Asked by: Saqib Bhatti (Conservative - Meriden)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether her Department has made an assessment of the potential impact of the change in rate of the National Living wage in April 2023 on the financial viability of employers in (a) pharmacies and (b) other SMEs in Meriden constituency.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Government published an Impact Assessment that outlines the expected impacts of the change in the National Living Wage in April 2023: https://www.legislation.gov.uk/uksi/2023/354/impacts
Overall, research to-date has not found a significant impact of the National Living wage on business failures. On average, the average total cost per business affected by the policy was between £3,000 to £4,000. We expect around 40% of the costs of this policy to be borne by small and micro businesses and 15% by medium sized businesses.
The available data does not enable a statistically reliable assessment of costs of the policy by constituency.
Asked by: Saqib Bhatti (Conservative - Meriden)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether her Department has made an assessment of the potential merits of the contribution of the services sector in Meriden constituency to (a) exports and (b) economic growth.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
There is currently no data at the constituency level available to assess the potential merits of the contribution of the services sector in Meriden constituency to exports and economic growth.
The UK is a highly service-based economy and the second biggest exporter of services in the world, with the sector contributing to around half of UK exports and 80% of our economy. In 2022, UK services exports were a record £401 billion, up 4% compared to 2018 (adjusted for inflation) – one of the stronger recoveries in the G7. We are working with the Office for National Statistics and HM Revenue and Customs to improve estimates of trade at the smaller geographies.
The department works closely with local partners, including Solihull Council and the West Midlands Combined Authority, to identify and nurture opportunities for economic growth. The Combined Authority has been allocated in excess of £105m in funding from sources such as UK Shared Prosperity Fund, Made Smarter and Growth Hub to provide local support which would help companies to grow. This includes the professional and financial services sector, which has been identified as a key sector in the West Midlands Combined Authority’s ‘Plan for Growth’.
Asked by: Saqib Bhatti (Conservative - Meriden)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps the Government is taking to support small businesses in trading overseas and overcoming barriers to competing in international markets.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
As part of its Export Strategy, the UK Government has published a 12-point plan to help businesses at every stage of exporting. The plan addresses the barriers UK companies face when exporting.
The Export Strategy supports companies through its network of domestic and overseas advisers; the Export Support Service; and the Export Academy. These services are designed to provide businesses with knowledge to thrive in international markets.
Last year we overcame 192 barriers restricting trade in over 79 countries; 45 of these are estimated to be worth around £5 billion to businesses across the UK over the next five years.