To ask His Majesty's Government what steps they are taking to support companies facing financial pressures due to the impact of inflation and interest rate increases.
Answered on
4 January 2023
The Government recognises the impact rising prices are having on businesses.
Businesses will have benefitted from the Government’s reversal of the National Insurance rise, saving businesses on average £4,200, cut fuel duty for 12 months and the Energy Bill Relief Scheme, to protect businesses from high energy costs over the winter. The Employment Allowance was increased to £5,000 from April and we have continued to provide business rate relief worth over £7bn, freezing the business rates multiplier for a further year.
In addition, at the Autumn Statement, my Rt Hon Friend Mr Chancellor of the Exchequer announced £13.6 billion of support for businesses over the next five years, reducing the burden of business rates.