need to be addressed through either reduced spending or higher taxes.
Mr David Gauke
The structural deficit is the proportion of the deficit that is not driven by the economic cycle, and as such can only be addressed through either reduced spending or higher taxation. It is important to bear down on the structural deficit in order to make progress in reducing the level of national debt.
The below Parliamentary question was asked by Christopher Chope on 2016-07-06.
To ask Mr Chancellor of the Exchequer, pursuant to his oral contribution on 4 July 2016, Official Report, column 626, on what date he (a) decided not to introduce an emergency budget and (b) asked the OBR to assess the effect of the EU referendum result on the economy.
Harriett Baldwin
As the Chancellor has said, the referendum result will have an impact on the economy and public finances – and there will need to be action to address that. Given the delay in triggering Article 50 and the Prime Minister’s decision to hand over to a successor, it is sensible that decisions on what that action should consist of should wait until the Office of Budget Responsibility has made an economic forecast in the Autumn.
The Chancellor will commission the OBR to provide an Autumn forecast in the usual way.
The below Parliamentary question was asked by Christopher Chope on 2016-07-06.
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect on financial markets of (a) his announcement on 15 July 2016 of plans to introduce an emergency Budget in the event of the UK voting to leave the EU and (b) his oral contribution of 4 July 2016, Official Report, column 625 announcing that there would not be an emergency Budget.
Mr David Gauke
The Chancellor of the Exchequer set out his assessment of recent developments in financial markets during his oral contributions on the 4 July.
The below Parliamentary question was asked by Matthew Offord on 2016-07-06.
To ask the Secretary of State for Communities and Local Government, if he will review the technical guidance on householder permitted development rights to minimise the visual impact of loft extensions.
Brandon Lewis
Permitted development rights for householders are set out in the Town and Country Planning (General Permitted Development) (England) Order 2015. The rights allow for loft extensions to the rear or side of dwellinghouses. To minimise the impact on the amenity of an area there are conditions limiting their size and appearance. These are explained in the Technical Guidance which was reviewed and updated in April 2016. Where the development exceeds the thresholds, or is to the front of a dwellinghouse, an application for planning permission is required.