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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 |
| On the Today programme this morning Andrea Leadsom, the business secretary, said that cutting the rate of corporation tax had led to the overall income to the government from this tax going up. Given that she was speaking only hours before Boris Johnson announced that he was abandoning a proposed further cut in corporation tax, her comment could be seen as an implicit criticism of the policy her leader was about to announce. She told the programme: | |
| This afternoon the Institute for Fiscal Studies, the tax and spending thinktank, has published a short briefing note on the Johnson announcement. It says that, while Leadsom may to be correct in saying overall revenue has gone up while the rate has gone down, she would have been wrong if she was implying a causal relationship. The IFS says: | |
| The IFS also says the Johnson decision to abandon the proposed cut in corporation tax will free up £6bn for the government to spend on other things. | |
| These are from the Press Association’s Ian Jones. | These are from the Press Association’s Ian Jones. |
| Labour has softened its pledge to find a path to net zero carbon emissions by 2030 after unions pushed for a target of significant progress rather than a firm commitment, my colleagues Rowena Mason, Heather Stewart and Matthew Taylor report. | Labour has softened its pledge to find a path to net zero carbon emissions by 2030 after unions pushed for a target of significant progress rather than a firm commitment, my colleagues Rowena Mason, Heather Stewart and Matthew Taylor report. |
| In an interview with BBC News Jo Swinson, the Lib Dem leader, has just ridiculed the idea that Brexit would be “done” under Boris Johnson’s plan to pass his withdrawal agreement. That would not be Brexit over, she said. She said it would just be the end of “series one”; there would be a whole “box set” yet to come, because of the post-Brexit trade negotiation with the EU. Swinson said the Lib Dem policy of abandoning Brexit and staying in the EU was the only way of resolving this quickly. | In an interview with BBC News Jo Swinson, the Lib Dem leader, has just ridiculed the idea that Brexit would be “done” under Boris Johnson’s plan to pass his withdrawal agreement. That would not be Brexit over, she said. She said it would just be the end of “series one”; there would be a whole “box set” yet to come, because of the post-Brexit trade negotiation with the EU. Swinson said the Lib Dem policy of abandoning Brexit and staying in the EU was the only way of resolving this quickly. |
| 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. | 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? | 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. | 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 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. | 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. | 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? | 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 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. | 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. |