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Tories plan tax cut for new firms | |
(30 minutes later) | |
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 would pay no employer National Insurance on its first 10 employees, he said. | |
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". | |
But the Lib Dems said it meant existing firms would be "undercut". | |
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." |