DM: But you have been explicit, haven’t you, about things like VAT and basic rate tax, are you going to be explicit about corporation tax, that it will stay at 21% or could it go higher?
ED BALLS: I’ve made a commitment which is that we will keep the corporation tax rate, the main one, at the lowest level of any of the big G7 countries …
DM: And there is the wriggle room because we know that Canada, the next lowest, is on 26.5%, so you could put it up to 24 or 25 pence.
ED BALLS: But as I’ve said, I’ve supported the cuts from 28 down to 21 and my plan is not to do the next one and to do that for small business rates. Now the thing which we need in this recovery, look, at the moment our business investment performance is weak, our exporting performance is weak, businesses are really worried about Europe. We need to make sure that we back businesses and start investing for the future, the last thing that I want to do is start deterring that investment by hiking up corporation tax so therefore that is not something that I have made any commitment to do at all, we will keep our rates low.