To ask His Majesty's Government, following reports that corporate insolvencies rose to their highest level in 30 years last year, what steps they are taking to assist companies that are struggling.
Answered on
15 February 2024
The Government delivered nearly £27 billion of Business Grant Support during the pandemic and continues to support UK small businesses via a substantial business rates package worth £4.3 billion over the next 5 years. The Energy Bill Relief Scheme protects eligible businesses from excessively high energy bills over winter periods.
The British Business Bank supports 12.4bn of finance through targeted interventions such as The Recovery Loan Scheme and Pay as You Grow for businesses under the Bounce Back Loan Scheme, offering repayment options where required.
Additional SME support is available via GOV.UK, the Business Support Helpline and local Growth Hubs.