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Osborne in 60,000 new jobs pledge Tories plan tax cut for new firms
(30 minutes later)
Shadow Chancellor George Osborne has announced plans to create 60,000 new jobs by cutting taxes on employment. George Osborne has announced plans for a tax break for new firms which he says would create 60,000 new jobs.
Any business created in the first two years of a Tory government will pay no national insurance on the first 10 people they employ, he said. Any business created in the first two years of a Tory government would pay no employer National Insurance on its first 10 employees, he said.
He made the announcement at the party's annual conference in Manchester. The shadow chancellor said it would be funded by savings to be announced later in the week and would be "a huge boost to enterprise".
He said the tax cut would be funded by savings to be announced during the rest of the conference, adding: "It will be a huge boost to enterprise." But the Lib Dems said it meant existing firms would be "undercut".
The message would be: "Invest here, set up your business here, come and make your enterprise here and we will support you. We will send a message loud and clear that this country is open for business." Speaking at the Conservative Party conference in Manchester, Mr Osborne said it would send the message: "Invest here, set up your business here, come and make your enterprise here and we will support you. We will send a message loud and clear that this country is open for business."
But Vince Cable, the Lib Dems' Treasury spokesman, said: "The numbers Mr Osborne thinks this policy would help seem to have been plucked out of thin air.
"Many small businessmen will be shocked to learn that the Tories believe a start up business has a wage bill of a quarter of a million pounds.
"What is most worrying is that this tax break for new businesses would mean that they will be able to undercut existing small companies who are already struggling."