To ask the Chancellor of the Exchequer what estimate he has made of the impact on United Kingdom business investment in (a) 1997–98, (b) 1998–99 and (c) 1999–2000 consequent on the reforms in the taxation of businesses and dividends contained in his Budget; and if he will make a statement. [9485]

[holding answer 21 July 1997]: The corporation tax reforms will encourage better quality and more long-term investment and so benefit the economy. They encourage companies to retain and reinvest profits and, with the substantial tax rate cuts, provide a very attractive environment in which to do so.