To ask His Majesty's Government, further to the forecast by the Bank of England that the UK economy will enter recession, what steps they plan to take to support (1) high street businesses, and (2) the voluntary sector.
Answered on
28 November 2022
In addition to the comprehensive package of support which protected businesses and jobs through the pandemic, the Autumn Statement demonstrates the Government’s continued commitment to the businesses that make our high streets and town centres so successful.
The Chancellor announced a generous package of changes to business rates, worth £13.6 billion over five years. In addition to freezing the multiplier, the Autumn Statement extended the Retail, Hospitality and Leisure (RHL) relief scheme in 2023-24 and increased relief from 50% to 75%, up to a cash cap of £110,000 per business. This means around 230,000 properties in the retail, hospitality and leisure sectors will receive a tax cut worth almost £2.1 billion in 2023-24.
We will also support businesses and the voluntary and public sector facing pressure from substantial global price pressures this winter through the Energy Bill Relief Scheme (EBRS). The government will discount wholesale gas and electricity prices for all non-domestic consumers. This is a temporary measure that will protect them from soaring energy costs and provide them with the certainty they need to plan through the acute crisis this winter.