B

Baroness Kramer (LD)

Speaking in the House of Lords on 29 January 2025

Debate

National Insurance Contributions (Secondary Class 1 Contributions) Bill

Contribution

We will have to beg to differ on that. I think that the Minister will turn around and say that a great deal is being done for small businesses that want to upscale and that we should look at the British Business Bank. We are talking about an entity that is so small that it really cannot meet this need, so there is a very big problem here to be addressed. It seems to me that the way in which the national insurance contributions increase will work will knock back the effort that has to be made to help people get through what is often known as the credit valley of death, so that they can go from being small to the thriving, upscaled businesses that we need to drive the growth that we need.

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