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Version 7 | Version 8 |
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Tories plan tax cut for new firms | Tories plan tax cut for new firms |
(19 minutes later) | |
The Conservatives have announced a tax break plan for firms created in the first two years of a Tory government that they say would create 60,000 jobs. | The Conservatives have announced a tax break plan for firms created in the first two years of a Tory government that they say would create 60,000 jobs. |
Shadow chancellor George Osborne said an exemption on employers' National Insurance on their first 10 staff would be funded by savings to be announced. | Shadow chancellor George Osborne said an exemption on employers' National Insurance on their first 10 staff would be funded by savings to be announced. |
Labour said the tax break was a "gimmick" while the Lib Dems said it would "undercut" existing companies. | Labour said the tax break was a "gimmick" while the Lib Dems said it would "undercut" existing companies. |
It comes as David Cameron unveiled plans to get people back to work. | It comes as David Cameron unveiled plans to get people back to work. |
Speaking at the Conservative Party conference in Manchester, Mr Osborne said the National Insurance measures would be "a huge boost to enterprise". | Speaking at the Conservative Party conference in Manchester, Mr Osborne said the National Insurance measures would be "a huge boost to enterprise". |
He added 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." | He added 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." |
Welfare reform | Welfare reform |
Aides said the exemption would apply to the first 10 employees hired by a business during its first year, up to an earning limit of £844 a week per employee, or about £44,000 a year. | Aides said the exemption would apply to the first 10 employees hired by a business during its first year, up to an earning limit of £844 a week per employee, or about £44,000 a year. |
For a new small business with 10 employees on an average salary of £25,000, Mr Osborne calculates this could save up to £25,000 a year. | For a new small business with 10 employees on an average salary of £25,000, Mr Osborne calculates this could save up to £25,000 a year. |
The bills are racking up. George Osborne must tell us how he'll pay for them all." Liam ByrneChief Secretary to the Treasury Strong mandate needed - Cameron | The bills are racking up. George Osborne must tell us how he'll pay for them all." Liam ByrneChief Secretary to the Treasury Strong mandate needed - Cameron |
John Cridland, head of the CBI business group, welcomed the proposal saying: "Many business people are put off hiring their first employee by the sheer level of taxes and red tape, particularly at this time. | John Cridland, head of the CBI business group, welcomed the proposal saying: "Many business people are put off hiring their first employee by the sheer level of taxes and red tape, particularly at this time. |
"This proposal should help new firms take bolder steps in creating jobs, and would give a much-needed boost to UK entrepreneurs looking to grow a business." | "This proposal should help new firms take bolder steps in creating jobs, and would give a much-needed boost to UK entrepreneurs looking to grow a business." |
And the Federation of Small Businesses said it would help to create and grow more small businesses to serve as "a catalyst for economic recovery". | And the Federation of Small Businesses said it would help to create and grow more small businesses to serve as "a catalyst for economic recovery". |
But Labour said it was not clear how the tax break would be paid for. | But Labour said it was not clear how the tax break would be paid for. |
The bills are racking up," Chief Secretary to the Treasury Liam Byrne said. "George Osborne must tell us how he'll pay for them all." | The bills are racking up," Chief Secretary to the Treasury Liam Byrne said. "George Osborne must tell us how he'll pay for them all." |
Work and Pensions Secretary Yvette Cooper said: "The Tories still want to make cuts in a recession that would destroy jobs and, according to respected economists, would actually push unemployment up to five million. | Work and Pensions Secretary Yvette Cooper said: "The Tories still want to make cuts in a recession that would destroy jobs and, according to respected economists, would actually push unemployment up to five million. |
"They are simply rehashing Labour policies without the investment needed to make them work." | "They are simply rehashing Labour policies without the investment needed to make them work." |
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. | 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 £250,000. | "Many small businessmen will be shocked to learn that the Tories believe a start-up business has a wage bill of £250,000. |
"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." | "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." |
'Bold programme' | 'Bold programme' |
The Tories' European policy has also been under scrutiny on the first day of the party conference in Manchester, after a second Irish referendum endorsed the Lisbon Treaty. | The Tories' European policy has also been under scrutiny on the first day of the party conference in Manchester, after a second Irish referendum endorsed the Lisbon Treaty. |
Cameron on 'discredited and clapped-out ministers' | Cameron on 'discredited and clapped-out ministers' |
But Mr Cameron did not address Europe in a brief speech to the conference to launch what he described as "the biggest, boldest programme to get Britain working that this country has ever seen". | But Mr Cameron did not address Europe in a brief speech to the conference to launch what he described as "the biggest, boldest programme to get Britain working that this country has ever seen". |
He outlined plans for a welfare shake up to get many incapacity benefit claimants back to work, which could see them lose £25 a week in state help. | He outlined plans for a welfare shake up to get many incapacity benefit claimants back to work, which could see them lose £25 a week in state help. |
Other proposals included a chain of technical schools in English cities; 10,000 new university places, and a boost to apprenticeship schemes. | Other proposals included a chain of technical schools in English cities; 10,000 new university places, and a boost to apprenticeship schemes. |
Meanwhile, inventor Sir James Dyson was named the party's technology tsar and will lead a taskforce to explore ways to boost hi-tech exports. | Meanwhile, inventor Sir James Dyson was named the party's technology tsar and will lead a taskforce to explore ways to boost hi-tech exports. |
The Tory leader, who will make his keynote speech on Thursday, said Labour was "tired, discredited and clapped-out". | The Tory leader, who will make his keynote speech on Thursday, said Labour was "tired, discredited and clapped-out". |
But warning members against complacency he said: "We need a strong and positive mandate for the changes we know our country needs and we know people are crying out for." | But warning members against complacency he said: "We need a strong and positive mandate for the changes we know our country needs and we know people are crying out for." |