Rebecca Long Bailey
Main Page: Rebecca Long Bailey (Labour - Salford and Eccles)Department Debates - View all Rebecca Long Bailey's debates with the HM Treasury
(7 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Hammond
Our banking system in the United Kingdom ensures that our banks are safe, and is tackling the “too big to fail” culture. We have a high level of confidence in our banking system. The reserve ratios of our banks are improving consistently, and we do not want to do anything that would undermine them.
Rebecca Long Bailey (Salford and Eccles) (Lab)
Thank you, Mr Speaker, for allowing me to join my former team today to discuss this important issue.
As we have heard, the FSB has found that more than a third of small businesses will see an significant increase in business rates, whereas the big four supermarkets may see a 5.9% reduction. Crucially, more than 55% of those small businesses plan to reduce, postpone or cancel further investment. If the Chancellor is serious about productivity, will he tell us what additional transitional relief he will provide for businesses that are facing a cliff edge?
Mr Hammond
The hon. Lady is only repeating what I have already acknowledged. Many very small businesses will see big increases because they are coming out of small business rates relief and facing the full rates regime for the first time. We understand the stress that they will experience at that point, and we will be considering how best to deal with those that are worst affected by the phenomenon.