Member

But he is right that we should look at this in a broader context. He argued that we should not look at this in a narrow context, and he is absolutely right about that. We should look at it in the broader context of this national insurance imposition on small businesses, on top of everything else—on top of the family businesses and the changes that have been made to inheritance tax, which will create huge problems for businesses. I should perhaps declare an interest: I am a director of a fifth-generation family business, where all the shares are held by family members after five generations. Bringing in inheritance tax diverts capital away from investing in growing the business, and it is yet another burden on top of the national insurance increases, which in the case of Denholm’s amount to about £2 million.