division_name: Opposition Day &#8212; [19th Allotted Day] &#8212; Economic Performance and Business
motion: <p class="" pid="b.228.2/1" pwmotiontext="yes">I beg to move,</p>
  
  <p class="indent" pid="b.228.2/2" pwmotiontext="yes">That this House notes that, despite inheriting a strong economy and presiding over 10 years of growth, the Government has raided pension funds, increased taxation, reduced savings, encouraged debt, increased government borrowing and that 1.7 million people are now unemployed; further notes that inflation is at a 16-year high, unemployment is rising at the fastest rate for 17 years and property sales are at a 30-year low; regrets the pain that is now being caused to business by the severe financial turmoil and the Government's failure to prepare the British economy for any downturn; further notes with concern the Ernst &amp; Young Item Club's report that the UK economy has deteriorated dramatically in the past three months and is already in recession; further notes that the number of British businesses in distress has more than doubled since the start of the year; expresses concern that the limited availability of credit and the predatory behaviour by both banks and HM Revenue and Customs risks exacerbating the detrimental effects on business; calls on the Government to introduce an urgent package of measures to alleviate business pain, including allowing small and medium sized enterprises to defer their VAT bills for up to six months and cutting small business National Insurance contributions by 1p for at least six months; and endorses these measures as a first step towards alleviating business pain.</p>
  
  <p class="" pid="b.235.2/1" pwmotiontext="yes">I beg to move, To leave out from "House" to the end of the Question, and to add instead thereof:</p>
  
  <p class="indent" pid="b.235.2/2" pwmotiontext="yes">"notes that in the 1980s Britain experienced two recessions with unemployment reaching three million on both occasions, a thousand businesses a week were lost and that interest rates reached 15 per cent.; further notes that the roots and effects of the current financial crisis are global and unprecedented in recent decades; believes that at such a time it is essential that the Government acts to restore stability and confidence and therefore supports the action the Government has taken to inject liquidity into the banking system, to recapitalise the banks and to make funds available to resume the medium term lending essential to small businesses; further notes that the UK is better placed than in the past to get through the economic downturn with an economy that has produced three million more jobs over the past decade and enjoyed strong growth and low inflation; supports Government measures such as the Prime Minister's announcement to reduce to 10 days the payment period from central government to small businesses and to bring forward funding for small businesses available through the European Investment Bank; and believes that the Government should reject public spending cuts at this time and continue working with the banks to ensure the availability and competitive pricing of lending to the small and medium-sized business sector."</p>
  
  <p pid="b.266.5/1" pwmotiontext="yes"><i> Question put</i>, That the original words stand part of the Question:&#8212;</p>
  
  <p pid="b.266.5/2" pwmotiontext="yes"><i> The House divided:</i> Ayes 214, Noes 301.</p>