Brooks Newmark highlights seed investment scheme role in creating new jobs

29th January 2013

Brooks Newmark highlights the role played by the seed investment scheme in stimulating investment by angel investors for start-ups and creating new private sector jobs.

Mr Brooks Newmark (Braintree) (Con): What fiscal steps he is taking to encourage private sector job creation. [139717]

The Chancellor of the Exchequer (Mr George Osborne): More than 1 million private sector jobs have been created since the first quarter of 2010 and employment is at a record high. We are supporting more job creation by further reducing the rate of corporation tax to 21%, and since 1 January we have been helping businesses large and small to invest, with a temporary tenfold increase in the annual investment allowance. We can afford these tax reductions in part because we are taking tough action on tax evasion. I can confirm to the House that last night Her Majesty’s Revenue and Customs received £340 million from the Swiss Government, a first instalment of the deal we have struck, and the first time in our history that money due in taxes has flowed from Switzerland to the UK, instead of the other way round.

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Mr Newmark: Does my right hon. Friend agree that the Government’s generous tax incentives provided by the seed enterprise investment scheme not only stimulate investment by angel investors for start-ups, but help create jobs in the private sector?

Mr Osborne: I do agree. The seed enterprise investment scheme has succeeded in getting money into start-up businesses and we currently have the fastest rate of business creation in our history. I take this opportunity to thank my hon. Friend for all the work he has done, going around the country promoting the scheme.

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