To ask His Majesty's Government what plans they have to introduce new business support packages; and what financial resources they will make available.
Answered on
8 November 2022
The Government recognises the challenges faced by people across the UK due to rising living costs. This is why the Government is helping all eligible UK businesses with their energy bills through the Energy Bill Relief Scheme.
The Chancellor has announced the Autumn Statement will be delivered on 17 November. This will contain the UK’s Medium-Term Fiscal Plan and will be accompanied by an OBR Economic and Fiscal Outlook. This will set out how the government will further support businesses.
We have brought forward a number of measures to support businesses this year, including extending the Recovery Loan Scheme until June 2024; freezing the business rates multiplier for 2022-23; cutting business rates by 50% for eligible retail, hospitality and leisure businesses in 2022-23 up to a cash cap of £110,000 per business; and permanently setting the Annual Investment Allowance at its highest ever level of £1 million from 1 April 2023.