To ask His Majesty's Government what steps they are taking to mitigate the effects on small businesses caused by recent declines in retail sales across the UK.
Answered on
5 December 2023
Government recognises the pressures faced by small businesses. In his Autumn Statement, the Chancellor announced a business rates support package worth £4.3 billion over the next five years to support small businesses and the high street. The small business multiplier will be frozen for a fourth consecutive year, and Retail, Hospitality and Leisure (RHL) relief will be extended, ensuring the most vulnerable businesses continue to be supported.
Small Business Rate Relief (SBRR) is available to businesses with a single property below a set rateable value. Eligible properties under £12,000 will receive 100 per cent relief, which means around a third of businesses in England (713,000) pay no business rates at all. There is also tapered support available to properties valued up to £15,000. This is a tax cut worth over £2.1 billion per year to support the smallest businesses.
Additionally, support to households to help with cost-of-living pressures is worth £104 billion over 2022-23 to 2024-25, or £3,700 per household on average.