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Tory plans would hurt existing small businesses- Cable

4.40.00pm BST (GMT +0100) Mon 5th Oct 2009

Commenting on George Osborne's proposals to waive employers' NI contributions, 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."

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