• Tory plans would hurt existing small businesses–Vince Cable

Commenting on George Osborne’s proposals to waive employers’ NI contributions, Liberal Democrat Shadow Chancellor, Vince Cable 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.

“All small businesses need a helping hand at this time.”

David Simpson comments:
Clearly Vince Cable is right. It is no good helping new companies and penalising their existing competitors.

At worst it would mean familiar faces in the local High Street would disappear.

At best it means owners of existing businesses would sell their business to a new company, that they set up themselves, in order to stay competitive. That is just silly.

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