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| General election: CBI chief claims 'extreme' views on right and left harming economy – live news | General election: CBI chief claims 'extreme' views on right and left harming economy – live news |
| (32 minutes later) | |
| PM to unveil business tax cuts and Labour to expand on immigration plans. Follow the latest developments, live | PM to unveil business tax cuts and Labour to expand on immigration plans. Follow the latest developments, live |
| The Federation of Small Businesses has welcomed Jeremy Corbyn’s promise to tackle the late payments crisis, which has left many small businesses waiting without cash for invoices to be honoured.“Our late payment crisis remains the biggest scourge afflicting the UK’s small business community. It destroys 50,000 firms a year at a cost of at least £2.5bn to the economy,” said chairman Mike Cherry. | |
| Q: Could the Lib Dems work with Labour if it replaced its leader? | |
| Swinson says, if the Lib Dems do not get a majority, they will still want to stop Brexit. | |
| She says neither Boris Johnson nor Jeremy Corbyn deserve to be PM. Lib Dems votes will not put either of them there, she says. | |
| She says there is a real fear in the Jewish community about Corbyn becoming prime minister. There is no way the Liberal Democrats could vote for him to be PM on that basis, she says. | |
| Jo Swinson is now taking questions. | |
| Q: Won’t your plan to abolish business rates, and replace them with a levy on landlords, just lead to rents going up? | |
| Swinson says business rates can be a crippling cost. | |
| Swinson says the offer from the two main parties is a “terrible choice”. The Conservatives do not respect the rule of law. And Labour thinks little of property rights, she says. | Swinson says the offer from the two main parties is a “terrible choice”. The Conservatives do not respect the rule of law. And Labour thinks little of property rights, she says. |
| Swinson says the Lib Dems would scrap business rates and replace them with a levy on landowners. | |
| The party would also give every adult in England a £10,000 “skills wallet” so that they can invest in training. | The party would also give every adult in England a £10,000 “skills wallet” so that they can invest in training. |
| Jo Swinson, the Lib Dem leader, is addressing the CBI conference now. | Jo Swinson, the Lib Dem leader, is addressing the CBI conference now. |
| She says any party that wants to get Brexit done, or get Brexit sorted, cannot be said to be the party of business. | She says any party that wants to get Brexit done, or get Brexit sorted, cannot be said to be the party of business. |
| She says the Liberal Democrats are the only party that can really claim to be the party of business because they are opposed to Brexit. | She says the Liberal Democrats are the only party that can really claim to be the party of business because they are opposed to Brexit. |
| A Tory official has been in touch to say that an Office for Budget Responsibility report earlier this year said cutting corporation tax from 19% to 17% would have cost the Treasury £5.4bn by 2023-24. (See para 4.36 on page 83 here [pdf].) | A Tory official has been in touch to say that an Office for Budget Responsibility report earlier this year said cutting corporation tax from 19% to 17% would have cost the Treasury £5.4bn by 2023-24. (See para 4.36 on page 83 here [pdf].) |
| (So, when Boris Johnson told the CBI abandoning this tax cut would save £6bn for the NHS and other public services, it seems he was generously rounding up the total.) | (So, when Boris Johnson told the CBI abandoning this tax cut would save £6bn for the NHS and other public services, it seems he was generously rounding up the total.) |
| From Sky’s business correspondent Paul Kelso, who’s at the CBI conference: | From Sky’s business correspondent Paul Kelso, who’s at the CBI conference: |
| Nigel Farage, the Brexit party leader, claims small businesses would benefit from a “clean break” Brexit. | Nigel Farage, the Brexit party leader, claims small businesses would benefit from a “clean break” Brexit. |
| Jo Swinson is to present the Liberal Democrats as “the natural party of business” when she speaks to the CBI conference this afternoon, primarily as the party wants to prevent Brexit. | Jo Swinson is to present the Liberal Democrats as “the natural party of business” when she speaks to the CBI conference this afternoon, primarily as the party wants to prevent Brexit. |
| Swinson, with an ever-growing entourage of reporters and TV crews in tow, took one of the Lib Dem battlebuses to Kings Langley, just north of London, to visit Imagination Technologies, a sizeable UK firm which specialises in graphics processing and other computing functions, though from the marketing and intellectual property side, rather than manufacturing. | Swinson, with an ever-growing entourage of reporters and TV crews in tow, took one of the Lib Dem battlebuses to Kings Langley, just north of London, to visit Imagination Technologies, a sizeable UK firm which specialises in graphics processing and other computing functions, though from the marketing and intellectual property side, rather than manufacturing. |
| This was explained at some length to Swinson as she toured a big room in the firm’s HQ lined with various laptops, phones and tablets using the company’s products. At one point she was shown a device designed to answer voice questions, which happily provided details about Imagination Technologies. “Which UK party wants to stop Brexit?” Swinson asked it, getting a long, slightly awkward silence in response. | This was explained at some length to Swinson as she toured a big room in the firm’s HQ lined with various laptops, phones and tablets using the company’s products. At one point she was shown a device designed to answer voice questions, which happily provided details about Imagination Technologies. “Which UK party wants to stop Brexit?” Swinson asked it, getting a long, slightly awkward silence in response. |
| Speaking to reporters at the visit, Swinson said she would have some “some very specific” policies to announce at the CBI, but provided a message that was, as is much the party does in this election, centred around Brexit: | Speaking to reporters at the visit, Swinson said she would have some “some very specific” policies to announce at the CBI, but provided a message that was, as is much the party does in this election, centred around Brexit: |
| Earlier, in her speech to the CBI conference, Dame Carolyn Fairbairn, its director general, said that extremists on the right and the left in politics were causing “great harm to the economy”. (See 10.17am.) She was referring to Tory Brexiters who favour a no-deal Brexit, and Labour Corbynites pushing a nationalisation agenda. Here are the full quotes from her speech. | Earlier, in her speech to the CBI conference, Dame Carolyn Fairbairn, its director general, said that extremists on the right and the left in politics were causing “great harm to the economy”. (See 10.17am.) She was referring to Tory Brexiters who favour a no-deal Brexit, and Labour Corbynites pushing a nationalisation agenda. Here are the full quotes from her speech. |
| The Overseas Development Institute is holding what it says may be the only general election hustings devoted to the topic of overseas aid. It is just starting now, and there is a live feed here. Those taking part include Ray Collins, the former Labour general secretary, Lady Sheehan from the Lib Dems, Natalie Bennett from the Greens and Elizabeth Babade from the Brexit party. | The Overseas Development Institute is holding what it says may be the only general election hustings devoted to the topic of overseas aid. It is just starting now, and there is a live feed here. Those taking part include Ray Collins, the former Labour general secretary, Lady Sheehan from the Lib Dems, Natalie Bennett from the Greens and Elizabeth Babade from the Brexit party. |
| Tory sources are saying that the £6bn figure for the amount saved by not going ahead with next year’s corporation tax is an annual figure, not a cumulative, five-year figure. (See 12.44pm.) | Tory sources are saying that the £6bn figure for the amount saved by not going ahead with next year’s corporation tax is an annual figure, not a cumulative, five-year figure. (See 12.44pm.) |
| More on how much the government will save by abandoning the corporation tax cut from 19% to 17% due to come into force next year. | More on how much the government will save by abandoning the corporation tax cut from 19% to 17% due to come into force next year. |
| In 2016 the Treasury said this tax cut was worth just £945m a year. (See 12.44pm.) Earlier this year my colleague Richard Partington said that this cut was expected to cost the Treasury much more than originally assumed. “An analysis based on HMRC data suggests that the loss of revenue from the planned cuts, initiated by former chancellor George Osborne but supported by incumbent Philip Hammond, could add up to more than £6bn,” his report said. | In 2016 the Treasury said this tax cut was worth just £945m a year. (See 12.44pm.) Earlier this year my colleague Richard Partington said that this cut was expected to cost the Treasury much more than originally assumed. “An analysis based on HMRC data suggests that the loss of revenue from the planned cuts, initiated by former chancellor George Osborne but supported by incumbent Philip Hammond, could add up to more than £6bn,” his report said. |
| And, according to Newsnight’s Ben Chu, in 2017 the Institute for Fiscal Studies said that by 2022 this tax cut would cost almost £7bn. | And, according to Newsnight’s Ben Chu, in 2017 the Institute for Fiscal Studies said that by 2022 this tax cut would cost almost £7bn. |
| These are from Newsnight’s economics editor, Ben Chu. | These are from Newsnight’s economics editor, Ben Chu. |
| John McDonnell, the shadow chancellor, has put out a statement saying Boris Johnson’s decision to abandon the corporation tax cut planned for next year will not repair the damage caused by Tory tax cuts. He said: | John McDonnell, the shadow chancellor, has put out a statement saying Boris Johnson’s decision to abandon the corporation tax cut planned for next year will not repair the damage caused by Tory tax cuts. He said: |
| Labour is committed to gradually raising corporation tax to 26%, which would still be lower than the 28% level it was at when Labour left office in 2010. | Labour is committed to gradually raising corporation tax to 26%, which would still be lower than the 28% level it was at when Labour left office in 2010. |
| This is from Nick Macpherson, a former permanent secretary at the Treasury, on Boris Johnson’s corporation tax announcement - an effective tax rise. | This is from Nick Macpherson, a former permanent secretary at the Treasury, on Boris Johnson’s corporation tax announcement - an effective tax rise. |
| The main rate of corporation tax is 19%, but it was due to fall to 17% in April next year. | The main rate of corporation tax is 19%, but it was due to fall to 17% in April next year. |
| At the time this cut was announced, by George Osborne in the March 2016 budget, the Treasury said this would cost £945m in 2020-21. | At the time this cut was announced, by George Osborne in the March 2016 budget, the Treasury said this would cost £945m in 2020-21. |
| It is not clear yet why Johnson is saying this would raise £6bn for the NHS. He may be using a cumulative, five-year figure - in which case what he has announced today is a long way off matching the Labour plans, which Labour itself says would lead to health spending being £6bn a year higher in real terms than under current government plans. (See 11.26am.) | It is not clear yet why Johnson is saying this would raise £6bn for the NHS. He may be using a cumulative, five-year figure - in which case what he has announced today is a long way off matching the Labour plans, which Labour itself says would lead to health spending being £6bn a year higher in real terms than under current government plans. (See 11.26am.) |
| UPDATE: I’m still waiting for clarification from CCHQ, but there have been reports saying that the corporation tax cut was going to cost far more than assumed in 2016, and that £6bn a year is a fair figure. (See 1.13pm.) | UPDATE: I’m still waiting for clarification from CCHQ, but there have been reports saying that the corporation tax cut was going to cost far more than assumed in 2016, and that £6bn a year is a fair figure. (See 1.13pm.) |
| FURTHER UPDATE: The £6bn figure is an annual figure, the Tories say. (See 1.26pm.) | FURTHER UPDATE: The £6bn figure is an annual figure, the Tories say. (See 1.26pm.) |
| Extinction Rebellion protesters have been at Labour HQ this morning as part of their campaign for parties to commit to much tougher action to deal with the climate crisis, including reducing carbon emissions to net zero by 2025. The group says it is going to target all the UK political parties. | Extinction Rebellion protesters have been at Labour HQ this morning as part of their campaign for parties to commit to much tougher action to deal with the climate crisis, including reducing carbon emissions to net zero by 2025. The group says it is going to target all the UK political parties. |
| And here is the CBI response to Jeremy Corbyn’s speech. This is from Carolyn Fairbairn, the CBI director general. | And here is the CBI response to Jeremy Corbyn’s speech. This is from Carolyn Fairbairn, the CBI director general. |